OBTAINING MORTGAGES

Obtaining a mortgage need not be a stressful experience, although in many instances it can be - without the correct advice. We deal with over 27 banks worldwide offering International mortgages, all of them with different rates and criteria. Loan-to-value percentages, range from 50% to 100% dependent on the bank and whether you are a resident or non resident So we will find you the best rates at the best terms .

Sourcing:
Some banks will only deal with residents, some with only non-residents and some offer the mortgage to both groups through a different percent LTV (loan to value). The APR can start as low as 3.25% rising to a staggering 18% in some cases. Proof of income is a stumbling block for many mortgagees. If you are paid in cash or if your accountant has worked wonders to mitigate your tax liability, how can you prove to a bank that you can afford the repayments? This is just one area where our advice proves invaluable.

We also offer non-status mortgages, where proof of income is not required, and poor credit rating is not taken into account. This type of mortgage is not offered by the banks and are placed with one of our seven private finance houses.

Introductory fees:
All of the banks charge this fee, which is a fee for arranging the mortgage. This can vary from £250 to as much as 1.8% of the purchase price. There is also, in many cases, an early repayment charge which can be as much as 1% of the amount repaid for early cessation of the mortgage. Many people are enticed by low introductory fees, and a special first year rate; they can however find that they are paying 2.5% over the average every year.

Purpose of Loan:
This is another area where the banks differ widely in their criteria. If it is a straight forward residential property purchase then most banks will make an offer. Mortgages can be found for all of the following (although no one lender will offer them all).

* Rural Property
* Urban Property
* Buy to let
* Multiple property purchase
* Equity release
* Commercial property
* Loan to build
* Protection

It is extremely important when arranging a loan to cover the debt with a basic life assurance policy. If you already have a loan but have sufficient life cover - call or e-mail us for an immediate quotation. If you already have cover we would be happy to re-quote to ensure that you have the most reasonable cover for your individual circumstances.

Using a brokerage certainly takes the stress element out of trying to obtain a mortgage or remortgage.An International Group who have obtained mortgages for many clients, throughout the world.
(00 34) 600 653 590

mortgages@spainsaver.com