Many clients want to take advantage of loan facilities via a mortgage to bridge the gap between selling a property and buying a new one, so here are a few guidelines:-

1) Spanish banks are usually prepared to lend up to 80% of the value of the property subject to valuation.

2) Mortgages are available in both Euros and Pounds sterling, up to 80% of the value of the property could be advanced as a mortgage. A euro mortgage is currently around 4.95%. Interest Only  Mortgages are available.

Three salary slips and a P60 are required if employed. Self employed people need the years reports and accounts plus the last tax return. We usually advise to make a power of attorney (Podr) so together with the lawyers can arrange the mortgage and complete the sale, if you wish.

3) Period of a mortgage is now up to 40 years (subject to status) and clients up to 75 years of age will be considered. To repay the loan it can cost as little as 1% of the outstanding loan, plus fees to cancel the mortgage and remove it from the deeds. The paperwork is really easy and the mortgage can be completed within two weeks.