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Spanish Remortgages
Remortgages in Spain are becoming more and more common as both foreign property investors and Spanish Nationals take advantage of the recent house price increases by removing equity from their home. Many of them however simply want to remortgage to pay off other debts, pay for their children's schooling or to invest in other properties which they will then rent out.
Traditionally remortgaging your house in Spain has not been that easy but as the Banks get used to the demands of the modern customer and more people are becoming wealthier through property the criteria for lending money against the current value of your house is becoming easier to meet.
As with all mortgages in Spain the lower the size of the mortgage is in relation to the value of the property the easier it is to borrow the money. Remortgaging up to 50% of the value of your property is easy, remortgaging up to 90 percent of the value of your property is difficult.
Banks or Mortgage companies in Spain will not need to know what you intend to do with the money but again the more information that you have or are able to provide the better.
View a full list of items you will need to complete your Spanish mortgage by viewing our Spanish Mortgage Checklist.