Mortgages for over 60s Isla Canela

Mortgages for over 60s Isla Canela

If you would like to purchase a property at Isla Canela it is easier than you think. Did you know it is possible for people over 60 to obtain a mortgage here is Spain.

Although there are concerns over Brexit, figures
show that the numbers of Britons buying here in Spain
increased by 12 per cent between 2017 and 2018, according to the Spanish Land Register

Clients who are still working but are near retirement age will usually have to prove they have a suitable pension in place even if they intend to carry on working. For those already in receiving a pension, the bank will treat this income in the same way they
would a wage with the benefit to the bank that the income is often guaranteed for life and less risky.

There is a bank that offers mortgages up to the age of 80
for non residents compared with all the other banks who offer their mortgage terms to the age of 70 or 75.

For some clients this extended term and reduced monthly payment can make the difference between passing or failing the bank’s affordability stress test. For all clients the option to extend the term beyond age 70 or 75 will keep the payments down or the client can borrow more while keeping the same monthly payment that would have been arranged on a shorter term.

Rates start from 1.7% fixed for 10 years and 2.65% fixed for 30 years and life cover is not mandatory for non residents which is a very attractive feature. Sometimes the mortgage can go past age 80 if the client’s partner is younger and for premium clients, the bank fee can be
as low as 0%

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