Mortage Information

Leading broker for Spain & Portugal since 2006
Learn more about Mortgage Direct
Welcome to our November newsletter. Many estate agents with whom we collaborate have commented that they have seen a slowdown in the number of British clients wishing to buy in Portugal. Many believe of course that this is due to Brexit and that potential buyers want to wait until after 29th March to see what happens and if the exchange rate bounces back in favour of UK Sterling giving British buyers more for their money. 

Recently at Mortgage Direct, we have seen a drop in UK enquires, although we’re still signing many up due to the low prices and the fact the British will always want to buy in Spain. We haven’t seen any change in the number of non-UK buyers; in fact, we’re receiving an increased number of enquiries from the Scandinavian countries.

Supreme Court & Stamp Duty

You may be aware of the scandal surrounding the Supreme Court of Spain on whether mortgage lenders or property buyers must pay the Stamp Duty on new mortgages that has, until now, been paid by the buyer. On 18th October it ruled that lenders should pay this tax, only to reverse this decision on 6th November. Just days later this decision was overridden by the Spanish Cabinet and an official decree to this effect went into effect on 10th November. The Government has stated that it “expects the banks to behave according to market rules, where there is competition” adding that they will monitor consumers’ rights to ensure there are no abusive clauses. We wait to see how the banks will react although one of the main lenders in Spain told us yesterday that they may increase the bank opening fee to 1.25% from 1% and increase interest rates as well.

Mortgage enquiries

For any mortgage-related enquiries, please don’t hesitate to get in contact
with Katherine by calling her on +34 695 706 749
Mail Katherine for a mortgage enquiry

Maximum LTV

 
Up to 70 % for non-residents
Up to 80 % for residents

Variable interest rates
(non-residents)

From Euribor + 1.35% = 1.35%
Current Euribor -0.148%

Fixed interest rates
(non-residents)

From 2% for the whole term (20 years)
Terms up to 30 years

Useful information

Mortgage products & process

For further information on mortgage products, please refer to our website. Our step-by-step guide also helps clients understand how the process works.

Mortgage quote

To receive a mortgage quote with no obligation, please complete our online form or contact one of our qualified advisers - please rest assured that all information is treated as strictly private and confidential.

Required documents & charges

In terms of the documents required, we do not need these to provide an initial quote. Please refer to our charges page, which gives an example of the costs involved in a typical house purchase. Depending on the area of Spain, clients should allow between 12-15% of the declared price to cover all fees and taxes.
 
 
Copyright © 2018 Mortgage Direct SL, All rights reserved.


Our contact details are:
Phone: 0034963156011
Email:  info@mortgagedirectsl.com

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