Whilst some of our clients are in the fortunate position to be able to buy their new home in the sun outright, for most clients additional funding is re class="innertext"quired to accommodate the purchase of their new property.

In cases where additional funding is required, some clients secure additional funding in the UK. In rare cases this is by means of an unsecured loan, or a more common approach is to re-mortgage against their primary UK residence.

However, many of our clients prefer to use banks here in the Balearics for a number of different reasons, but primarily this is due to their competitive interest rates and flexibility, as well as the surprising simplicity of the Spanish mortgage process.

Spanish mortgages are not too dissimilar from those in England. As you are probably aware, mortgages in the UK are generally calculated on a fixed rate for a period of time, then they are adjusted in accordance with the Bank Of England (BOE) rates. Here in the Balearics similar rules apply, in that they will provide you with a very competitive fixed rate for an initial period (usually one year), and there on it will be calculated in accordance with the 'Euribor'.

In most cases, the rates provided both in the first year and beyond offer a significantly more cost effective loan than through banks and building societies in the UK. And not only is it cheaper to borrow here, but unlike UK mortgages, Spanish mortgages have little or no cancellation fees attached. In addition to this, another benefit of mortgaging through a Spanish bank, is that the loan will not be secured on your home in the UK.

There are a number of high-street banks (both local and international) in the Balearics, some of which you will be familiar as they have ties to banks in the UK. We hand-picked a small selection of these banks that we now work closely with in order to provide our clients with the best mortgage packages available, as well as basic personal banking facilities too.

Each of the banks that we partner with were short-listed by us on their ability to offer competitive rates, their selection of facilities, their customer service and their ability to communicate with you in English. It really goes without saying, but we understand how important it is to feel in control of your money in a foreign country.

Due to the relationships that we have now built up with these banks, we are in the fortunate position that we are able to source a variety of extremely competitive financing options for both resident and non-resident clients.

So once we have found you a property, we will be happy to discuss your financial requirements with each of our partners to identify who can offer you the most cost effective and most suitable package to suit your needs. Providing that you are happy with the options available, we will then introduce to you to an English speaking banking representative at your bank(s) of choice, so you can discuss your requirements with them in more detail.

In the meantime, if you have any questions regarding mortgage packages or the Spanish buying process, please call us on 0121 445 5779 or email us at info@casaoverseas.co.uk and we will be happy to answer them for you.