Need 100% mortgage for spanish property

bunny_3

I am looking for 100% mortgage for spanish property, preferably from a company based in Spain or I need to raise the money in the UK.

Can anyone give me any advice on this?

Many thanks.

herbiesjp

I don't think you'll find a 100% mortgage for Spain.

The only way I think you may be able to buy the property, is if you had a property in the UK which had enough equity in it, so you could raise the full funds to buy the property outright.

Or else your property here would have enough equity in it, so you could raise enough for a deposit and then find a Spanish mortgage

HTH

Ian_W

Hi bunny,
As herbies says, no such thing as a 100% Spanish mortgage AFAIK. For non-residents the norm is 80% max and I'm not sure residents can get much more than that. As above, if you can release equity on your UK property and get a mortgage on the Spanish one then you can effectively obtain 100% - do be aware that most, if not all, Spanish mortgages are full status [ie earnings must be proved & enough].

Although € int rates are lower than UK you will have the costs and risks of converting your repayments each month - brokers are usually better than Banks. If your earnings are in the UK there are now a lot more mainstream lenders who will loan on Spanish property - LTSB, Abbey, HSBC, RBOS, Norwich & Peterboro spring to mind.

There's a website for a specialist broker HERE - NOT a recommendation, I thought there charges were high but they have been around a good while.

Final thought if you're after 100% and therefore cash strapped, buying costs should be around 10% of purchase price but if you have a mortgage it has a separate deed which has to be registered and notarised which pushes them up to nearer 15%.

HTH & BoL.