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has anyone got applied for and got a Spanish mortgage recently ?

has anyone got applied for and got a Spanish mortgage recently ?

Old Dec 9th 2009, 8:33 pm
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Default has anyone got applied for and got a Spanish mortgage recently ?

just curious

any bank recommendations ?
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Old Dec 9th 2009, 9:39 pm
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Default Re: has anyone got applied for and got a Spanish mortgage recently ?

Originally Posted by spain
just curious

any bank recommendations ?
You coming back?
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Old Dec 10th 2009, 6:00 am
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Default Re: has anyone got applied for and got a Spanish mortgage recently ?

Originally Posted by Mitzyboy
You coming back?
that was my first thought


or maybe burning bridges?
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Old Dec 10th 2009, 9:04 am
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Default Re: has anyone got applied for and got a Spanish mortgage recently ?

Originally Posted by spain
just curious

any bank recommendations ?
Most of the banks are offering 100% mortgages. The only stipulation is that they've already repossesed the property ie they've nothing to lose.

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!

Seriously, check out the bank websites for their reposessions, easiest way to get on the property ladder.
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Old Dec 10th 2009, 9:29 am
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Default Re: has anyone got applied for and got a Spanish mortgage recently ?

Originally Posted by lynnxa
that was my first thought


or maybe burning bridges?
Ok, so a lot of this comes from the HousePriceCrash forums, but there's a lot of speculation that we may be about to enter a period of hyper-inflation. This is because of all the money the governments are pumping into economies to get them moving again. It's said it'll be worse in the UK (because QE has been so much greater there) but it will have an effect in Europe too. Under this scenario, the money will make a dash for assets (specifically houses) because they will keep their value. If the cost of a loaf of bread goes up from £1 to £100 then the pound has lost it's value. Better to sink into bricks and mortar. So even if house prices are going down now, it's a good time to invest because prices will rocket in the near-future.
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?
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Old Dec 10th 2009, 9:47 am
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Default Re: has anyone got applied for and got a Spanish mortgage recently ?

Originally Posted by carter71
Seriously, check out the bank websites for their reposessions, easiest way to get on the property ladder.
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
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Old Dec 10th 2009, 10:25 am
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Default Re: has anyone got applied for and got a Spanish mortgage recently ?

Originally Posted by rfc
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
If you want a "normal" mortgage in Spain, you'll need the following:
- 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...
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Old Dec 10th 2009, 12:26 pm
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Default Re: has anyone got applied for and got a Spanish mortgage recently ?

Originally Posted by rfc
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
I know, the banners are sometimes tiny


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Old Dec 10th 2009, 1:30 pm
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Default 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.

Last edited by HBG; Dec 10th 2009 at 1:40 pm.
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Old Dec 10th 2009, 2:03 pm
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Default Re: has anyone got applied for and got a Spanish mortgage recently ?

Originally Posted by rfc
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

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.
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Old Dec 11th 2009, 7:38 am
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Default Re: has anyone got applied for and got a Spanish mortgage recently ?

Originally Posted by Casa Santo Estevo
But I have to agree that the prices seem to be high.
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.
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Old Dec 11th 2009, 10:33 am
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Default Re: has anyone got applied for and got a Spanish mortgage recently ?

Originally Posted by carter71
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.
I had a look at the CAM site for this area and it is frighteningly massive, page after page after page. I thought of an exercise to add up the other banks real and projected numbers, but gave up, not because my arithmetical skills aren’t all that good, but because the numbers balanced against the population is horrendous.

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.
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Old Dec 11th 2009, 2:09 pm
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Default 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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Old Dec 11th 2009, 5:43 pm
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Default 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
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Old Dec 11th 2009, 5:49 pm
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Default Re: has anyone got applied for and got a Spanish mortgage recently ?

Originally Posted by vox populia
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
Can't help with the rate but I think the Bank do insist on their own insurance
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