Spanish Mortgage - Case Studies

Equity Release

Mr & Mrs Roberts had a property in the Costa Blanca, without a mortgage. They had fully paid for their home, which was valued at €200,000.

They explained to one of our fully qualified financial consultants, how they had reached a time in their lives when they wanted to enjoy their retirement to the full, rather than ‘survive’ on their pension income.

Lexus Mortgages successfully arranged to release €100,000 euros, of equity from their property, on an ‘interest only’ basis. Mr & Mrs Roberts felt comfortable about making the monthly payments of €450.

They are now in a position to relax, enjoy their retirement in Spain, secure in the knowledge that they have access to their capital. They have recently purchased a new car & built a swimming pool which they had always wanted.

 

Self Certification (No Proof of Income)

Mr Lawrence, aged 78, had paid a deposit in 2005, for an off plan property. His new home was ready in 2007.

After the initial deposit, his final payment to be made was 60% of the original purchase price.

As Mr Lawrence had a low income, Lexus Mortgages had the solution, by securing a competitive Self Certification Mortgage for 30 years, on an ‘interest only’ basis which made it feasible to complete the purchase.

 

Cambio de Casa / Change of house

Mr & Mrs Barker bought a holiday home during 2001, in the Spanish area of the Costa Calida.

In 2006, they retired & decided to move permanently to live in Spain. They owned outright an apartment of 2 bedrooms & felt that a spacious detached villa would be their ideal future home.

Having no deposit available for their dream villa, they contacted Lexus Mortgages. Mr & Mrs Baker had located a new villa & didn’t want to wait until they had sold their apartment. We assisted them by arranging a Cambio de Casa Mortgage. This provided them with the entire amount they needed to purchase their dream property for their new life in Spain.

Their existing apartment was valued at €120,000. The purchase price of the new villa was €195, 000.Lexus Mortgages arranged a mortgage of €84,000 on their existing apartment & the second mortgage of €134,000 on the new home. Mortgage payments were not required on the apartment for the first year. They felt comfortable about paying the monthly payment of 550 euros, for the mortgage on the spacious villa.

This heavily reduced the financial pressure to sell their apartment, which they had been feeling. It provides them with time to achieve the best possible selling price; & embark on their long awaited retirement in Spain.

 

Low Deposit Mortgage

Mr & Mrs Knight moved to Spain with their family, during January 2007.

They wanted to purchase a property as their new home in the sun; however they only had a small deposit of €15,000 & felt prior to contacting Lexus Mortgages that they would not be able to bring about the change of lifestyle that they all wanted.

For a ‘non resident’ in Spain, the usual mortgage is 80% of the property purchase price. Lexus Mortgages are in a position to offer impartial & professional advice & are fully experienced within the Spanish property market. We assisted them in locating a property that represented excellent value for money. Then secured a mortgage of 80% of the property’s valuation, which was considerably higher than the purchase price.

Lexus Mortgages had therefore achieved a mortgage representing 100% of the purchase price & were able to utilise the money the clients’ had saved for the deposit, to cover the costs.

Mr & Mrs Knight are now in a position to enjoy their new home with their family in Spain.Top