Mortgage for a self-build house abroad

Kamala

Hi,

I would love to get your advice on dealing with a self-build house abroad and financials around it.

A few details:
1. I would like to build a house in Barcelona while living and working in the UK (I'm considering living in Barcelona and working in London which is possible with my job).
2. The land I would like to purchase costs 130 000 Euro
3. The size of the planned house is around 250m2 (with the garage)
4. At the point of purchase of the land, I will have around 250 000 Euro
5. The estimated cost of buying the land and building the house is around 400 000 Euro

My questions:
1. Is it possible at all to get a mortgage to build a house in Spain?
2. If yes, is it possible to take a mortgage at the point when money will be needed (the 250 000 Euro will allow on buying the land and getting the substructure and superstructure up)? Or do I have to apply for a mortgage before I buy the land?

Any advice and suggestions will be greatly appreciated.

Thanks,
Kamala

BoGoF

Very much doubt that any UK lender would lend for a self build abroad.

Kamala

What about if that was a 'holiday home'?

davidmcn

Kamala wrote: »

What about if that was a 'holiday home'?

I don't see why that would make any difference. Lenders prefer to deal with jurisdictions which they're familiar with, rather than get to grips with different economies, legal systems, property markets, trying to chase people overseas if they default, etc etc.

AnotherJoe

You are almost certainly going to need to get finance in Spain.