Overseas Mortgages
Overseas Mortgages
Do you already own a property in Spain?
Are you looking for a property in Spain?
CMC can arrange mortgages for buying a property in Spain or for releasing equity in your existing Spanish property.
With an Equity Release loan, you can free up capital in the property, normally at more favourable rates and terms than available in the UK via loans, credit cards or overdrafts. The capital you release can be used for any legal purpose such as home improvements, debt consolidation, cars, boat, another property or even repaying your UK mortgage.
A Spanish Mortgage can also be used to help your Inheritance Tax Planning by enabling you to reduce the net value of your Spanish estate by creating a debt on the Spanish property. Please note that you should always seek independent tax advice on your individual tax position before committing to any facility of this nature.
Spanish mortgages can be offered on a full range of variable, fixed and discounted rates in both Sterling and Euro and are offered and conducted by RBS.
CMC now has a relationship with a developer in Southern Spain who specialises in repossessed and distressed sales. This means you can buy a property at massively discounted prices as the Spanish legal system only requires that any bank mortgage is paid off. In other words if a £500000 villa still has a mortgage on it of £100000, then they would accept your offer as long as it covers the outstanding balance. You will have additional costs of up to £30000 but you would still be buying a property at a huge discount. An example is a whole development of brand new villas valued at £350000 with a buying price of just £140000!
Interested?
Ring CMC on 0161 905 3331 for further details.
Your home may be repossessed if you do not keep up repayments on your mortgage. Changes in the exchange rate may increase the sterling equivalent of your debt. Please note that for mortgages with interest payments based on variable rate terms, there is a risk that the total sum payable under your mortgage may increase significantly as rates rise.