Spanish Mortgages

aduggan

Can anyone recommened a bank or building society offering Spanish Mortgages at this time?

I am struggling at the moment!

Thanks,

Andy.

GMS

Would you consider speaking to a broker?

Often they have access to overseas mortgage specialists which will mean a search of all available mortgages rather than a scattergun approach.

maninthestreet

So you are looking for a UK bank or building society to lend you money to buy a Spanish property?

holly_hobby

I am presuming you want to borrow in Sterling, UK lenders who were involved in mges on Spanish properties were Barclays, Abbey (now Santander and a Spanish based banking group), HSBC (direct bus only) ( but given the turmoil the Spanish property market is in, these providers may now have withdrawn fro the market).

You need to be cautious that if you borrow in sterling (pch in Euro) and the backside falls out of the euro, you may have issues redeeming the loan if you need to sell the dwelling to achieve this, and don't have any additional capital to throw in the mix.

You could consider borrowing in Euro's to avoid the currency exposure - but finding a UK lender whom will still lend in euros (barlays were one of the main providers at 60% ltv), will be difficult in the current financial climate the Euro has found itself in .

If you own your own property, and have free equity, have you considered a further advance or remortgaging to a new lender, to release the equity and pch the Spanish property outright ? This route will help avoid overseas holiday home/2nd property and currency issues that lenders may have - although of course YOU will still be exposed to the euro v GBP conversion both upon pch and sale (so timing, if you have the luxury of such, will be everything in not losing out on the currency swings).

Hope this helps

Holly