You will have a choice of mortgage products which will have different features:
1. Interest only monthly payments
2. Capital plus interest monthly payments
3. Some will have interest only payments for an initial term say 5 years and then switch to capital and interest
4. Various terms in years - depending upon your age as most lenders would like the mortgage term to end by the time you reach 70 years of age,
although some go further
5. No Redemption Penalties - No penalties if you decide to close the mortgage before the agreed term. As explained previously most lenders
will be keen to keep you for as long as time as possible so if you want to close the mortgage say after 3 years they will hit you with a redemption
penalty
6. Payments penalty – if you want to make extra payments each year some lenders will not allow this as they want to keep the mortgage term as long
as possible Different banks will offer different features and different combinations of the
above listed features.
Important Note: The details herein provided apply to the typical everyday mortgage of the value between 150,000 euros and 700,000 euros amounts
above 700,000 euros are dealt with as special cases. Many banks will just not consider anything they consider unusual such as large mortgages and
commercial mortgages.
For Spanish mortgages
contact Olg mortgage specialists. For Information on a mortgage in Spain click
the following link: Spanish Mortgages Spain100 % Mortgage rates from just 3.9%
