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Mortgage in Spain
Many banks in Spain are ready to give a mortgage to buy or construct a property. The credit value is about 50-60% and sometimes 65-70% of the total value of the property.
Usually a credit term can be up to 10-30 years y depends on the age of the person who takes it. A credit can be paid before the official term is finished. The interest rate varies from 5 to 5.5% annually for the first 6 month of the mortgage or even for the first year and depends on the bank. Conditions of the interest rate change are stated in the mortgage contract. Generally, the payments are realised monthly and rarely quarterly.