Mortgage applications are on the rise in Spain, one reason for this could be the considerable drop in mortgage costs in the last few months. Not only do you now save on the AJD tax, some banks have reduced their bank opening fees and are also paying the client’s notary and valuation fees. Interest rates have only increased slightly, so borrowing in Spain is now considerably cheaper than it was a few months ago.
When searching for a mortgage you should be aware that local banks aren’t necessarily going to offer the most suitable or competitive deals, whereas a reputable broker will have an eye on the market as a whole. Banks lending criteria can vary from branch to branch, let alone bank to bank, meaning that one branch may decline a mortgage application, which would have been approved by another, a broker will know who best to approach for each client.
Additionally there are new banks who have come to the market and in many cases, these banks are offering more attractive conditions than the well-established ones including products without compulsory life cover, 0% redemption penalties and in some cases 0% opening fees, resulting in considerable savings on set-up fees and also over the life of the mortgage.
With this in mind it can be expected to see these newcomers increase their market shares significantly during 2019. The broker that we work with have negotiated preferential terms with these lenders over the last 6-12 months and they are proving to be more flexible with their lending criteria.
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