Is the mortgage market over? how can home buyers get a mortgage. What is a Non-resident mortgage in Mallorca?
We provide advice for mortgages in Mallorca. Wether you are a private buyer, a solicitor or an intermediary: together we work out the best options to mortgage your spanish property.
If your are resident in any country other than Spain AND have a EU-Passport (!), than you can qualify for a mortgage on your second residence or holiday home in Mallorca.
Our offer is ONLY for people not in possession of a Spanish residency card or certificate and who are not subject to the Spanish tax system for the past 2 years or longer.
What are the mortgage terms?
You can apply for a mortgage ONLY if the value of your property is higher than 500.000 EUR.
Maximum LTV 70% for home buyers.
Maximum LTV 50% for reformers or re-mortgagers or equity releasers
Max term 20-25 years
Max age 75
Rates starting at Euribor plus 1.5%
Fix terms starting at 2,2% 5yrs
Request a quote at Finanzkontor Finance and Real Estate.
Mortgage Mallorca: keyfacts about the mortgage market in Mallorca.
Mallorca Mortgage Rates and Real Estate Information
Mallorca is the most popular region in Spain for foreign home buyers, and for good reason. With its warm year round temperatures and miles of beaches, there is no doubt as to why it is referred to as the “most beautiful island in the world.” Mallorca has been a dream destination point for individuals and families for generations. EU citizens are drawn to the island for its weather, vibrant city of Palma, and quiet coastal areas such as Costa de los Pinos or Pollenca and the world heritage Tramuntana mountains. This popularity drove up real estate prices for many years, but the markets slow down has helped to lower home prices to a level that is once again affordable for buyers.
Mallorca Real Estate Prices Compared to National Average
Real estate prices in Mallorca have always varied dramatically throughout the island. Many affordable areas, outside the major tourism centers like Magaluf, Santa Ponsa, Cala Millor, fall below the median home value of 400.000 EUR such as Cala Ratjada, Playa de Muro, Inca and the countryside in Manacor. In the hot spots such as Palma de Mallorca, Puerto Andratx, Camp de Mar, Bendinat and Cala D’Or, high rise apartments worth several hundred thousand euros dominate much of the skyline, and million dollar luxury homes line golf courses.