Perhaps one of the most complex areas when buying a home in Spain is the myraid of financial solutions available. Below are some of the financing options available to the prospective purchaser.

1.Spanish Bank Mortgage

We have excellent contacts with a number of the mainstream mortgage lenders in the region. The normal lending criteria is approximately 70% of the banks valuation for non residents and up to 80% for residents.

The current interest rates are approximately 4% APR (as at 1st Jan 2007) with a maximum loan duration of 25/30 years, age dependant. These products tend to be repayment based ie.interest and capital therefore at the end of the term the mortgage is fully paid.

In some cases, first year can be interest only.

These products also offer overpayment facilities (with a small charge – typically 1% of the amount paid). We would be pleased to introduce prospective purchasers to the local bank managers to discuss the best financing solution for you.

2. UK Bank Foreign Mortgages

Due to the increasing demand from UK Citizens for English speaking financial advice a number of the largest UK High Street Banks now have offices in Spain offering a wide variety of financial services to UK residents wishing to purchase in Spain, these include Barclays, Halifax, Royal Bank of Scotland and Lloyds TSB

We also have a UK based financial advisor should you wish to utilise this service.

3. UK Equity Release

Many of our clients prefer to take advantage of the recent rises in UK property prices and release some of the equity from their homes, this has the advantage that monthly outgoings will not fluctuate subject to foreign exchange rate movements. you will know what to expect each month and the payments will be linked directly to your mortgage in the UK, we have excellent contacts with a network of Independent financial advisors in the UK and we would be pleased to make the necessary introductions.

Please be assured that Lemon Grove Villas serve only as an introductory agent to these financial organisations, we are in no way tied to, or have financial arrangements with any of the lenders or institutions listed above.

4. Foreign exchange.

We have excellent contacts with organisations offering competitive rates and covering transfer fees.