Spanish Mortgage - Case Studies
Capital Raising
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.
Re-Mortgage
Mr & Mrs Thomson are both 65 and recently retired to Spain..
They have a repayment mortgage due to finish in 10 years. With the Euro-Sterling exchange rate becoming less favourable for them transferring their pensions to Spain, they found they were struggling financially. Lexus Mortgages arranged an Interest Only remortgage over 20 years and reduced their monthly payment to only €373. The Thomson’s are now able to continue enjoying their retirement on the Costa Blanca in spite of the credit crisis.
Mr & Mrs Wilson are age 69 & 70.
Their home is worth over €300000 and they have a mortgage of €67000, paying €1100 per month. Lexus Mortgages were able to organize an Equity Release loan for €100,000 with no monthly payments. Mr & Mrs Wilson now find themselves €1100 per month better off, with a nest egg of €33000 in the bank.
Mr & Mrs Anderson bought off-plan in 2006 with the intention of relocating to Spain in 2008.
When completion of their purchase was due, their home in UK hadn’t sold. Lexus Mortgages were able to secure an Interest Only mortgage for the purchase of the Spanish property, with no redemption fees. Subsequently, Mr & Mrs Anderson can keep their costs to a minimum, and won’t face a repayment fee when their UK property sells, and they settle the Spanish mortgage early.