Polaris World Mortgages

   

A wide range of mortgage products are available for customers purchasing on the Polaris World Resorts, including high loan-to-value and long periods of interest only.  Purchasers are free to choose which ever mortgage provider suits them best and Polaris World also work with a select number of mortgage lenders to offer special terms to their customers.

With a Spanish mortgage the monthly payments need to be made in Euros and the amount in pounds will vary, depending on the exchange rate. Currency brokers can provide a cost effective service for regularly transferring pounds into Euros and also fixing the rate. This can also enable you to avoid paying the transfer fees charged by high street banks for sending each monthly mortgage payment to Spain.

See our information on free currency transfer for UK customers of Polaris World that are making regular payments to Spain for their mortgage.

Points to check when choosing a Spanish mortgage:

• Interest rate: (usually Euribor + 0.70% - 1.15%)
• Loan amount: (usually 60% - 80% of the valuation)
• Term: (normally up to 30 years or the age of 75)
• Interest only period (normally around 2 years)
• Set-up fee: (tipically 0.5% - 1%)
• Repayment charge for partial early repayment of the loan (from 0 - 1%)
• Repayment charge of the outstanding balance for full early repayment of the loan (usually 0.5 - 1%)
• Also check if there are any compulsory insurance or other products required through the lender.

 

A Wide Selection of Mortgages Available: 

Interest only mortgages with up to 15 years interest only period.

High loan-to-value mortgages allowing you to borrow more against your property.

Offset mortgages: a one account mortgage which allows you to offset the savings in your bank account against your mortgage. 

For more information, please see our Frequently Asked Questions about Spanish Mortgages.