Anyone English with a mortage in Spain?

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pmgled

Just going through this now, if you want to know more details send me your specific questions and worries i will let you know.

Basically if you are working in the uk you need to bring three wage slips and you last p60, some banks request bank statements etc. If you are buying a new property the mortgage is not usually accessable until the later stages although bancaja is offering earlier mortgages, For resale properties as a non resident expect to be offered a mortgage of 70 Percent of the value of the property not the price of the property, If you use deutch bank they give higher valuations of propertytherefore they will give a larger ammount on the mortgage. There are particular charges that you should expect to pay, you could get a loan from the uk to cover these if you wished, the charges are generally 10 percent of the loan, then there may be up to 2 percent bank commissions of which you pay.
Sounds a little complicated but please do not be put of as it is very simple to get a mortgage you just need to do your figures and decide what funds you have to put down for your charges as long as you have this the bank will throw money at you. I suggest you come out for a week rent a property and a car then drive yourself around to look at the different areas and prices as the exhibitions in the uk can be slightly misleading, When you have decided on a area then pop into one of the offices of the property agents and ask them to show you the property they have in the area for the price they will then do this or show you the alternative that will fit your budget. If you require any further info on accomodation to do this please contact me.

Captain Sarcasm

Easy to get one, just watch out for the redemption penalties, if I pay mine off in less than the 20 year term there is a 1% of the whole mortgage penalty. That was a common practise when I took out my mortgage seven years ago.

derf

A lot of British banks have a Spanish operation for example Barclays and the Halifax you can set up in the UK

Ruth P

Many Spanish banks offer mortgages to EU nationals now and usually their interest rates are lower than in the U.K. You may find this article of interest:-

http://www.costadelsol-vacationrentals.com/spanish-mortgage.html

You may also want to take a look at banks in Gibraltar:-

http://www.costadelsol-vacationrentals.com/offshore-banking-in-gibraltar.html

SunnyDays

Yes, we have one, very straightforward in getting one, don;t bother with Uk banks over here, lots of the spanish banks are very good at providing the services for brits, many estate agents too will arrange the mortgage, but watch for the fees if you go down that route. they will charge you more....when you see the price of a proerty, add at least 12.5 % to cover notary fees and set up costs. P60, last 3-6 payslips, bank statements are usually enough to get the ball rolling and some banks are asking for experian reports too from the UK. Property is in a slump at the moment and will continue to slide down in price, so don't forget to bargain the price...

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