For British clients buying in Spain
Whether your client is looking for a permanent base or a holiday home in Spain, we've got a mortgage to make everything straightforward and stress-free. Our mortgages meet almost every need and offer variable, fixed rate and interest only options, including a Switch and Save package for clients with an existing mortgage which no longer meets their needs.
Main features of Spanish mortgages:
- Property location - mainland Spain, Canaries and Balearic islands.
- Purpose - purchase, remortgage or equity release.
- Repayment type - tracker, fixed rate, monthly variable rate and interest only (for up to 2 years) options available.
- Loan to value - 60% of the property value or purchase price, whichever is the lower.
- Term - up to 25 years, to maximum age of 70 years.
- Minimum loan - €100,000.
- Currency - all loans in euros.
- Language - all documentation in English (with the exception of the mortgage deed, which has to be in Spanish for legal reasons).
- Arrangement fee - 1%.
Main benefits of our Switch & Save package
- Save on Fees - we pay the notary legal fees up front and repay valuation and study fees on completion. We'll even contribute to any early repayment fees charged by a current lender, up to a maximum of 0.5% of the value of the existing loan.
- Repayment type - monthly variable rate and interest only (for up to 2 years) options available.
- Minimum loan - €140,000.
Risks and Commitments of Spanish mortgages
- Borrowing is secured against your client's Spanish home.
- All Lloyds Bank International mortgages are repaid in Euro rather than Sterling. Fluctuations in exchange rates will affect the monthly repayment and therefore the fund transfer amount to meet mortgage repayments will need to be adjusted accordingly.
- Monthly repayments will come directly out of the client's Lloyds Bank International bank account. It is essential there are enough funds in the bank account to meet the mortgage payments.
- As an automated cross-border money transfer cannot be set up from a UK Halifax or Bank of Scotland bank account to meet Lloyds Bank International mortgage repayments, fund transfers must be sent promptly and in time to meet mortgage payment dates.
For more information on new Spanish mortgages, contact the Intermediary Team email@example.com.
Interest Rates - Property Purchase
Interest Rates - Switch and Save