Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • jesterslad
    • By jesterslad 11th Apr 17, 10:27 PM
    • 12Posts
    • 1Thanks
    jesterslad
    First time buyer wanting to buy in Spain?
    • #1
    • 11th Apr 17, 10:27 PM
    First time buyer wanting to buy in Spain? 11th Apr 17 at 10:27 PM
    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.
Page 1
    • AdrianC
    • By AdrianC 11th Apr 17, 10:38 PM
    • 14,710 Posts
    • 13,078 Thanks
    AdrianC
    • #2
    • 11th Apr 17, 10:38 PM
    • #2
    • 11th Apr 17, 10:38 PM
    What could possibly go wrong?
    • JIR
    • By JIR 11th Apr 17, 10:42 PM
    • 17 Posts
    • 7 Thanks
    JIR
    • #3
    • 11th Apr 17, 10:42 PM
    • #3
    • 11th Apr 17, 10:42 PM
    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
    • By davidmcn 11th Apr 17, 10:46 PM
    • 5,431 Posts
    • 5,128 Thanks
    davidmcn
    • #4
    • 11th Apr 17, 10:46 PM
    • #4
    • 11th Apr 17, 10:46 PM
    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
    • By glosoli 11th Apr 17, 10:49 PM
    • 561 Posts
    • 305 Thanks
    glosoli
    • #5
    • 11th Apr 17, 10:49 PM
    • #5
    • 11th Apr 17, 10:49 PM
    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
    • By cashbackproblems 11th Apr 17, 11:39 PM
    • 1,675 Posts
    • 640 Thanks
    cashbackproblems
    • #6
    • 11th Apr 17, 11:39 PM
    • #6
    • 11th Apr 17, 11:39 PM
    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
    • By jesterslad 12th Apr 17, 8:55 AM
    • 12 Posts
    • 1 Thanks
    jesterslad
    • #7
    • 12th Apr 17, 8:55 AM
    • #7
    • 12th Apr 17, 8:55 AM
    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
    • By AnotherJoe 12th Apr 17, 9:01 AM
    • 6,904 Posts
    • 7,341 Thanks
    AnotherJoe
    • #8
    • 12th Apr 17, 9:01 AM
    • #8
    • 12th Apr 17, 9:01 AM
    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.
    Last edited by AnotherJoe; 12-04-2017 at 9:50 AM.
    • davidmcn
    • By davidmcn 12th Apr 17, 9:06 AM
    • 5,431 Posts
    • 5,128 Thanks
    davidmcn
    • #9
    • 12th Apr 17, 9:06 AM
    • #9
    • 12th Apr 17, 9:06 AM
    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.
    Originally posted by jesterslad
    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
    • By AdrianC 12th Apr 17, 11:04 AM
    • 14,710 Posts
    • 13,078 Thanks
    AdrianC
    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
    • By carslet 12th Apr 17, 12:04 PM
    • 336 Posts
    • 275 Thanks
    carslet
    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
    • carslet
    • By carslet 12th Apr 17, 12:04 PM
    • 336 Posts
    • 275 Thanks
    carslet
    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.
    Originally posted by AdrianC


    Do as above
    • jesterslad
    • By jesterslad 18th Apr 17, 9:18 PM
    • 12 Posts
    • 1 Thanks
    jesterslad
    thanks for all the advice, I would only be using it for 2 months out of seven( work four months away then just short of three months off), I dont want to become a permanent Spanish resident my main base will be in the UK as this is needed for my job (M.O.D). the company has to fly me back to a UK airport so I see family then go somewhere warm so was wanting to kill two birds with one stone.
    • AnotherJoe
    • By AnotherJoe 18th Apr 17, 9:26 PM
    • 6,904 Posts
    • 7,341 Thanks
    AnotherJoe
    In that case I would say either;
    Buy in U.K*, let it out, rent in Majorca, or
    Rent in Majorca

    *Alternatively to buying in the U.K. just buy investments that track the property markets, such as global property trackers, builders, commercial property funds. Much less hassle and cheaper than being an absentee landlord
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

425Posts Today

4,734Users online

Martin's Twitter
  • Byebye! I'm about to stop work & twitter, to instead spend glorious time with Mrs & mini MSE. Wishing u a lovely summer. See u in 10 days.

  • WARNING Did you start Uni in or after 2012? The interest's rising to 6.1%; yet it doesnt work like you think. See https://t.co/IQ8f0Vyetu RT

  • RT @JanaBeee: @MartinSLewis Boris is the anomaly (coffee), the others are versions of normal (beer). Lots of same candidates = vote share d?

  • Follow Martin