has anyone got applied for and got a Spanish mortgage recently ?
just curious
any bank recommendations ? |
Re: has anyone got applied for and got a Spanish mortgage recently ?
Originally Posted by spain
(Post 8160376)
just curious
any bank recommendations ? |
Re: has anyone got applied for and got a Spanish mortgage recently ?
Originally Posted by Mitzyboy
(Post 8160523)
You coming back? :D
or maybe burning bridges? |
Re: has anyone got applied for and got a Spanish mortgage recently ?
Originally Posted by spain
(Post 8160376)
just curious
any bank recommendations ? If you want a new mortgage then you'll need to provide evidence that you, your husband, both sets of grandparents and the family ferret are in gainful employ! :D Seriously, check out the bank websites for their reposessions, easiest way to get on the property ladder. |
Re: has anyone got applied for and got a Spanish mortgage recently ?
Originally Posted by lynnxa
(Post 8161344)
that was my first thought
or maybe burning bridges? Trouble, as I can see, with this scenario is that I can't see society surviving such an outcome without ending up in revolution or war (like in 30s Germany). Anyway, it's only a viewpoint, and who can say with certainty what will happen in the future? |
Re: has anyone got applied for and got a Spanish mortgage recently ?
Originally Posted by carter71
(Post 8161639)
Seriously, check out the bank websites for their reposessions, easiest way to get on the property ladder.
I fancy coming back to Spain at some point :thumbsup: |
Re: has anyone got applied for and got a Spanish mortgage recently ?
Originally Posted by rfc
(Post 8161725)
I've checked out Caja Rural, CajaSur websites and can't find any repossesions. Do you have any links for this?
I fancy coming back to Spain at some point :thumbsup: - a full time job with the proper contract - 20% deposit - an extra 10% to cover the fees etc So if what you're buying at 200k, you'll need 60k in cash for the bank to give you a mortgage Tough... |
Re: has anyone got applied for and got a Spanish mortgage recently ?
Originally Posted by rfc
(Post 8161725)
I've checked out Caja Rural, CajaSur websites and can't find any repossesions. Do you have any links for this?
I fancy coming back to Spain at some point :thumbsup: https://www.cam.es/Imagenes%20Caja%2...uscascasa4.jpg http://www.cajasur.es/web3.0/particu...es_cajasur.jpg http://www.ruralcajainmuebles.es/images/902_en.jpg |
Re: has anyone got applied for and got a Spanish mortgage recently ?
The bank repossessions at this stage are mostly at the bottom end of the market, bought just before the crash, and now valued for the 100% mortgages at least 30 percent over the market price. They’re clogging up the bank’s books, can’t be sold at their proper market price because the banks would lose at least 30%, and are offered to anyone that comes along and is foolish enough to buy them with a 100% mortgage.
Most banks are now offering the repossessed properties either for sale, as above, or for rent, permanent rentals, which are much cheaper than the ones bought with mortgages, and provide far more security for the tenant. A rough example would be an apartment for sale at 100K, on which the mortgage repayments, at 100%, would be around 600 a month, for 30 to 40 years, and likely to cost much more as the interest rates recover. The same apartment can be rented for the next 40 years at half the price per month. If the saving was stuffed under the mattress for 40 years, it would buy a Rolls Royce. My bank manager gave me those figures and explained that at this point in time, roughly 20% of mortgaged properties have been repossessed. They do not want to repossess any more properties unless they absolutely have to, implying that if anyone in difficulty approached them, they would readily halve their mortgage payments under all sorts of new schemes, mostly extending the term to a ridiculous number of years, just to keep them off their books. But neither of us have crystal balls, but I’m hoping that Alastair Darling’s is better than George Osbourne’s, that man really frightens me, he looks like a judge with his black wig on about to pass the death sentence. |
Re: has anyone got applied for and got a Spanish mortgage recently ?
Originally Posted by rfc
(Post 8161725)
I've checked out Caja Rural, CajaSur websites and can't find any repossesions. Do you have any links for this?
I fancy coming back to Spain at some point :thumbsup: Not one of the banks previously given but here is another link to repros. http://www.cxginmobiliaria.es/ But I have to agree that the prices seem to be high. |
Re: has anyone got applied for and got a Spanish mortgage recently ?
Originally Posted by Casa Santo Estevo
(Post 8162244)
But I have to agree that the prices seem to be high.
Add in costs and IVA and you still won't compete against new builds which they can't even give away at 50-60k around here. The only interesting thing I've seen in Aspe is the urbanisation selling off plots for 25k. If you don't mind a building site for neighbours for the next ten years, it could be worthwhile. |
Re: has anyone got applied for and got a Spanish mortgage recently ?
Originally Posted by carter71
(Post 8164371)
Aspe and surrounding towns are coming up on the CAM site at 20-40k for reform flats. It's something we considered as an investment. But even buying at 20k, spending 20k to reform, you won't have reformed the communal areas which could be as run down as the original piso.
Add in costs and IVA and you still won't compete against new builds which they can't even give away at 50-60k around here. The only interesting thing I've seen in Aspe is the urbanisation selling off plots for 25k. If you don't mind a building site for neighbours for the next ten years, it could be worthwhile. My bank manager pal, not from CAM, gave the figure of 20% repossessions, but looking at the numbers already on display, it’s got to be much higher than that. It seems impossible, and the banks can only be functioning as estate agents, dear ones. I read of a deal this morning, I’ve forgotten where, where developers were offering their unsellable properties with initial mortgage repayments of six Euros a month, sin Entrada. |
Re: has anyone got applied for and got a Spanish mortgage recently ?
The banks are in denial, no-one is going to buy at those inflated prices. Many will be half the price in two years time.
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Re: has anyone got applied for and got a Spanish mortgage recently ?
Hi all, we have applied for a small mortgage with Bankinter and they have offered us a rate of Euribor plus 2% (3.5%) is this a good rate???
They are insisting that we have their life / buildings and contents insurance is this correct?? Regards Vox |
Re: has anyone got applied for and got a Spanish mortgage recently ?
Originally Posted by vox populia
(Post 8165371)
Hi all, we have applied for a small mortgage with Bankinter and they have offered us a rate of Euribor plus 2% (3.5%) is this a good rate???
They are insisting that we have their life / buildings and contents insurance is this correct?? Regards Vox |
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