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Cartagena

Mortgages made easy

For most properties at Hacienda del Alamo we require a reservation deposit of 3000€ to hold the property for a 30 day period within which time the client will be given a purchase contract.

The balance of a 15% deposit should be paid (minus the 3000€) on completion.

The exception is Hacienda Hills (Phase Four) where we require a reservation deposit of 6000€ to hold the property for a 30 day period.

Financial Options

  • Mortgages are available to clients (subject to status) for up to 80% of the purchase price (excluding IVA/Taxes, mortgage set up costs, notary and registry costs).
  • Periods of up to 30 years are available (subject to age)
  • Interest only options (Carencia) for a period up to 5 years will be considered by the bank
  • Mortgages in Spain are on the repayment basis, requiring a life insurance policy to cover the amount borrowed.
  • Interest rates are based on the Euribor (Euro Interbank Offered Rate) as set by the European Banking Federation plus bank interest of between 0.75 and 1%. Presently the Euribor rate is around 3.77%, so the total interest payable will be between 4.52% & 4.77%. The interest rate is generally fixed for the period of a year and then reviewed on an annual basis. The review and the interest rate shall be based on the Euribor rate at that time plus the bank interest.
  • Mortgage set up costs comprise of mortgage account opening commission of 0.50% of sum borrowed, plus a valuation fee the cost for which is based on value and m2.
  • Redemption in part or full and adjustments to mortgage terms attract a charge of 0.50% for changes of up to 50% of balance, thereafter a 1% charge is levied.

Purchase illustrations

A = The first year's monthly mortgage payments assuming a term over 25 years = 914.03€

B = The first year's monthly mortgage payments assuming a term over 25 years but with interest only option = 652.44€

Purchase Price
200 000€
300 000€

500 000€
700 000€

A
914 €
1 371.04€

2 285.07€
3 199.10€

B
652€
978.65€

1 631.09€
2 283.53€