hot rates & products
GOOD NEWS! RATES ARE AT HISTORICAL LOWS & FALLING!
MORTGAGE RATES NOW FROM JUST 2%!
REMEMBER - 'Interest Only' mortgages are THE most protective instrument to use when buying a property!
When buying in Spain you must use a mortgage and it must be 'Interest Only'!
Why? Ask us to explain!
- 'INTEREST ONLY' mortgages up to 30 years FROM JUST 2%
- SELF CERTIFICATION (of income) mortgages to 50% - CURRENTLY NOT AVAILABLE - WATCH THIS SPACE!
- 'Super Low Cost SWITCH’ mortgage – to improve your mortgage terms, switch to ‘Interest Only’ and even to borrow more!
- 'CASH OUT' mortgages - for any purpose and NO proof of destiny of funds!
- 'LIFETIME' mortgages - for the over 60's with NO MONTHLY PAYMENTS .. EVER!
- 'FOREIGN CURRENCY' mortgages ON YOUR SPANISH PROPERTY to elimate exchange rate risk (for example, the £ falling against the €)
EURO rates falling!
Euribor is the interest rate at which a large number of European banks do provide short term loans to one another. Banks which borrow money from other banks can use these funds to provide loans to other parties. In fact, Euribor is the purchase price a bank does have to pay for a short term loan.
Of course, most banks lend money to clients by providing mortgages. The interest rate which has to be paid often follows - in the majority of European countries - the Euribor-rate. When the Euribor rate increases then the interest which has to be paid increases as well and vice versa. There is a direct relation between the rate at which the lender borrows from the Money Markets and then how much they charge for lending. When you opt in for a mortgage based upon an adjustable interest rate (also know as a floating rate or variable rate mortgage), you will likely pay the Euribor rate (often the Euribor 12 month or, more rarely, the 1 month rate) plus a fixed margin, for example, Euribor +1%.
Euribor 12 months rate - 2008 to 2009 - last 12 months (Source: http://www.euribor-rates.eu/euribor-charts.asp)
Euribor 1 month rate - 2008 to 2009 - last 12 months (Source: http://www.euribor-rates.eu/euribor-charts.asp)
Below is an example of our interest only mortgages for residents and non-residents using a rate of JUST 3%:
Amount |
Cost per month |
50,000€ |
125€ |
100,000€ |
250€ |
150,000€ |
375€ |
200,000€ |
500€ |
300,000€ |
750€ |
500,000€ |
1,250€ |
Mortgage rates can go up as well as down. Loans may be subject to status. A suitable life policy may be required. Mortgages arranged in Spain are not subject to the mortgage code. Be sure you can afford the repayments before entering into any credit agreement. Warning! Your Home is at risk if you do not keep up repayments! Information on this site is believed to be correct at time of issue and subject to change without notice. Any quotation issued is not an offer of a mortgage.
and NEW, to protect your home,
* NEW* *NEW* *NEW*
TITLE INSURANCE FOR SPANISH PROPERTIES
The Safe Property Indemnity
Keeping Your Property Safe with Title Insurance
The Safe Property Indemnity (title insurance) is a new product in Spain, but is already used to safeguard against risk associated with the purchase of property in the United States, Great Britain and the rest of Europe. When you purchase property, there are many hidden risks or defects that even the most diligent professionals and/or established registration systems cannot protect against. These defects can affect your ownership and cause significant financial losses and worry before they can be rectified. Title insurance safeguards against loss or damage arising from many hidden risks which exist at the time of purchase. To be able to understand why it is important to have this cover, set out below is a list of just some scenarios for which coverage is included should they affect your property
• Fraud and Forgery
Current technology makes it easy to forge all types of documents such as National Identification Cards, Deeds and Powers of Attorney. A fraudster could use these documents to fake your identity and apply for a mortgage loan or sell your house to a third party for a derisory price and take off with the funds. There are stories in the press regularly about well organized groups of forgers and cases where the Spanish Supreme Court has ruled in favour of a third party purchasing property in good faith. You could lose your property.
• Buying from a Fraudulent Owner
You discover that the person from whom you bought your property was not the real owner and was acting with forged or revoked powers.
• Unpaid Taxes, Quotas or Unsettled Community Expenses
You discover you have been paying too much in community fees because at the time of purchase the property was assigned the wrong coefficient. Or for example, there is an attempt to make you pay an incorrect quota or unsettled community expenses and taxes for a period prior to your purchase.
• Boundary Issues
Even when some time has gone by, there are numerous cases in which it is discovered that part of a property does not belong to the person who has bought it. For example: a terrace turns out to be common property, which has been fraudulently added to the plot by the previous owners.
• Third Party Rights: Easements
During the 20 year policy term, a right of way or unregistered charge in favour of a third party is discovered that affects the property.
• Hidden Legal Defects
You may find a mistake or discrepancy in the title deeds that makes it impossible or difficult to sell your property, or that limits your rights of ownership or enjoyment.
• Purchase from an Incapable Seller
You discover that the person from whom you bought the property lacked the necessary legal capacity to sell.
• Hidden Valid Lease
You have bought a house that has, previous to your purchase, been leased to a third party. The lease is valid until it expires, regardless of who holds title to the property.
• Impossible to Access
If for any reason there are insufficient legal rights of access to and from your property or any part of it you will be covered. Similarly, the seller may not vacate the premises on completion.
• Non-inscription in the Land Register
The Land Registrar finds a defect in your title deeds and will not register you as the owner.
• Bankruptcy of the Seller
A judge rules that your property is subject to the previous owner's bankruptcy (preferential rights of the creditors).
• Defective Size
If the property is bought ‘off plan’ and following physical completion it is found to be more than 10% smaller than for what it was contracted.
• Community Disputes
Over the course of the 20 years, you may discover agreements passed by the Community of Property Owners prior to your ownership that could limit your rights over the property.
• Marital Problems
The person from whom you bought your property has sold it without spousal consent and that threatens your title to the property.
• Demolition Order
Imagine that after several years, a Demolition Order is placed on your house because it is shown that the building license by virtue of which it was built, is illegal because it infringed land classification (Urban Planning Scheme) at the time of purchase, or simply because your house was built without a license or in breach of the terms of the building license.
• Compulsory Purchase
You discover your house is subject to a compulsory purchase order or proceedings which predated your purchase.
• Other Administrative Orders in Force
You discover your house is subject to a ruin or eviction order from your date of purchase.
• Legal Claims Against Your Property
During the policy term, a third party makes a claim for part of your property through the courts.
• Unknown Heirs
Property owners or unknown heirs from the past appear to claim their property.
Exclusions: Damage. Contamination. All defects in the knowledge
of the owner prior to the date this policy takes effect.
Peace of Mind
Without the Safe Property Indemnity, you would have to remedy the situation yourself, costing you time and probably legal expenses. The cover provides peace of mind that should the unexpected occur, Stewart Title will be there to restore your title or indemnify you for losses if that cannot happen.
Cover up to 360,000 €
Your property will be covered for financial losses incurred up to the purchase price agreed in the title deed with a maximum limit of indemnity of 360,000 €. Should a claim be made, there are no deductions as the policy provides cover for costs, solicitor’s fees and expenses in defending title relating to the covered risk.
Small Investment Safeguards Your Property
You can minimize the risk on your most important investment. The Safe Property Indemnity provides complete property protection for a one-time, low fee rather than an annual premium.
A Commitment to Resolve the Situation within Six Months
Experts in real estate law will manage any claim under the policy with the highest standards of diligence and efficiency and if we cannot sort out your title defect within six months, we will compensate you for your financial losses incurred, up to the limit of cover.
About Stewart Title Limited
As a wholly owned subsidiary of Stewart Title Guaranty Company, Stewart Title Limited is the primary underwriter of UK, European, Australian and New Zealand transactions. The company’s operations are headquartered in London with offices throughout the UK, Europe, Australia and New Zealand. Stewart Title Limited delivers a host of legal indemnity products, streamlining the conveyancing and closing process as well as helping solicitors creatively overcome difficult title situations. Fitch Ratings gives Stewart Title Limited a rating of A-, recognizing its financial strength and ability to pay claims.
Stewart Title Limited is authorised and regulated by the Financial Services Authority.
Registered in England and Wales No: 2770166. Registered office address: Stewart
House, Pynes Hill, Exeter, Devon, UK, EX2 5AZ. This brochure is intended to provide
general information only. Please refer to our policies for full cover details
If you would like to speak with a representative to discuss your requirements please call +(34) 677 874 948
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