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Mortgage News

Those who are having difficulties meeting their ever increasing monthly repayments will be happy to hear about a new law that has been passed and will shortly be implemented here in Spain.
You can increase the term of your mortgage thereby reducing payments.


There is a catch however, you can only take out a mortgage until the age of 70, therefore if you are 35 the maximum mortgage term would be 35 years.
If you are 45 the maximum term would be 25 and if you are 60 the maximum term would be 10 years.

According to Antonio Argandoña, professor of economics at the Navarra University IESE Business School as reported in the Christian Science Monitor, these measures will only have a limited effect. “Extending mortgage terms may help families who already have loans, but it’s going to impede access to new credit, since the banks aren’t going to be as interested.”

Most Spaniards have variable interest loans at low prices, with the average loan at EURIBOR + 0,76%, between 1% - 3% lower than what most would pay with a fixed-rate mortgage. In fact, Spain has, I believe, the cheapest variable-rate home loans in the world. Unfortunately, individuals are far less prepared to take on interest rate risk than banks.

After 19 straight central bank EURIBOR increases, and interest rates back at 2001 levels, many who took out loans when interest rates were low are hurting. As their pain increases, loan defaults go up; at the same time, contractors slow home building, economic growth slows, people lose jobs. The economy adjusts, almost automatically; it's all part of the economic cycle.
Therefore, we can conclude that the correction will not be a quick one, going by past trends we see that euribor is reaching the peaks similar to 2000 – 2001 before the introduction of the euro.

If you can meet the tight lending criteria of the banks in Spain then you could be in the game for a real property opportunity.
When a door closes for one person a window of opportunity always opens for another.

 

 

 

 

Amazing Opportunity for VIP Almeria Clients

A two bed apartment at Al-Andalus leading on to one of the communal gardens would usually sell for €201,500. For a short time only, VIP Almeria can offer these properties for just €139,900 with up to 115% mortgages so all costs are covered.

Click here to find out more!

 

 

Have you always dreamed about waking up to a sea view?

We are delighted to have the opportunity to offer our clients the chance to appear on UKTV Style's hit property show Fantasy Homes by the Sea.

Click here to find out more...

 

 

 

VIP Almeria is now promoting properties in Thailand

VIP Almeria is happy to announce that we can now offer our clients property investment opportunities in Thailand.

Click here to find out more!

 

 

More Buyer Friendly Process Announced

Following the re-election of the PSOE, Jose Luis Zapatero intends to encourage the purchase of properties for rental through mortgages, while improving security and guarantees for landlords and simultaneously boosting protection for tenants.

The wealth tax is set to be eliminated plus we will see an increase in the tax free allowance for inheritance tax from €13,651.99 to €60,000

This will mean 80% of beneficiaries will now pay nothing plus an exemption for main homes.

 

Spain second most popular tourist destination in the world


Spain received a record 59.2 million overseas visitors last year, as the country remained the second most popular tourist destination in the world.

The figure was up 1.7 percent from 2006 when there were 58.2 million overseas arrivals.

According to figures released yesterday by the Industrial, Tourism and Trade Ministry the number of visitors in December alone was up 0.7 percent at 3.2 million.

The ministry said Catalonia, the Balearic and Canary Islands and Andalusia were the most popular destinations last year. Foreigners showed increasing interest in Madrid, with the number of visitors climbing to just under 12 percent.

The main market for Spain remained the United Kingdom followed by Germany. Britain accounted for 27.5 percent of all foreign visitors last year. Spain also became increasingly popular with US visitors. The number of arrivals from the United States rose 22 percent to 1.1 million.

The ministry also said total spending by tourists in the 11 months to November was up 3.5 percent at €46.897 billion. Average spending per tourist in the period was up 1.4 percent at €865, although the average stay declined by 3.1 percent to 9 nights.

 

Mojacar's Ayuntamiento

An agreement has been reached and signed.

  • Rosmari Cano will be the new mayoress of Mojácar after she agreed to the support from Ciudadanos.
  • Europeos de Mojácar (Angel Medina) and GIAL (Diego García). Angel will become the councillor for tourism, culture and public transport.
  • Diego for youth and sports and the three leaders will run a joint consejalería for the all-important urbanismo.

The first order of business is to initiate a General Plan (PGOU). The swearing in of the new consorcio to take place this Saturday June 2nd. (We have one 'European' councillor, Albert Schröder from the PP. Our congratulations and good luck go to him.)

 

Vision Investment Property Almeria
Spain +34 902 887 254  or +34 617587903  Ireland +353 1 5241926
United Kingdom +44 2070433590 Fax: +34 950950231
Email: info@vipalmeria.com

 

 

     
 
 
Let VIP Finance arrange the mortgage on your new Spanish home. Through our partnership with Bancaja, we can offer our clients extremely favourable mortgage terms that can't be matched by any other mortgage brokers.

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