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  Buying in Spain
Home > Buying Your House in Spain > Spanish Mortgage Range > Important Notes

Spanish Mortgages
Important notes

Important notes

Funds will be advanced in Sterling but will be exchanged into Euros at the prevailing exchange rate (provided by the Society's Bankers) on completion. You will need to be aware that there may be a currency fluctuation between Euros and Sterling.

With some mortgages, an application fee is applicable. Where part, or all, of this fee is shown overleaf as ‘payable with the application’ this amount is non-refundable, even if the mortgage does not complete. The remainder is payable on completion.

If you decide to move home during the fixed, capped, tracker or discounted rate period, you can have your new mortgage charged at the same rate of interest for the remainder of the fixed, capped, tracker or discounted rate period (except shared ownership). However, if you need to borrow more money when you move, you may need to agree new terms for the additional amount only. This is subject to your income and financial commitments at that time and a valuation of the new property.

Other notes

  • If you are entitled to a cashback, a cheque will be sent to your solicitor on completion of your mortgage or as otherwise stated in the product terms. You should note that the Inland Revenue has not formally ruled on the taxation implications of cashbacks. You should, therefore, take advice from your tax advisor regarding any potential liability.
     
  • All monthly re-payments must be made by direct debit.
     
  • Discounted rates of interest are calculated from the Society’s España Variable Rate of interest.
     
  • At the end of a fixed, capped, tracker or discounted rate period, the Society’s España Variable Rate of interest, applicable at that time will be charged.
     
  • An Early Repayment Charge will be payable if the mortgage is repaid within the period shown overleaf under ‘Repayment Until’. The amount of the charge is also shown overleaf.
     
  • If a partial repayment of your loan is made, the Early Repayment Charge will be calculated only on the amount repaid. If an Early Repayment Charge will not be charged, the word ‘None’ will be shown overleaf under the heading ‘Early Repayment Charge’.
     
  • For individual application fees see Mortgage Rates and Details. Please note that application fees for loans of £500,000 are by referral.

Full written details and quotations are available on request. The mortgage must be secured by a first charge on the property. Buildings insurance may be required. All loans are subject to a satisfactory appraisal of status, financial standing and valuation. Loans are only available to persons aged 18 years or over. In certain instances, a one off Higher Lending Charge may be payable. Insurance may be required. Any endowment premium will be paid directly to the life assurance company. Applications are subject to normal lending criteria. For loans in excess of 90% of the purchase price or valuation of the property (whichever is lower) a Higher Lending Charge becomes payable.

The Society is authorised under the Banking Ordinance (1992) of Gibraltar.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.