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Your Spanish property may be repossessed if you do not
keep up repayments on your mortgage
The Spanish Mortgage offers loans in euros with a choice of interest only and capital repayment options. All applications are individually assessed on their affordability and will take into consideration your sole or joint income.
| Mortgage | Initial rate | Follow on rate | Overall cost for comparison | Early Repayment Charge |
|---|---|---|---|---|
| Standard variable rate (3 month Euro LIBOR + 1.25%) | 6.04% | N/A | 6.3% APR | None |
| 2 YR variable rate discount (3 month Euro LIBOR + 0.75%)* | 5.54% | 6.04% | 6.1% APR | 1% of capital repaid early in the first 3 years |
| 1 YR fixed rate | 5.99% | 6.04% | 6.3% APR | 1% in year 1** |
* Discount product available to new customers only. At the end of the discount period you can move to any of our mortgage products available at the time.
** Please note that fixed rate loans over 1,500,000.00 will have a "cost of funds" early repayment charge. For further details on how this is calculated please contact our Spanish Mortgage Centre.
Changes in the exchange rate may increase the sterling equivalent of your debt. Please note that for mortgages with interest payments based upon variable rate terms there is a risk that the total sum payable under your mortgage may increase significantly as rates rise.
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.
| Arrangement fee | |
|---|---|
| Residential mortgage | 1% of the loan amount minimum 1000 (no maximum) |
| Self-Build mortgage | 1% of the loan amount minimum 1000 (no maximum) |
| Residential mortgage taken through Company structure | 1% of the loan amount minimum 1000 (no maximum) |
| Commitment Fee | |
|---|---|
| Residential mortgage | None |
| Self-Build mortgage | 0.50% of the loan amount to be paid in advance of drawdown |
| Residential mortgage taken through Company structure | 0.50% of the loan amount to be paid in advance of drawdown |
| Valuation fee | |
|---|---|
 | |
| Residential mortgage | |
| Property value up to 375,000 | £350 |
| Property value 375,000 to 600,000 | £550 |
| Property value 600,000 to 1,200,000 | £850 |
| Property value 1,200,000 to 2,500,000 | £1,800 |
| Property value 2,500,000 to 5,000,000 | £3,000 |
| Property value over 5,000,000 | Negotiated on an individual basis (please note that where property value falls into this bracket the Bank will require two independent valuations to be undertaken). |
| |
| Self-Build mortgage | |
| Property value up to 1,200,000 | £850, plus a further £150 for each progress inspection visit |
| Property value over 1,200,000 | Negotiated on an individual basis |
| Charges | |
|---|---|
| Drawdown of loan fee*** | 75 |
| Missed/late payment fee*** | 75 |
| Fixed rate reservation fee | 0.15% of loan amount, minimum 500 |
| Change to repayment method (ie capital holiday) | 75 |
| Duplicate statements | 18 per statement |
| Early redemption charge | Per individual loan agreement |
| Photocopying of Deeds | 22.50 per document |
| Default Notice | 45 |
| Switching interest rates | 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.
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