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Mortgage Loans in Spain are now mush easier to obtain than in years gone by. Many of the UK's leading Banks have offices in the main tourist areas of Spain and providing that you have the income or means to support a Spanish Mortgage Loan then they Spanish Banks are also happy to oblige.
The obvious dies advantage of a Mortgage Loan in Spain is that the repayments and amount that you owe will be in Euros and any shift in the value of the pound against the Euro will affect both how much you owe and what you pay each month.
This may not sound too bad but when I purchased my Apartment in Spain you got ¬1.60 for every pound, today you get around ¬1.40 for every pound. This means that I would have to pay 12% more on my mortgage repayments if I was paying in pounds from the UK!
Although many of the Banks are happy to provide Non Residents with mortgage loans in Spain you will not find the range of mortgage products and deals available that you would find in the UK.
The lending criteria for Residents and not Residents in very similar and the greater deposit you have the easier it will be to obtain a mortgage. Normally the Spanish and Spanish UK Banks expect you to provide at least a 20% although this is becoming more and more flexible.
The only other difference with mortgage loans in Spain and the UK is the Interest Rate. Your Spanish mortgage loan interest is set against the Euribor (the central European Interest Rate). At the moment, April 2005 this is quite a lot cheaper than the UK Interest Rate.
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