angel4

Hi ya
Im a nurse in the uk, looking to purchase a home in spain in the andalucia area preferably in land for a price of around 60000 euro's. To buy then move out there once organised.

Im totally stuck and presently have no deposit etc... but sure I can save does anyone have any ideas about 100% mortgages in Spain or good people to speak to? or a deposit? no only joking
Any tips or advice would be greatly recieved.
Thanks all
Angie

tim hortons man

The book "You and the Law in Spain" has a large section on mortgages and buying property in Spain, it would be worth reading before buying.

As well will it be a holiday let, permanent home? If so what do you plan on doing once you arrive?

kevray

Hi Angel4, it is possible to get 100% mortgage in Spain, usually this is done by the bank valuing the property well above the asking price, IE you find a property for 60000 the bank values it at 75000 and offer a mortgage at 80%, 80% of 75000 is 60000. the catch is that you still need to pay all the tax's,duties etc Transfer tax (IVA), which at present is 6% on a second-hand property and 7% on a new one
1/2% stamp duty
Change of deeds - approx 300€
Notary charges for copies of the 'escritura publica', costs depending on the contract price
Hope this is of some help

angel4

Thank you guys this is very helpful, just one thing Kevray, what are the chances of the bank overvaluing the property? is this common, or could I be left completley stuck if you get what I mean!

Thanks x