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Spanish Mortgages by Barclays
Barclays Bank branches can be found throughout Spain due to their large Spanish network of offices. They have a large number of banks in the main tourist and business areas of Spain. The Costa del Sol alone has over 14 different branches.
The biggest difference you will find between UK Barclays mortgages and the Spanish counterparts is the choice of products on offer. In the United Kingdom, you will face a large variation on different mortgages with many different payments options and policies whereas in Spain you will only have a select few to choose from if you are a non-resident.
A typical non-resident mortgage from Barclays in Spain is set at a variable rate for a period of up to twenty years and for a maximum of 70% of the value of the property.
There are two important things to remember, the interest rate and the value of the property. The interest rate for Barclays Spanish mortgages is set against the Euribor (the Central European lending Rate) which has been lower than the rates in the UK for a significant period of time.
The value of the property is significant because you don't borrow against the actual value, as you do in the UK but against the appraised value of the property. If the Appraised Value is higher than what you are paying you can borrow more than 70%. For example if the property you were buying was valued at €125,000 but you were only paying €100,000 you could borrow 70% of €125,000 which is €87,500 or 87.5% of the purchase price.
For further advice on Barclays in Spain and Barclays Spanish Mortgages please visit www.barclays.com.
View a full list of items you will need to complete your Spanish mortgage by viewing our Spanish Mortgage Checklist.