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Mortgages in Spain - the Best Way to Finance your House
Do you need a mortgage for your house or your apartment? If you need finance for your house, we can offer you the mortgage that best meets your needs. There are two types of financing: 1.the Fixed Rate Mortgage and 2. the Variable Rate Mortgage.

If you choose a Fixed Rate Mortgage the rate is fixed for a period, which means your monthly repayments will be same during this time. Your benefits are that you can budget more easily knowing your repayments won’t change and you don’t need to about increasing of mortgage rates. At the time the mortgage rates are at 4% (June 2006) with a rising tendency. This would be a good opportunity to finance with a Fixed Mortgage Rate. Most lenders also offer a fixed rate Spanish mortgage. These Spanish mortgages tend to have higher interest payments in the short term but if interest rates rise a fixed-rate Spanish mortgage holder might end up paying less than would be the case with a variable-rate Spanish mortgage.



Choosing a Variable Rate Mortgage the repayments could vary according to the base rate set by the European central bank. Borrowers with variable rate cannot be certain what their mortgage payments will be in the future. If the interest rate falls they will pay less, but if it rises they will
pay more.

Some Spanish banks also offer a mixed mortgage that involves a certain period (for instance 5 years) of fixed interest payments, and a floating rate thereafter.





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Updated at: 27.07.2012


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