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Spanish Mortgages by Abbey

Not only are Abbey Bank one of the UK’s leading mortgage providers, they are also part of Spain’s Banco Santander Group.

This means they can offer you a Santander Euro mortgage secured on your Spanish property and access to local Spanish knowledge. At the moment it is possible to raise money on your property in the UK to pay for your property in Spain.

However, Abbey now have a local knowledge of the UK AND Spanish property market making them a large competitor when it comes to Spanish Mortgages.

If you choose Abbey, you get so much more than just a mortgage. Their dedicated team will help you through the mortgage application process, so it’s more like dealing with your local branch.

Abbey can help you with:

  • Providing a mortgage illustration – giving you an idea of what the mortgage will cost on a monthly basis.
  • Providing a decision to lend, which will include a UK credit check.
  • Completing the application form for your Santander Euro mortgage.
  • Helping you understand all the expenses related to your mortgage.
  • Providing updates on the progress of the mortgage application.

Many other leading UK High Street Banks (Halifax and Barclays for example) have a large network of branches throughout Spain which makes it easier and cheaper to transfer money between the UK and Spain. Abbey can now boasts this aspect of their business due to the merger with Banco Santander.

Banks in Spain tend to be a little more strict when it come to lending money as oppose to their UK counterparts who are seen to be more flexible. A good aspect of borrowing from Abbey is that the reassurance of a leading UK brand. Coupled with the market presence of Banco Santander, this is definitely a good option when it comes to mortgages in Spain.

In most cases, you will need at least a 20-30% deposit for any property that you buy in Spain and should allow a further 10% of the purchase price for costs such as Stamp Duty, set up feesand Solicitors costs. The Spanish stamp duty takes many buyers by surprise as they are 6% of the total purchase price. This is definitely something to bear in mind.

View a full list of items you will need to complete your Abbey Spanish mortgage by viewing our Spanish Mortgage Checklist.