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02/10/2010 - Santander will pay your mortgage and your taxes  02/10/2010 - Santander will pay your mortgage and your taxes

Altamira Santander Real Estate, a division of the Spanish bank Santander, is offering to pay the first year of mortgages for all new customers. 

In fact they are even offering to pay the value added tax and/or other taxes due on sales for a selected number of their properties.

Under the terms of the offer the maximum saving buyers can make on their mortgage payments would be 7,200 Euros (9,845 USD).

Santander also offers 100 percent mortgages with terms of up to forty years.

As a result of the country’s worst recession in sixty years, Spanish banks repossessed and purchased over sixty billion Euros of property assets with Santander itself buying more than four billion euros worth (5.4 billion USD).

The offer from Santander follows new regulations announced in May by the central bank of Spain, Banco de Espana, which restrict the amount of provisions Spanish banks are allowed to set aside for real estate.

“Banks should be banks and not real estate companies,” commented The Bank of Spain, Deputy Governor, Javier Ariztegui.

To date, Altamira Santander Real Estate has sold 2,700 of the 3,500 homes on its books.







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