SPANISH MORTGAGE – SIMPLIFIED OVERVIEW

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Quite similar to most advanced economies, Spain also has very developed mortgage market with numerous lenders offering, for most people, often confusing variety of mortgages.

“SUN SEA LIFE” aims to present you here with general information, simplify and make the requirements, process and costs more understandable. We do not offer any automated

or on-line ‘Mortgage Calculator’. This can often be misleading since mortgage and repayments depend on lenders and variety of other personal factors, not just sum borrowed, deposit, length of borrowing term or type of interest applied. Generally, mortgages in Spain are differentiated based on your residency status and if you are coming from an EU member state or not.

Non-Resident Standard Mortgage   Maximum loan to the value of 70% Maximum Term 25 years or up to the age of 75 Fixed or Variable RatesSpanish Resident Mortgage   Maximum loan to the value 80% Maximum Term to age 75 Fixed or Variable Rates

Typical mortgage costs and fees in Spain

Please be aware that banks might add these costs and fees to your mortgage, however they will not allow the total amount of borrowing to go over the maximum loan to value percentage.

Bank Arrangement Fee: Between 0.5% – 1.5% of the loan amount

Property Valuation Fee: Between € 300 – € 500

    Taxes: These will be advised on application

     Legal Fees: about € 600

     Notary Fee: about € 900

Life Insurance: Life insurance premiums differ depending on age, health and term of policy

Standard mortgage application documentation requirements

When applying for a mortgage, there are several documents both your mortgage adviser and your mortgage lender will need to see. These documents confirm your identity and

provide proof of your income. We would well advise you to have all these documents to hand prior to your mortgage appointment. This will enable your mortgage adviser to

provide mortgage advice based on your exact personal circumstances as quickly and as precisely as possible. Depending if you are self-employed or employed by someone, the table below is designed to show in most simple terms what would be documentation requirements you would need to prepare and present.

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