Mortgage: favourable conditions for our clients
When buying a property, both residents of the country and non-residents may apply for mortgage loans. Exactly at the moment when you chose a home for purchase and you need funding, Yes! Mallorca Property will help you resolve all issues related to this matter.
Currently, banks grant loans to foreigners on the same conditions as to the Spaniards. The rate may be fixed or variable. The fixed rates are at the level of 4-6%, and the variable ones at 1.5-4%, and they are revised once a year depending on the Euribor rate.
At present, banks in Mallorca lend money equal to 50-90% of a property value. However, conditions in each bank may vary, therefore we submit applications to several partner banks at the same time. The mortgage is granted for a period of 5 to 30 years, depending on the age of the borrower and his/her evidence of credit worthiness. The primary condition is a permanent legal income of the borrower.
When we start working, we assume an obligation to prepare all the necessary documentation in support of your mortgage, assist you in drafting and submitting the mortgage application, estimate your credit worthiness and your chances of getting an approval. Besides, our agency will help you to assess the value of the selected property. We monitor the entire process, up to getting an approval from the bank, and afterwards, will gladly help to act on your behalf at the insurance company, to address all the issues related to insurance both of the transaction and property to be purchased.
Contact Yes! Mallorca Property and you will significantly improve your chances of getting a mortgage loan!