Getting a local mortgage in Gran Canaria requires a fair bit of paperwork. However, interest rates are low and Spanish banks are lending with good conditions. Here’s my guide to getting a Gran Canaria mortgage in 2019. [Read more…]
The valuation (tasación) your bank makes when you apply for a mortgage has a significant effect on your Gran Canaria property purchase.
- If it’s too low, you don’t get the mortgage or have to provide more capital.
- If it’s too high, it can cost you a fortune in extra tax payments.
Here’s pretty much everything you need to know about getting a Gran Canaria mortgage in 2017…
Getting a Gran Canaria mortgage
Getting a mortgage in Gran Canaria involves lots of paperwork but isn’t a particularly complex procedure.
However, depending on the bank and on your circumstances, it can take anything between seven days and four months to go from application to approval.
Here are a couple of vital points to bear in mind… [Read more…]
The clausula suelo and how it affects Gran Canaria property owners
Spanish banks have long included a minimum interest rate clause in their mortgage contracts. It guaranteed their profits even during periods of low interest rates.
It also left lots of people paying high rates when the EURIBOR is at a record low.
In 2013, the Spanish Supreme Court said the clauses were illegal in these circumstances… [Read more…]