Currency legislation
The new legislation implemented in Spain in June has seen some Spanish Banks pull offers to certain mortgage applications in process who live and work in jurisdictions they don't want to deal in.
Because each Bank has taken their own view on what the legislation means and because it is worded in an ambiguous manner lenders have restricted lending to those who currently earn their incomes from currencies like Dirhams in the Middle East and or Far East currency like the Hong Kong Dollar and Singapore.
Lender restrictions
Some lenders are even restricting lending to those living in Canada and Australia because they don't want to move any future loan to those currencies.
Even where the lender believes it only affects those who are EU citizens this has had a knock on affect of access to fixed rates for British Nationals who are currently deemed to be EU citizens.
Seek more information
In order to know whether an application should be made to a certain Bank or whether to not waste your time it is best if you do not earn your money in Euros to seek the help of an experienced professional who has many years experience with Banks in Spain and arrangement of Mortgages in Spain.
Read the full article:- Currency legislation affects Spanish borrowing
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