Take advantage of a stage payment INTEREST ONLY loan for up to 2 years, giving you that valuable time to sell your UK property and move on, or if you prefer, link this up with a Spanish mortgage when the property is completed, giving you the equivalent of a 100% mortgage.

HOW IS THIS POSSIBLE?

LOAN TERMS

The loan is secured on your UK home. The maximum available is 50% of the final purchase price of your Spanish property. This is an interest only loan taken over a term of up to 2 years (can be extended on application) giving you the freedom to go ahead with your stage payments. Once you have sold your UK property the loan can be cancelled OR if not selling your UK property you can choose the option of taking out a Spanish mortgage when the off-plan property is completed.

WHEN YOUR OFF-PLAN PROPERTY IS COMPLETED

A repayment mortgage is available to a maximum of 70% of the purchase price/valuation. The total borrowing (e.g) repayment mortgage plus the secured loan cannot exceed 100% of the final purchase price. If a 50% deposit loan was taken and a 70% mortgage is required, 20% of the loan would need to be repaid.

The loan term is then extended for up to 20 years and runs alongside the mortgage also for 20 years.

COSTS

There are administrative bank charges as follows:

There is a 1% mortgage arrangement fee. Also if a formal valuation is required ( when total borrowings exceed 50% of property value) there is a charge of approximately 300 pounds for this.