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Old Aug 10th 2017, 11:33 am   #1
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Default 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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Old Aug 10th 2017, 12:47 pm   #2
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Default Re: Mortgage question

Rates will be similar to whatever you pay on your BTL.
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Old Aug 10th 2017, 1:24 pm   #3
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Default 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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Old Aug 10th 2017, 1:36 pm   #4
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Default Re: Mortgage question

Quote:
Originally Posted by rose2015 View Post
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.
Most Spanish banks will fix an upper age limit of 75 years on a mortgage. Shop around, I found Santander difficult, had banked with Santander for over 20 years but by buying a property on the coast they insisted it was a second home and wanted to charge a premium on the mortgage rate. Local manager most upset but insisted it was a Madrid decision and he could do nothing .By comparison La Caixa no such problem. I moved my account and pension plan to them and got an excellent deal at the age of 58. Paying variable rate now about 0,50%. but conditions were set seven years ago.Had to add a life assurance for the first five years.
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Old Aug 12th 2017, 8:48 am   #5
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Default Re: Mortgage question

thank you for replies
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Old Aug 17th 2017, 12:30 pm   #6
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Default Re: Mortgage question

Quote:
Originally Posted by Kenwoodlad View Post
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.
That's sounds like a good plan , considering that too 👍🏽
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Old Aug 17th 2017, 12:37 pm   #7
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Default Re: Mortgage question

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Originally Posted by Cockerpoo View Post
That's sounds like a good plan , considering that too 👍🏽
Hi and a warm welcome to the Spanish forum on BE. Myself and Fred James are the moderators for the Spanish forums whilst BEVS moderates Europe. Moderators are there to ensure that the site runs smoothly within the rules of BE. This is so that members gain the information that they are looking for and find their experiences on the forums to be friendly and worthwhile.

Problems and complaints should always be addressed to a moderator who will look into the matter and deal with it efficiently and fairly. Our members who post in the Spain Forums are usually friendly and helpful with a wealth of knowledge about the issues of living in Spain. I hope that you enjoy your time participating in the forums.

Please let me know if you need any further help.

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