There are a number of banks and building societies from which you can borrow money from to finance the purchase. Generally speaking, the maximum amount any lender will lend is 90% of the purchase price for owner-occupiers and 75% on buy-to-lets in Gibraltar.
The amount you can borrow to buy properties for sale in Gibraltar and Spain though, will depend on such factors as your age, earnings, and the amount you want to borrow, taking into consideration the value of the Gibraltar or Spanish real estate you intend to purchase.
Your mortgage is likely to be your biggest financial commitment. It is therefore important that you know what your choices are before you sign on the dotted line.
To open doors to the best mortgage offers just call us or email us to arrange a meeting with one of our mortgage brokers for Gibraltar real estate.
With this repayment option, you pay the interest on your home loan to the lender, plus additional payments to an insurance company to fund a savings plan. This aims to generate sufficient funds to pay off the capital at the end of the mortgage term. Unlike a repayment mortgage, the amount of debt doesn't reduce over time and there is no guarantee that your endowment policy will cover the cost at the end of the term.
You can keep your policy if you move house or remortgage your current property and its life assurance aspect ensures that the loan is paid off should you die before the end of the term. However, the performance of your endowment is determined by the strength of the investment and you may have to review the policy to ensure that sufficient funds are available to cover the loan at the end of the agreed term.