Super-Flexible Credit Account Mortgage

Super-Flexible Credit Account Mortgages

A new mortgage idea ideal for anyone looking for short term flexibility and long term security.

This is the latest offering from our friends at www.vivacosta.com and whilst products like this may have been around in the UK for a while now, it is something genuinely new for the Spanish market. We see it as being ideal for anyone seeking bridging finance whilst they sell their home in the UK or for people planning to buy now with a mortgage that they will pay of in a few years when they retire etc.

With this mortgage the banks can offer a credit account to the customer with an overdraft of the mortgage amount, e.g. 100,000 euros whereby the amount may not exceed 70% of the valuation of the property. Maximum term is 40 years up to the age of 80. The first period, usually up to 15 years, consists of interest-only payments only and the remaining period, e.g. 25 years, consists of a flexible credit account (drawdown mortgage) with a declining borrowing limit. This facility allows the client to take money out or put money back in when required and only pays interest on the amount taken out. It is mainly suitable for self-employed people with a highly fluctuating income (as one can take money out or lodge money back in as required), or when many future renovations are expected.

The opening commission is 1% and there is no penalty for early redemption or partial repayments.

The workings of this product is more comparable to a credit account than an actual mortgage. The index of reference will be the last monthly Euribor rate published by the Bank of Spain.

The interest rate will be adjusted monthly taking into account a margin of 1.25 percent over the base rate.

For full details and to discuss your requirements with the experts contact alex@vivacosta.com or call him on

Tel: 0871 780 1234 (UK 9am - 5pm)

Tel: (0034) - 952.352.198 (Spain 8am - 4pm)

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The property particulars and other related information included on this web site, whilst believed to be accurate, are listed as a general outline for your guidance only. Intending purchasers should not rely on them as statements or representations of fact, but must always satisfy themselves by physical inspection of the property in question or otherwise as to their accuracy. Consequently, no information displayed on this site (or any site linked to this site) constitutes or forms part of any contract.

References to the tenure of a property are based on information supplied by the seller. The agent has not had sight of the title documents. A buyer is advised to obtain verification from their Solicitor.

Super-Flexible Credit Account Mortgage

Super-Flexible Credit Account Mortgages

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