What Are The Various Financial Options?

Payments

People approach this from many different directions. When moving to Spain lock stock and barrel then the money received from the sale of the home may be used. Some people require to keep a bolthole in the UK and will ’downsize‘ to a smaller home and use the balance to fund their new purchase. On many occasions, funds received from an inheritance, or money obtained from the sale of a second home will be invested in a property abroad.

Euros

Payment may be made in pounds sterling converted to Euros. The Pound Sterling floats against the Euro and it is essential to employ a specialist foreign exchange transfer agent to secure and hold the best rates and thus avoiding any nasty surprises from currency fluctuations. Fiesta Villas Direct is pleased to recommend preferred agents in this field.

Mortgage

Often people will wish to use borrowed funds in the form of a mortgage. This can be through a UK bank on an existing UK property or through a Spanish bank using the security of the foreign property. Certainly the latter is the most popular. It is no more difficult than doing the taking out a mortgage in the UK and can be organised for you with the bank or by your elected agent. For a bank mortgage the normal evidence of income is required. When obtaining a mortgage for a property in construction, organised through a developers bank, evidence of income is not normally required.

Bank mortgages of up to 80% are normally available to foreign nationals for periods from 5 to 20 years, subject to status.

"mortgages of up to 80% are normally available to foreign nationals"