Great News For Buyers In Spain – Change In Mortgage Laws
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Good afternoon from Estepona! Another weekend is upon us, amazing how time flies! You may have heard that as from Saturday 10th November 2018, buyers of properties in Spain no longer have to pay the stamp duty when they take out a mortgage. Up until now, the banks passed this tax over to the buyer, however due to a new law in Spain, this has been deemed illegal, as owner of the mortgage charge THE BANK must pay this tax. This represents quite a saving, in most cases as much as 1.5% of the loan. I am delighted to say that our lovely client Nik from the UK was the first of our clients to benefit from this when he purchased his fantastic new townhouse in Estepona on Tuesday! The best thing is that he had no idea he was able to get this saving so we were delighted to give him this good news! It makes it much more affordable to get a mortgage in Spain, there are still costs involved but an awful lot less than before. HOORAY.
