Spanish Mortgage
For permanent and holiday home owners
Your Spanish property may be repossessed if you do not keep up repayments on a mortgage or other loan secured on it
Our Spanish mortgage can help your Spanish dream home become a reality. If you're buying a home, we can help with finance and guidance on the complexities of owning a property in Spain.
If you're planning to buy an existing property for permanent or holiday use, the Spanish Mortgage is right for you.
The property must be ready for occupation, fully constructed and structurally sound. You can let the property out to family or friends, but letting on a commercial basis isn't allowed.
| Key information | |
|---|---|
| Minimum loan amount | €100,000 |
| Minimum loan term | 3 years |
| Maximum loan term | 25 years (5 years interest only) |
| Minimum age at start | 18 years of age |
| Maximum age at expiry | 65 year of age (70 years of age may be considered) |
| Maximum Loan to Value (LTV) | 55% of the purchase price or valuation of the Spanish property, whichever is lower (50% for interest only mortgages) |
| Currency options | Euro |
| What you can borrow | We assess every application on individual affordability. When we calculate affordability, we consider your 'net disposable income' (NDI) This is your net monthly income less long term commitments Long term commitments include:
|
Interest Rates
For details of our interest rates please call us on +44(0) 1624 637610.
| Property value | Fee |
|---|---|
| Up to €250,000 | £300 |
| €250,001 to €500,000 | £500 |
| €500,001 to €1,000,000 | £850 |
| €1,000,001 to €1,500,000 | £1,250 |
| €1,500,001 to €5,000,000 | 0.15% of the property value - the Bank will require two independent valuations to be undertaken |
| Over €5,000,000 | Negotiated on individual basis - the Bank will require two independent valuations to be undertaken |
Arrangement fee
| Fee |
|---|
| 1% of the loan amount, minimum €1,000 (no maximum) |
Commitment fee
| Fee |
|---|
| 0.5% of the loan amount, to be paid in advance of drawdown |
Other charges
| Charges | |
|---|---|
| Drawdown of loan fee* | €75 |
| Missed/late payment fee* | £50/€75 |
| Fixed rate reservation fee | 0.15% of loan amount, minimum £400/€500 |
| Change to repayment method (i.e. capital holiday) | £50/€75 |
| Duplicate statements | £12/€18 per statement |
| Early redemption charge | Per individual loan agreement |
| Photocopying of Deeds | £15/€22.50 per document |
| Default Notice | £30/€45 |
| Switching interest rates | £50/€75 |
| Letter confirming year end balance | Nil |
| Capital reductions | Nil |
* Unless agreed otherwise, these fees will be deducted directly from your mortgage account on which interest will occur.
Your bank may not accept an instruction to make euro payments from a sterling bank account. They may also charge you a fee for each payment instruction made. Please check with your bank for details of any fees you may incur.
Updated: 4th November 2009
The Spanish Mortgage is provided by The Royal Bank of Scotland plc (RBS plc) trading as NatWest
Get in touch
Call us on
+44(0) 1624 637610
Lines are open: Mon to Fri 9.00am - 5.00pm
(excluding public holidays).
Calls may be recorded