Mortgage for Spanish property

MrUniveristy

Hi all,

Income: 21,000
CC debt: £5500 - Minimum payment @ £55
FT Student - Not paying loan back
No other financial commitments

I'm looking to purchase a property in torremolinos; a 2 bed apartment repossession for £45,000.

La Caixa will only raise me 80% LTV leaving me having to find £9000 as a downpayment. It's a 20 year term leaving payments at around £175 p/m including interest.

Nationwide have quoted me an unsecured loan at its lowest rate for £9000 which im going to use as the downpayment.

After six months, I'm going to raise £8000 further advance to clear the nationwide, then in theory ill have a mortgage of 95% LTV

Good idea or bad idea?



Thanks,

elverson

Is the offer from La Caixa based on you having no other debt?