Spanish Mortgage New Legislation for 2013

Key changes to mortgage legislation in Spain have been announced and will be implemented over the next few months.

The key changes which affect the resident market include: No loan will ever exceed 80% of the appraised value of the property even in the case where other collateral is being offered as security; the maximum term by law will not exceed 30 years; buyers and borrowers will have the right to appoint for the valuation their own independent valuer as long as that valuation company are accredited. Banks will be forced to accept a private valuation and will no longer be able to insist they do their own.