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Mortgage Calculator Use the mortgage calculator below to find out how much your property will cost. When you have entered the amount you wish to borrow, the annual interest rate and the number of years for which the mortgage will run, click "Calculate".

This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.

Purchase & Financing Information
Sale Price of Home:	( In Euros )
Percentage Down:	%
Length of Mortgage:	years
Annual Interest Rate:	%
Explain Calculations:	Show me the calculations and amortization

Mortgages for Non-Residents

Loan to Values
Standard loan to values are 70% for non-resident mortgages in Spain and are always linked to the valuation of the property in Spain not the purchase price. It is possible to obtain 85% loan to value but access is limited, you will pay a higher interest rate and may be expected to pay a one off premium for a Mortgage Indemnity Guarantee (MIG), by the provider of the finance in Spain.
 
Most Spanish mortgages whilst linked to a percentage of valuation cannot exceed the price declared on the Escritura (title deeds).

Spanish mortgage product ranges
Finance in Spain is predominately linked to a variable rate and on a repayment basis. Spanish variable rate products are generally linked to the yearly euribor (European inter bank offered rate) and your interest rate will be reviewed yearly. Your interest rate for the first 12 months is determined by the euribor at the month of completion plus the fixed margin above that which your selected Spanish bank is charging. Some offshore banks can provide mortgages in sterling secured against your Spanish property purchase, linked to the Bank of England base rate. 

There is limited access through banks in Spain to Interest only mortgages and fixed rate mortgages including a "flexible mortgage plan". Fixed rates unlike the UK tend to be significantly more than the prevailing variable rate and the fixed rate term is generally the total term you can hold the mortgage for.  Fixed rate mortgages in Spain are available up to 15 years.

The standard rate of interest is variable; fixed rates are available but are generally much higher.

Mortgages offered by the banks in Spain are repayment mortgages. One or two banks offer products that have an interest only component for the first few years before reverting to a full repayment mortgage.
 

Equity release and Re-mortgaging in Spain
Because of the legal process of securing a loan in Spain it is more difficult and costly to make any changes to your Spanish mortgage post completion. Raising funds against an unencumbered Spanish property, releasing further funds, or changing the terms is controlled by the Bank of Spain and further tax; bank, and notary costs will apply. In Spain under the current legislation it is advisable to raise the maximum funding you require for your current and future needs, as any changes at a later date may not be possible and will be costly. Lender, product and rates need to be carefully selected to ensure they are the most suitable for your needs. Lender and product hopping, which is now standard practice in the UK, is not currently feasible in Spain. to the age of 70 but 80 can be obtained.

Term
Spanish mortgage terms range from 5 to 40 years and are dependant on age and Spanish finance provider selected. Most Spanish banks will look for the mortgage to be completed by age 75 but it is possible to obtain a mortgage in Spain up to age 85 as long as you are under 65 at the time of application.
 

Costs
All banks in Spain charge an arrangement fee for dealing with your mortgage in Spain.  Spanish bank opening fees are not payable up front and do not apply if you decide not to take up their offer of lending. All other costs in relation to the Spanish mortgage deed including mortgage tax and registry costs and some of the purchase deed costs are deducted from your gross mortgage advance, it is not possible to add your costs to the Spanish mortgage unless your valuation level allows you to.  It is important to check you have accurately assessed and accounted for all expenses to ensure you are not left short of funds for completion day. We would suggest you allow at least 12% of the purchase price to cover your purchase and finance costs in Spain in full and that you make sure you are made fully aware of the provision of costs for completion.
 

Benefits of raising finance in Spain

Low interest rates, and protection of your assets in the UK are some of the key benefits of borrowing in Spain, all alternatives should however be understood and considered before making a final decision.

Mortgages for Residents

Residents are able to borrow a higher percentage than non residents.

Interest only payments can be obtained for up to 15 years of the loan.

Low startup fees

The term is normally 30 years, but can be up to 40

Our rates start as low as 3.25%.
 

YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP THE PAYMENTS ON A MORTGAGE. Loans subject to status.  A suitable life policy may be required. Mortgages arranged in Spain are not subject to the mortgage code. Be sure you can afford the repayments before entering into any credit agreement. Information on this site is believed to be correct at time of issue and subject to change without notice. Any quotation issued is not an offer of a mortgage.

For full details visit La Vida Mortgages