In Spanish “Hipoteca”
Offer in principle:
In Spanish “Oferta Vinculante”
Early Repayment Fee:
In Spanish this is called “Comision de amortización anticipada”
Loan to Value (LTV):
The relation between the loan and the value of the property. The bank will loan you up to a certain percentage of the value of the property you’re purchasing. The exact figure will depend on the specific circumstances of the individual.
Debt To Income (DTI):
The relation between your income and your loans. The banks will only accept that you pay up to a certain percentage of your gross income to pay off loans.
Subrogation of a Mortgage:
Change your mortgage to another bank. Note that this will imply certain fees to be paid.
TAE (Tasa Anual Equivalente):
To know the actual cost of the mortgage TAE is the number we need to study. The TAE is the result of a mathematical formula which includes the interest rate, the commissions and the term of the operation.
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At Spectrum International Mortgages we do an annual update on the rate development in Spain. We do this every year in February and this year will be no different. As ever, the rates we mention are based on the market at the moment of publishing and we cannot guarantee...