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MORTGAGE CALCULATOR - (MULTI-CURRENCY MULTI-LANGUAGE)
You do not have to use all of the available fields unless they are relevant to your needs. However, with this tool you are able to create a detailed amortisation schedule with date based payments and charts that you can print or save. The calculator supports points, private mortgage insurance (PMI), property taxes and hazard insurance.
Since this site is designed for use internationally, users can also select their own currency and date convention for their loan schedule by using the $ : mm/dd/yyyy option at the bottom right corner.
Types of loans available in Spain
Standard repayment loans are the main product in Spain. Interest only has disappeared from the market. This loss of interest only facilities has happened under pressure from the Bank of Spain.
Fixed rate loans loans are available. Whilst not offered by all Banks they have become increasingly more widely available. Fixed rate Mortgages in Spain for the full term are available at competitive rates but for the best of the fixed rates loan to values are normally a maximum of 60% loan to value. Rates and conditions for 70% loan to value fixed rates in general are not so attractive. Most fixed rate loans have
higher early redemption penalties than the variable rate products.
Buy to let mortgages, using rental income as part of the affordability assessment are not available.
Most loans are for purchases only, a small handful of banks allow or can offer remortgages or equity release but where they are offered many restrictions apply.
Self build loans are very limited in access and generally only cover a percentage of the actual build costs. Mortgages for the purpose of buying just land in Spain are very restricted.
03/01/2017 – Source: IMS, Malaga