Spanish Property Buyers "Pay Too Much for Their Mortgage"

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Almost 8 out of 10 foreign property buyers in Spain could be paying too much for their mortgage, according to a recent survey by new broker service Finco Financial Services.

Finco Financial Services interviewed 100 British and Irish people who had bought a property on the Costa Blanca or in Murcia in the last five years. They found that 78% of respondents had simply taken a mortgage with the lender recommended by their estate agent, without attempting to find out about the competition. It is highly likely that those people are paying more than they need to for their Spanish mortgage, especially now that Euribor interest rates are rising.

Finco Financial Services wants to end that. The company is the brainchild of Kieran Byrne, who has over 10 years experience working in the banking and property sectors.

According to Byrne, "Foreign buyers are often a bit bewildered by the system in Spain, and so they don't shop around, like they would if they were buying a property in the UK or Ireland. It's not just the language - lots of Spanish banks have English speaking employees - it's the whole financial culture that's different. For example, many banks offer cheaper rates to people who are legally Spanish resident, so we often advise our clients to obtain residency before they apply."

Finco Financial Services is an independent company not tied to any bank. They currently work with 20 financial institutions, finding the best offer for each client, whether they are residents or non-residents. They also offer currency and legal services.


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Kieran Byrne
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