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Spanish Mortgages by Banesto Bank
Banesto Bank offer Spanish mortgages to both residents and non-residents. Unlike most other Spanish banks, Banesto seem to be a lot more flexible in what they can offer the discerning customer.
They can offer a full range of mortgage products along with various terms & conditions which can be used throughout the life of your mortgage. You can even arrange to miss payments if your situation requires.
Banesto can offer mortgages for any type of Spanish property including, holiday homes (buy to let), a Spanish residence or an off plan investment opportunity.
Banesto can offer up to 80% of the full asking price of the property. However, the loan must not exceed 100% of the amount that you are paying. Sound confusing?
All this means is that if you are buying a house for €200,000 but it is worth €250,000 after an evaluation, then you can borrow 80% of the €250,000 providing that the borrowed amount does not exceed the €200,000 that you are paying for the property. If the property is to be your holiday or ‘second’ home, you are only allowed to borrow up to 60% of the property value.
Payment terms with Banesto are quite simple. Typically, you can arrange mortgages over 15 – 30 years and depending on your situation / circumstances, you may be able to make partial or full repayments.
Finally, Banesto Bank can also offer mortgages for people wishing to construct their own property or add an extension to their existing one. You should consider these types of Spanish mortgages separately as they can often involve the injection of funds at certain points throughout the process and there is no point paying interest on money that you have not yet borrowed.
For further advice on Banesto Bank in Spain and Banesto Bank Spanish Mortgages please visit www.banesto.com.
View a full list of items you will need to complete your Spanish mortgage by viewing our Spanish Mortgage Checklist.