celestine

I have just heard from an agent that the Spanish Government have stopped giving mortgages to non residents. Is this true? Will this not add to the current 'crisis' and crippled property market? Does anyone know of any agents who are actually still moving property particularly rural Sevilla as family are trying to sell up and having no joy so far despite reductions.

poshnbucks

Mrs P who has her ear to the ground was saying the other day the house buyers in this area were only interested in properties with mortgages on them so they could take them over as the Catalan people were finding it hard to acquire a mortgage in the first place. I can not speak for the Brits as they are few in number here, They do have a number in l'Ametlla de Mar but hey no place is perfect. The Brits are also trying to promote house swap in the UK there are a few web sites out there in Google land in order to get people moving however the most popular in that regard are 4 bed houses which are swopping the fastest.

http://www.swapproperty.co.uk/

http://www.telegraph.co.uk/property/...our-house.html

http://www.homeswapper4sale.co.uk/

jdr

I think anyone will struggle to get a mortgage in Spain at the mo.

chrismortley

That sounds abet odd to me but I am no expert.
I would have thought any lending policy was down to the individual bank not central government.
Also I keep reading a main global problem is that banks aren't lending enough, & mortgages are top of the list so I can't see why if it true the Spanish government would want to prevent money supply to anyone with a good credit rating
I am sure someone with a greater financial background will correct me

celestine

thanks so much for the info will look into it.

livit

Spanish news media ABC on Thursday last week leaked a report that the Spanish govt are currently making plans to rescue failing Spanish Banks.

The plan is to place banks into three groups, A will get most help,B will get some help and group C will be allowed to go into bankruptcy.

The BBVA and Santander will be grouped into A.

Experts believe more Banks will fail in Spain compared to the rest of Europe and USA.

I would recommend anybody with Savings to get advice on the security in place should the Bank fail.

jojojojojojojojojojojojo

What "group" would Sol bank be in??

Jo xx

EsuriJohn

Sol is a subsiduary of Banco de Sabadel they made record profits last year and are not as exposed as Santander to the impending implosion from South America so my guess would "A" but maybe "B".

EsuriJohn

I would think "C" would be the Caja banks who are very exposed to the construction collapse but some are being very inventive and setting up as real estate companies with online websites and allowing bidding online.

Katya

I think it would be very difficult to get any mortgage here right now. We took out a very small mortgage back in oct last year. My husband is is full time employment etc etc - all criteria was fine. But we were given a hard time - it took weeks to sort out- we were told things like - you have too much money ! They asked me to prove that i dont work? - Im a stay at home mum !!
But our experience wasnt good - and this was a mortgage of about a quarter of the value of the house !

So based on that - 5-6months ago - i cant see it haven gotten any better - probably only worse!