Spanish equity release mortgage

Market Leading product currently available:-

  • Up to 60% of valuation
  • Cash out any purpose – most banks do not do this!
  • Interest only available
  • Rates from 2.19% (Market leader!!!)

How much will an Equity Release Mortgage cost and what documents will you be asked for?

If you are employed click here. . . . . . . . . . . . . . . . . . .If you are self-employed click here

Similar to the UK market there is now a wide range of products available which can unlock the equity in your Spanish property.
These range from standard mortgages to lifetime equity release schemes for senior citizens where no repayments are required during the lifetime of the applicant.

We have over 20 lenders in Spain so we can find the product most suitable for you.

The highest loan to value for a standard equity release mortgage is 60% of the value of the property.

So, if your property is worth €200,000, you can take an equity release mortgage for upto €120,000.

If you already have a mortgage on your property then this will be paid off and the remainder you may take as cash.

Example:

Your property is worth €200,000
You have a mortgage for €50,000
You can take an equity release mortgage for upto €120,000
Leaving you with €70,000 cash to spend as you wish.

In general, interest rates for Spanish equity release are higher than those for purchase mortgages but a number of competitive products are available.

All mortgage costs can be taken from the equity which is released so in most cases there is nothing to pay upfront.

If you would like to know more about Tenerife Equity Release mortgages in Spain, Contact us now for further information

Comments are closed.