Mortgage in Spain

[Damian George]

Hi Pneumatic,

we can try to help if you private message me - but to be honest spanish mortgages at the present are very difficult and unless you have perfect credit references both in spain and the uk and 30% equity in your spanish property (taking into account 30%+ drop in spanish property prices) you are going to find this a difficul process

Regards

 

[tgedge]

Hi if anyone knows of any good mortgage deals please let me know, thanks.

Trevor

 

[Theo Rodrigues]

Spanish Mortgages

Have a chat with Heather at International Mortgage Solutions in Marbella. I've always got an honest appraisal of the current Spanish Mortgage market from her.

 

[Damian George]

yes heather is very good and honest. Drop my name if you can as i have worked with her for many years

 

[pneumatic]

@Manzanares, @Damian & @Theo,

thankyou for your replies. i apologise for not getting back earlier this was due to work commitments. i have made a note of your comments and may get back later. i say may as my circumstances have changed slightly since i last posted, the goalposts are moving as they say.

regards & thanks again,
pneumatic

 

[Damian George]

no problems,

if you need to buy euros drop me a line

good luck

 

[gurugary]

good mortgage offer

Hi if anyone knows of any good mortgage deals please let me know, thanks.

Trevor

Hi trevor
what sort of mortgage deal are you looking for ?

regards
Gary weston

 

[gurugary]

Switch & Save today

Hello All,

This website is very helpful. Maybe you can help me please, this is my 1st post....

I am UK resident and have a CAM bank mortgage on a property in Spain, I want to switch my
mortgage to another lender as I am currently paying too much (6.5% interest) per month.

Can anyone please recommend a company that would manage a switch? I know this needs to be done proffessionaly as it is a legal minefield.

Thankyou in advance to anyone who bothers to reply.

Hi
we can offer a switch & save mortgage products with rates starting from 2.45%
let me know your loan to value please

gary weston

 

[jvmills]

Hi pneumatic

See our advice section on renegotiating your Spanish Mortgage.

 

[rowlandsbb]

I'm not a mortgage broker and I seem to be getting different vibes re mortages for non residents just now
A status which is OK for one client to get a mortgage may not be OK for another client with a similar status

Can anyone give a general guide with confidence just now say for:

Middle aged buyer with say 30% deposit wanting a good term interest only
and for say

a 6o + buyer with the same deposit

Interesting to read the views of the brokers who look at this forum

 

[Damian George]

Hi Brian,

at the moment neither would go through unless their credit rating is A+ an enough provable income to support current commitments and for the proposed spanish mortgages.

Best Euros rates the moment is 1.1500

 

[shubh]

It is possible to borrow up to 80% of the value of the property and the loan term can stretch over up to 30 years. Mortgage Loans In Spain Mortgage Loans, www.justlanded.com/english/Spain/.../Mortgages-in-Spainand Spanish Mortgages. Mortgages in Spain. Spain Mortgage etc are good sources to get the complete information and support.

 

[gurugary]

Current mortgage conditions

Hi Brian

it is currently nigh on impossible for your hypothetical clients to get an interest only period at all

Most banks will lend 60% comfortably but the over 60 market will not be offered any interest only period

80% is still possible but only through one lender who you can imagine is cherry picking

On average debt to income ratios have been reduced to 35%. I have been told that the bank of spain have to approve all non resident mortgages before the banks can sign .This is why on average it takes 3 to 4 months for completions these days

gary
switch and save today

 

[rowlandsbb]

Thanks for all the information
Do you all expect it to improve as we move out of the recession say 2010

 

[Damian George]

not this year or next - we are working on the double dip and think this is going to get worse.

low euro exchange rates, lack of spanish mortgages and real chance of being fired is scaring most people - even those who want to buy spanish property are sitting on the sidelines as sellers are becoming more and more desprate.

shubh - how are you going selling your book

 

[greg]

Thanks for all the information
Do you all expect it to improve as we move out of the recession say 2010

What makes you so sure that we will "move out of the recession say 2010"????? :marchmellow:

not this year or next - we are working on the double dip and think this is going to get worse.

Finally someone who sees what is out there...

 

[DC]

It may get worse, but then it hits a level and improves. Spain is still an awesome country and has alot of good lifestyle and quality. Financially things are harder but it has alot to offer. Spain will come back stronger. Personally and Work wise I am very positive on Spains future. It is just correcting its excesses.
2010 come back, or 2011, but it will be back.

 

[Damian George]

spanish property as a long term investment is a clear winner - n 10yrs time we will look back andthink whydidnt we fill our boots - argh the rason - you cant get a spanish mortgages any more!

Also buying euros even at the best euro rates today is 1.1612 versus euro exchage rate of1.4500 2 years agao

 

[gurugary]

the state of the market

Hi guys

this sums up the spanish market of today. I have just been instructed to list a 3 / 4 bedroom detached frontline golf villa with pool that was on the market in 2006 at €525,000 for the grand sum of €225,000

I doubt even at that price i will be able to complete a sale due to the lack of mortgage s available

gary weston

 

[Damian George]

hi gary,

yep - unless you can find a cash buyer it will be on your books for a while!