Interest Only Mortgages

My wife and are buying a Town House in Alcaidesa off plan it is due for completion any time now.

We have paid 30% of the cost in instalments and need a mortgage for the remaining 70%.

The developers bankers (Banco pastor) have said they can only offer interest only  4.5% for up to

3 Years max.

Idealy we would like an interest only Mortgage over 15 years.

Are interest only mortgages readily available?

Can the IVA on the balance be added to the mortgage or does it have to be paid separately?

Is 4.5% the going interest rate at the moment?

 

 

Hi Ninnes

welcome to the forum. Most of the big boys now Halifax, Barclays etc do interest only Spanish mortgages. The Spanish bank we first approached didn't. we wanted one but also wanted a no penalty if we wanted to pay lump sums off along the way. Shop around. Hope this helps a little. P.S. The IVA was included on the balance.

ninnes, have you heard the interview I did with "Smiley" about Spanish mortgages?  Click on the the interviews link above, there is some discussion there about this topic.

Justin