Spanish Bank to do re-mortgages in Spain
After many years of all Spanish Banks dismissing the re-mortgage market one major lender has decided to put some focus on this area.
In a year when Covid 19 has disrupted completions and property purchases and after a fraught 2019 when new regulation delayed many Spanish Mortgages they are looking to add new business.
No fixed rate option
Only a variable rate is available but there is no Bank arrangement fee applicable and they will consider allowing any subrogation costs to be added to the loan.
Loan to value cannot exceed 60% and at initial purchase the owner must have put in a minimum of 30% themselves.
No life cover required
A big attraction could be that they will not require life is contracted and many previous loans had this product as compulsory and this has added to the monthly cost even if it was not required.
Read the full article :- Major Spanish Lender puts focus on Re-mortgages.
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