Please note, that there are no non-status/self-certification mortgage facilities available in Andorra, although renting out your property is permitted.  

Unfortunately in Andorra, the Andorran lenders will NOT take into consideration any proposed rental income from the property for mortgage purposes or repayments.

All Andorran mortgages need to be supported by a minimum requirement of proof of income, i.e. if employed, copies of your last three months payslips and copies of your latest P60/Employer’s Reference, together with copies of your last six months personal bank statements will be required.  If you are self-employed, copies of your last three years audited accounts and copies of both your last six months business and last six months personal bank statements will be required on application.

Your loan is based on your joint net “take home” pay and is calculated on an affordability basis.  All your existing liabilities including any mortgage or rent payments, personal and bank loans and any maintenance (i.e. divorce), payments together with your proposed Andorran mortgage payments must not exceed 40% of your net monthly income.

Example
Net joint monthly income  = £ 2,500 times 40% of that figure is £1,000 minus an existing monthly mortgage payment £300, with no other liabilities.  This leaves a balance of £700 for a proposed Andorran mortgage payment.

Mortgage details:

• Maximum loan to value 70%
• Maximum term 30 years
• €30,000 minimum loan
• Loans available in Euros only
• Repayment and interest only mortgages available
• Rates from approximately 5.35% variable in Euros