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 Banesto Bank Mortgages in Spain are on offer for both Residents and Non Residents alike.
Banesto Bank offers a full range of Mortgage products together with various policies and terms which can be used or implemented throughout the life of the loan. For example you can elect to miss payments if your circumstances change.
You can take out Banesto Mortgages on the house you want to live in, a holiday home or an investment property.
They will generally lend up to 80% of the value of the property that you are buiying but the loan must not exceed 100% of the amount that you are paying. This can be slightly confusing but what it means is that if you are buying the house for ¬100,000 but it is worth ¬130,000 on appraisal then you can borrow 80% of ¬130,000 providing that the amount borrowed does not exceed the ¬100,000 that you are paying for it.
If the property is your second home you are only allowed to borrow up to 60% of its value.
The mortgages on offer with Banesto Bank are usually on offer with repayment terms of between 15 and 30 years and depending on your circumstances you may be able to make additional or partial payments.
You can also arrange finance with Banesto Bank for the construction of your own home or an extension to your existing one. These types of loan do need to be considered in isolation because each project requires the injection of funds at different times and there is no point paying interest on money that you have not used yet!
Go through to their website for more details on www.banesto.es
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