New Wave Villas have relationships with 4 of the major banks on Mojacar Playa, and can assist clients in obtaining advice on arranging a Spanish mortgage. It is very easy to make an appointment and arrange a meeting with the bank manager to discuss what the bank can offer you and what the bank requires from you, when arranging a mortgage.

Based on your age, your income, and details of the price that you are paying for the property, the bank shall be able to give you a good indication on what they can lend you, over what period, and what the monthly repayments shall be.

The banks generally lend ‘Non Residents’ 70% of either the price of the property or the bank valuation of the property, whichever is the lower figure. ‘Residents’ can borrow up to 80% of either the price of the property or the bank valuation of the property, whichever is the lower figure.

The banks usually mortgage up to the age of 75 years {though some do go up to 80 years} ie if you are 50 years old you can take out a 25 year mortgage.

Each bank offers a slightly different product, often at slightly different rates and terms. Generally banks can offer either a ‘Repayment’ mortgage, where the borrower repays the mortgage and the interest on the loan, or they can set up an ‘Interest Only’ mortgage, where the borrower only pays the interest on the loan for a set number of years, usually between 2 and 5 years.

When arranging a mortgage the borrower should be fully aware of all the costs involved, such as the bank set up charge, the mortgage tax, and the additional notary fee’s. These are all payable on the date that the mortgage is agreed, which is normally on the date of purchase and Escritura or Title Deeds are signed.

The aim of New Wave Villas, is to assist their clients to find the best mortgage product to suit their clients individual financial requirements.