If on completion you require financing, we would advise you to take over a Spanish mortgage on the property.

GM Legal Experts is dealing permanently with the Banks to get the best mortgage deal possible.

We summarize the types of mortgages as:

Capital & Interest Repayment: The maximum amount allowed is 80% on property valuation made by completion. The payment is made up to 60% by the capital and 40% by the interest.

Interest Only Mortgage: The maximum amount lent is 60% or 70%-80% on property valuation made on completion. The repayment is made up just by the interest up to 15 years (if 60% on valuation) or from 5 to 10 years (if 80% or 70% on valuation respectively).

The maturity period for the above types of mortgages is from 20 to 30 years (depends on your age). Please get in touch with us for more information about the current interest rates.

The Mortgage Expenses: to take over a mortgage generates the following expenditure:

• Stamp Duty Tax: 1.7% on mortgage amount allowed (aprox).


• Notary and Registry of Property Fees.


• Opening Fee.


• Valuation and Bank Management Fees.

The loan purpose is the major factor to decide the type of mortgage you would like to take over. Also we can provide you remortgages & equity release with very attractive rates.

Should you require further information, please do not hesitate to contact us.