N
Nukumai
New Member
My first post (I've been a casual lurker).
I live in the UK and am considering the purchase of a property in Spain; I'm looking at the main coastal resorts, and (location-wise) my only criteria is that it be close to an airport servicing flights from London.
Ideally, I'm looking for a 2/3 brm apartment, as I would not have enough time to maintain a standalone house/villa. In fact, I will probably only use the property myself for a couple of weeks each year, and would make it freely available to friends and family outside of this. That is to say...I have no intention of renting it out at all and am not actively looking for tax efficiencies etc.
In terms of price, I would be targeting something up to EUR 60,000, and would hope to achieve a roof-terrace and use of a communal pool.
Though I am in a position to pay cash, my bigger project is to purchase a larger property in Paphos; however, it is too early for me to take on that commitment (I am likely to retire there sometime in the future) and, in any event, I feel that Paphos property prices are more likely to ease than to strengthen at present. So, I am looking to take advantage of the Spanish property situation in a modest way in the meantime.
Question : on the basis that I front up with a deposit of around, say, 40% (EUR 25,000),am I likely to be able to secure mortgage financing with a Spanish bank for the balance at present ?
It's not a large sum, by any means, but I am reading stories about how ridiculously tight mortgage funding is in Spain at the moment, especially for non-residents.
Some background...I'm a well-paid finance-sector worker (chartered accountant by profession) and my primary domestic mortgage accounts for less than 20% of net income; no other material debt than what you would expect for a married guy with a couple of kids and an expensive wife...
Also, I'd expect to be looking at a 10-yr table mortgage (though I'm relatively indifferent to an interest-only arrangement).
Advice / comments, please?
Thanks in advance.
I live in the UK and am considering the purchase of a property in Spain; I'm looking at the main coastal resorts, and (location-wise) my only criteria is that it be close to an airport servicing flights from London.
Ideally, I'm looking for a 2/3 brm apartment, as I would not have enough time to maintain a standalone house/villa. In fact, I will probably only use the property myself for a couple of weeks each year, and would make it freely available to friends and family outside of this. That is to say...I have no intention of renting it out at all and am not actively looking for tax efficiencies etc.
In terms of price, I would be targeting something up to EUR 60,000, and would hope to achieve a roof-terrace and use of a communal pool.
Though I am in a position to pay cash, my bigger project is to purchase a larger property in Paphos; however, it is too early for me to take on that commitment (I am likely to retire there sometime in the future) and, in any event, I feel that Paphos property prices are more likely to ease than to strengthen at present. So, I am looking to take advantage of the Spanish property situation in a modest way in the meantime.
Question : on the basis that I front up with a deposit of around, say, 40% (EUR 25,000),am I likely to be able to secure mortgage financing with a Spanish bank for the balance at present ?
It's not a large sum, by any means, but I am reading stories about how ridiculously tight mortgage funding is in Spain at the moment, especially for non-residents.
Some background...I'm a well-paid finance-sector worker (chartered accountant by profession) and my primary domestic mortgage accounts for less than 20% of net income; no other material debt than what you would expect for a married guy with a couple of kids and an expensive wife...
Also, I'd expect to be looking at a 10-yr table mortgage (though I'm relatively indifferent to an interest-only arrangement).
Advice / comments, please?
Thanks in advance.
