PERSONAL INTEREST-ONLY MORTGAGE LOANS FOR NONRESIDENTS
AGE
- Max: 70 years at the end of the loan.
TERM
PURPOSE OF FACILITY
- Residential, holiday home or 'Buy to let' located in urban areas only.
- Home improvements or repayment of other term debts may be considered.
- Loan will only be provided once construction is finalised and duly registered.
- Vivienda de Protección Oficial (V.P.O.) properties not normally considered.
AMOUNTS
Property related
- Max: 80% LTV (including 'Buy to let').
- LTV based on valuation (tasación) report.
- Min: EUR 100.000
- Max: Not to exceed the official purchase price (compraventa).
Customer income multiples
- 500% qualifying gross anual income of first applicant.
- 300% joint qualifying gross anual income of both applicants.
- Total debt service less than 50% of qualifying net income.
Further advances may be considered so long as the overall operation remains within parameters
INSURANCE
- Buildings insurance with bank as beneficiary.
Recomendations:
- Life insurance*.
- Home contents insurance.
* Should the client be over 70 years of age at the end of the loan, life insurance is to be mandatory throughout the life of the loan, with the Bank as beneficiary.
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