A
mortgage for your second home in Spain
Many buyers take out a
mortgage to finance their second home in Spain. You can ask
either the bank in your home country or Spanish lenders
regarding your options. There are some restrictions that Spanish
Banks impose concerning the amount of the loan and the age of
the applicant. The mortgage must be paid off before the age of
75. Spanish banks will never loan overseas buyers an amount of
100% of the purchase price. Rates will vary and are based on the
Euribor rates.
Other ways
You can finance your
second home in Spain in more ways than one. You may have enough
of your own money or you may prefer to use the equity of your
current property. Your choice will depend on your personal
circumstances and personal preferences.You may choose to see a
financial advisor to help you make this decision.
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