First time buyer wanting to buy in Spain?

jesterslad

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.

AdrianC

What could possibly go wrong?

JIR

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

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

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

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

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

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.

davidmcn

jesterslad wrote: »

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.

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

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

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