Mortgage question
I have inherited half a property. Just wondering if I could afford to buy the other party out. I would need a mortgage of around 50,000 euro to do so. I have the funds to pay for taxes etc. The property is legal and urbanised. Does anyone know how much it would cost per month. I am 55 years old. Just wondered if anyone else has obtained a mortgage at this age and how long for. Yes I know go to the banks and ask but just wanted to hear about the experiences of others first. I am self employed here in spain been resident for 14 years. I already have a mortgage on another property and also own a further property which i rent out.
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Re: Mortgage question
Rates will be similar to whatever you pay on your BTL.
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Re: Mortgage question
I took out a mortgage at age 60 in the UK to buy the house I now own in Spain. £60,000 over 5 years at 3.65%. Basically I was paying back £1000 a month for 60 months. Have now paid it off and own the house in Spain outright. Best money I ever spent. Good luck with your own plans.
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Re: Mortgage question
Originally Posted by rose2015
(Post 12313650)
I have inherited half a property. Just wondering if I could afford to buy the other party out. I would need a mortgage of around 50,000 euro to do so. I have the funds to pay for taxes etc. The property is legal and urbanised. Does anyone know how much it would cost per month. I am 55 years old. Just wondered if anyone else has obtained a mortgage at this age and how long for. Yes I know go to the banks and ask but just wanted to hear about the experiences of others first. I am self employed here in spain been resident for 14 years. I already have a mortgage on another property and also own a further property which i rent out.
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Re: Mortgage question
thank you for replies
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Re: Mortgage question
Originally Posted by Kenwoodlad
(Post 12313709)
I took out a mortgage at age 60 in the UK to buy the house I now own in Spain. £60,000 over 5 years at 3.65%. Basically I was paying back £1000 a month for 60 months. Have now paid it off and own the house in Spain outright. Best money I ever spent. Good luck with your own plans.
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Re: Mortgage question
Originally Posted by Cockerpoo
(Post 12318737)
That's sounds like a good plan , considering that too 👍🏽
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