From the moment of entering in our offices, or calling us, or putting in touch by e-mail, in UNIVERSAL HOLIDAY CENTRE we’ll always try to give you a complete service. Together with the advices at the moment of buying or selling your real property, we offer you the service of the mortgage handling to buy your real estate. To can accomplish it, we have signed different agreements with some important companies specialized in all kinds of mortgages and other personal financings, as well as with some of the most important banking institutions, who will help to find the best mortgage in the best conditions.

This service doesn’t cost anything as it is a free service, that we offer so that our customers can profit from what we are calling a “complete service”, in other words, help the customer from the moment he enters in our offices looking for a real estate until the deal is signed.

Next, we give you some information that could interest you at the moment of formalisation of your mortgage.

What's a mortgage?

It’s a financial transaction that allows to acquire a real property, receiving some important amount at very competitive interest rates. This is drawn up in a public document and your rights are constituted with the registration in the Office of Property.

In short, it’s a contract so that a banking institution gives a determinated and fixed quantity of money, undertaking the person receiving the mortgage to restitute it in the agreed periods and conditions of repayment. In case of default on the part of the receiver of the money, the bank institution remains the owner of the real property.

Important also is the annexation of guarantors in the operation, if we need more money than what the bank is offering us. Guarantors are people who intervene as a guarantee in a money loan and assume the responsabilities of payment in case of default on the part of the receiver of the mortgage.

In mortgages the period of repayment can get until thirty years, but normally it’s from fifteen till twenty years to avoid the payment of too excessive interests.

The mortgage can have a variable or fixed interest rate. The decision for one of the two modalities depends on the market of interest types.

Concession

The amount. Actually, The Law of the mortgage-market, imposes that the amount of the mortgage cannot exceed the 80% of the value of the estimation. Usually they grant about 70 to 80 % of the value of the estimation or of the marketvalue of the real property offered as a garantuee. Even so, in some determinated circumstances, the mentioned limit is expanded to 100% or more, depending on the economic trend of the market, on your financial situation or on the guarantors who support the request of the mentioned mortgage. It also depends if the person who requires the mortgage is a resident or not-resident person, as for a not-resident person the admitted quantity will be less.

The capacity of indebtedness. With the request of a mortgage, the quota to pay is calculated in fonction of the net salary. The banks recommend nevertheless that it not exceeds 35% of the mentioned income.

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