Discovering the Ultimate Spanish Mortgage Calculator: The Key to Your Dream Home in Mallorca
What is the best mortgage option in Spain?
Buying a property is a complicated process and in many cases it’s frustrating, not only because of the search for the house in question, but because of the procedures that need to be completed from the moment you choose the place until it is finally registered in your name.
Searching for a bank, choosing the best possible interest rates, finding a broker or an advisor who guides you well and takes part in the procedure… Normally mortgage brokers are an excellent option as they can act as an intermediary and are in charge of contacting all banks, checking all the different available options and negotiating the best interest rates… After obtaining all the necessary information, they perform an analysis and select the type of mortgage in Spain that best suits the client’s preferences at any given moment. Many companies, such as Lionsgate Capital, work with advisors who can speak many languages and can act as translators when it comes to close a deal of such magnitude. This way they can help to sign a mortgage to those who would like to invest internationally.
Buying a house is much simpler with the help of a professional agent.
Destinations of interest in Spain
One of the main destinations both for tourism and business are the Balearic Islands.
Mallorca, the perfect location. Because of its breathtaking scenery, warm weather and its quality of life, Mallorca has become the destination of choice for homebuyers from all over the world.
How can a mortgage be obtained in Mallorca?
The first thing to do is to have a look at the price of the property, whether it is newly built, under construction or used. Afterwards, the key is to fill out the Spanish Mortgage Calculator that will help you calculate the mortgage monthly installment. You only have to introduce the required data and a team of experts will inform you of all the possible mortgage options available in Spain at that given moment.
What types of mortgages can be found in Spain?
- The great uncertainty: Fixed-rate mortgage or variable-rate mortgage?
- Fixed-rate mortgage: The interest rate remains constant throughout the repayment period of the mortgage.
- Variable-rate mortgage: The interest rate fluctuates based on the Euribor. It means that the monthly installment will increase or decrease every X month.
Mixed-rate mortgage: It’s a combination of the two above-mentioned types. Usually, the fixed rate is applied during the first half of the amortization period, while the variable rate is applied for the remainder of the term.
There are many types of mortgages, such as mortgages for non-residents in Spain, mortgages for non-Spanish tax residents, loans, interest-only mortgages, etc. and all these need to be taken into account as conditions can vary depending on the personal circumstances of the potential buyer.
The commercial advisor will evaluate all these variables since, as mentioned above, they can vary at any given time. This advisor will always work for the interest of the buyer depending on the market’s current state, the Euribor and the current situation in the country.
This is the reason why an advisor can be really helpful, especially when it comes to buy a property abroad.