New mortgage for a place in spain

thereeces

Hi
We have paid our mortgage off last year and now would like to buy in spain, do we count as first time buyers again or are we remortgaging. We have plenty of equity in the house and only want a mortgage of 65,000 any help would be welcome.
Thanks

Conrad

First time buyer has no relevance to you as a remortgagor, after you have 'bought before'. The deals are no better for FTB;s, and in any event a remortgage is a totaly different kettle of octupi.

Beware - you may apply for a remortgage but some lenders do not class an unencumbered home owner application as a remortgage as there is not mortgage to redo. Ring them first - do not rely on thier website info as this point will not be covered. You don't want to apply for say a 'free legals and free survey' deal only to get a glib call in 2 months time informing you that you did not qualify for the freebies as you had no mortgage.

If it were me I'd go for a nice small local BS rather than a big Bank such as C&G or Abbey. Abbey and WoolwichBarclays have poor service (not always, but on average before someone says they had great service).

Small regional BS have real Humans bought up through lender ranks and know what service means.

herbiesjp

Your ages, incomes, debts, credit history (amongst other things) will be loooked at in terms of the remortgage application.

So equity alone does not guarantee a mortgage - fitting lender criteria does.

Most lenders will be able to help (with freebies or not) - but discuss with them first to make sure you fit criteria before running any credit searches

dimbo61

Please use english solictor and try to buy from GOOD english developer as far too many people getting fingers badly burnt!
Make sure you can afford holiday home in the sun and keep a base in UK just in case ( NHS!)

Conrad

Yes, I've bought abroad in the past, and my number 1 tip is DO NOT BUY OFF PLAN. Only hand over cash when the place is fully built and that includes any surrounding infrastructure so you don't end up in a ghost town.
A lot of Spannish Solicitors are suffering, I personally would not pass money through one other than say a massive firm based in Madrid. Even in the UK the incidence of Sols dissapearing with a Fridays worth of completion funds is on the rise just now. C&G rep told me this is currently thier number one issue.

geoffky

buying in spain.....OH MY GOD......I really hope you know what you are doing....

FraudBuster

geoffky wrote: »

buying in spain.....OH MY GOD......I really hope you know what you are doing....

Lots of bargains and I prefer it to Bulgaria.