PLEASE READ BEFORE POSTING

Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

First time buyer wanting to buy in Spain?

Options
jesterslad
jesterslad Posts: 12 Forumite
in House buying, renting & selling
Hi all,

as the title says, I wish to buy an apartment in Majorca. This would be my first property purchase and I guess i'm wondering if this is possible from UK banks.Also if anyone of you lovely peeps have any information on any organisation I can get in contact with, to get any info on this subject, it would be greatly appreciated. My budget is about £150,000, I have a £30,000 deposit and are fully employed.
«1

Comments

  • AdrianC
    AdrianC Posts: 42,189 Forumite
    First Anniversary Name Dropper First Post
    Options
    What could possibly go wrong?
  • JIR
    JIR Posts: 35 Forumite
    First Anniversary First Post Name Dropper
    Options
    Don't do it.....the Foreign Office gets a lot of their caseload from property gone wrong in Spain, it really is a minefield. Check FCO advice for Spain and you will see what I mean
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Name Dropper First Anniversary First Post
    Options
    There would be enough difficulties in you getting a mortgage for a holiday home in the UK, never mind abroad.

    (I'm assuming holiday home since you don't give any clues about what you're planning to do with this property?)
  • glosoli
    glosoli Posts: 739 Forumite
    First Post Combo Breaker First Anniversary
    Options
    Spanish mortgages from UK banks came and went around 10 years ago or more. It really is a pipe dream if I am honest.
  • cashbackproblems
    cashbackproblems Posts: 1,826 Forumite
    Options
    Its fine if your going older with spare cash and living there a big part of the year, but your better off buying in the uk first

    Also countries like portugal or greece are much safer to buy in
  • jesterslad
    jesterslad Posts: 12 Forumite
    Options
    I work on ships on a 4 month on 3 month off routine and was going to buy in Spain for my leave and have it on a semi permanent basis. Plus I don't want to buy in the UK, the more time I spend away the more I see my area (the north west) go down the pan.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    First Anniversary Name Dropper First Post Photogenic
    edited 12 April 2017 at 9:50AM
    Options
    This is really the wrong forum for your questions. There must be a better one, but everything here is really geared around UK specific issues so it will be outside of MSE. I'd try some googling and see what you can find.

    I see that in your circumstances, Brexit not withstanding, it doesn't seem like a bad idea, but there are still many issues and pitfalls and so you'd need more specialist help and I think you'd probably need a Spanish bank as well.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Name Dropper First Anniversary First Post
    Options
    jesterslad wrote: »
    I work on ships on a 4 month on 3 month off routine and was going to buy in Spain for my leave and have it on a semi permanent basis.
    If this is actually going to be your main residence then why would you want a mortgage from a UK bank (which don't exist anyway)? You'd want to investigate Spanish mortgages. But I expect you'd need to establish yourself there first e.g. by renting for a while.
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    First Anniversary Name Dropper First Post
    Options
    If you're planning on making your main residence on Majorca, I assume you know it well, and speak Spanish?

    So - next shore leave - find yourself a three-month rental, and talk to local agents and banks.
  • carslet
    carslet Posts: 360 Forumite
    Options
    I have friends that live in Spain most of the year
    They were going to buy there they were put off for all the reasons and they rent out their two houses here and rent over there
    Looks a safer option to me
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards