Lending criteria
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1. Lending on property abroad
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Mainland Spain plus Canaries & Balearics. Euro Mortgage.
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2. Repayment Type
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- Variable.
- Interest Only up to 2 years of mortgage term.
- Fixed Rate up to 2 years of mortgage term.
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3. Mortgage Type
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- Purchases.
- Switch & Save (Remortgage).
- Equity release
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4. Buy to Let
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Not available.
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5. Loan Amounts
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Minimum €50,000.
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6. Term
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Up to 25 years.
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7. Age
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Lend up to the age of 70. Minimum age 18.
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8. Number of Applicants
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Four.
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9. Affordability
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- Debt service ratio (DSR): 50% for all segments.
- Defined as the ratio between the debt payments that the client(s) has to afford in a certain period (in repayment), and their net income in that same period.
- Maximum incomes multiples:
- Maximum mortgage can not be greater than five times the applicant(s) gross income (sole or joint).
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10. Retirement Income
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Accepted.
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11. Guarantors
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Accepted.
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12. Credit Search
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Yes.
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13. Arrangement Fee
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1% of loan amount
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14. Early Repayment Charges
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- Variable Rate Products - 0%.
- Fixed Rate Products - 0.5%.
- Early repayment on transferring loan to another lender - 0.5%.
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15. Mortgage Repayments
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As part of the application we will open an account from which customers can make their mortgage payments.
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