Equity Release in Spain

Equity Release

Equity release on unencumbered properties has been difficult to achieve in Spain for many years. This has been due to the banks rather old fashioned view of releasing funds from an owned property.

There is now however a wide range of products available ranging from standard mortgages to lifetime equity release schemes for senior citizens where no repayments are required during the lifetime of the applicant. These schemes often known as reversionary mortgages are now subject to more regulation under Bank of Spain of rules.

Loan to value for standard equity release mortgages can be as high as 75% of the value of your property and include full term interest only products with funds being released for any purpose.

In general interest rates for Spanish equity release are higher than those for purchase mortgages but a number of competitive products are available.

Senior citizen equity release products loan to values are assessed against age of applicant and the older you are the higher percentage you can achieve. There are now products that do not have an investment plan attached to them so any capital released can be utilized by the applicant in a manner of their choice.

If you can’t sell your existing property and want cash from it for any purpose or just want to release some of your embedded equity for income generation or any other purpose we can help.

Spanish Equity Release Non Subrogation Mortgages

If you currently own a property in Spain with or without an existing mortgage and would like to either swap lender, move to interest only or raise capital for any purpose there are a range of Spanish mortgage products available that may suit your needs.

All Spanish re-mortgages and Spanish equity release loans except for lifetime loans suitable for over 60’s are on a full status basis meaning you must provide evidence of your ability to make the monthly payments.

Interest only facilities are available and terms of up to 40 years along with the ability to pay off early or make lump sum overpayments without penalty.

For all Spanish equity release mortgages unlike subrogation of existing loan normal set up costs, taxes and notary costs will apply and you can expect to pay a slightly higher interest rate than you would for a straight forward purchase mortgage.

If you would like a quote to find out how much you could borrow and what the cots would be contact us today for a no nonsense, free quote and approval in principle.

For further information contact us today on webmaster@generationjp2.com

Or Call IMS - UK: +44(0) 1462 481133 | Spain: +34 902 517 007

Equity release Spain brought to you by IMS Mortgages

 

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