BBVA BANK

The Horizon Property Group, in collaboration with the leading Spanish Bank BBVA, is delighted to be able to offer a complete finance package individually designed to provide loans or mortgages for UK investors in new developments in the Canary and Cape Verde islands.

Offplan development loans are now available, with up to 50% of the final purchase price granted prior to completion to finance stage payments. Arrangements for funds for completion depend on whether the property is located in the Canaries or Cape Verde.

For properties in the Canaries, the package allows the balance of up to a maximum 70% of the final purchase price/valuation to be borrowed for completion at notary, payable over a term of up to 25 years. The final 30%, if necessary, can be borrowed as a straightforward UK loan for a term of up to 20 years.

For properties in the Cape Verde islands, the package makes the balance of completion funds available up to a maximum of 70% of the valuation of the purchaser’s UK property, less any existing mortgage.

Not only this, but there are also up to two-years´ interest-only repayments, and at only 1.9% over the Sterling Base Rate or Euribor, and subsequent repayments following completion at 1.25% over Sterling Base Rate or Euribor.

Mortgage offers will be calculated by salary multiples of three times first gross salary, plus second gross salary. There is a 1% Arrangement Fee, and legal and disbursement costs. Loans will be secured by up to 70% of UK property value (including existing mortgage).

To apply, you will need:

• A certified copy of the passport of each applicant, signed and stamped by either a local bank, post office, or a working professional (e.g. teacher, lawyer);
• Proof of address for each applicant (e.g. original or certified copy of a recent utility bill);
• An informal confirmation of the value of your UK property (e.g. a letter from a local estate agent confirming the current value). This is only applicable if total borrowings fall below 50% of the value of the UK property. Should be over 50%, a formal valuation will be required by the bank;
• Most recent P60 for each applicant;
• Three most recent payslips, or two-years´ accounts if self-employed;
• Six most recent Bank / Building Society statements showing salary credits;
• Last credit card statement.

Contact Details