Understanding commonly used mortgage terms in Spain
Understanding Commonly Used Mortgage Terms There are many terms that are commonly used in the mortgage and property world. If you are unsure what they mean, it can make mortgages seem tricky and confusing to navigate. We have created a glossary of key mortgage terms to make this easier for you: 1. Loan-to-value (LTV) This […]
Property valuation (tasación) – How do property valuations work?
Property valuation reports are done by registered valuation companies. These are regulated by the Bank of Spain, who specify very clearly what they must contain and what makes a valuation valid for a bank to accept. Depending on which bank you finally decide to go with, the process to obtain the valuation changes. Some banks […]
Property valuation (tasación) – Why is a property valuation needed?
Banks need to make sure that the property purchase they are financing is acceptable for them. This implies making sure the property is legally registered, and that their loan is backed by a property with the right value and resalable. This is just a final check from them before they accept to proceed with the […]
What is Loan to Value (LTV)?
Loan to value is the percentage of the property price the banks will be willing to finance. This percentage applies only to the purchase price and it does not consider other costs, such as taxes or notary fees. This percentage will be set by the banks on your application, and this will be the […]
