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Loan for Purchase

Loan for Purchase

Old Mar 28th 2007, 10:11 am
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Default Loan for Purchase

Hello Nice Peeps,
Some questions for those who might know.....
1. Is it possible to part finance my purchase with a simple bank loan purely based on the value of the property....or do I need to prove income?
Here in Hungary one can purchase with just the property itself as collateral: no questions asked about means to repay.
2. Are smaller banks (in Spain) more flexible on a one to one basis than larger ones re finacing?
3. Has anyone had any dealings with Azahar Properties out of Valencia?
The reason I ask is that it would be just Sooooo much easier for me NOT to have to prove income.
I'm looking around Monserrat....anyone living around there?
Again, thanking you all in advance,
Kind Regards, Jonathan
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Old Mar 28th 2007, 10:21 am
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Default Re: Loan for Purchase

Originally Posted by littlelambfound
Hello Nice Peeps,
Some questions for those who might know.....
1. Is it possible to part finance my purchase with a simple bank loan purely based on the value of the property....or do I need to prove income?
Here in Hungary one can purchase with just the property itself as collateral: no questions asked about means to repay.
2. Are smaller banks (in Spain) more flexible on a one to one basis than larger ones re finacing?
3. Has anyone had any dealings with Azahar Properties out of Valencia?
The reason I ask is that it would be just Sooooo much easier for me NOT to have to prove income.
I'm looking around Monserrat....anyone living around there?
Again, thanking you all in advance,
Kind Regards, Jonathan
Have a chat with these people...

http://www.mortgagingsolutions.net/
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Old Mar 28th 2007, 12:33 pm
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Default Re: Loan for Purchase

Originally Posted by littlelambfound
Hello Nice Peeps,
Some questions for those who might know.....
1. Is it possible to part finance my purchase with a simple bank loan purely based on the value of the property....or do I need to prove income?
Here in Hungary one can purchase with just the property itself as collateral: no questions asked about means to repay.
2. Are smaller banks (in Spain) more flexible on a one to one basis than larger ones re finacing?
3. Has anyone had any dealings with Azahar Properties out of Valencia?
The reason I ask is that it would be just Sooooo much easier for me NOT to have to prove income.
I'm looking around Monserrat....anyone living around there?
Again, thanking you all in advance,
Kind Regards, Jonathan
You will almost certainly need some proof of income, I know I did when I got my mortgage, was a similar arrangment to that in the UK, i.e. recent wage slips.
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Old Mar 28th 2007, 3:22 pm
  #4  
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Default Re: Loan for Purchase

Originally Posted by littlelambfound
Hello Nice Peeps,
Some questions for those who might know.....
1. Is it possible to part finance my purchase with a simple bank loan purely based on the value of the property....or do I need to prove income?
Here in Hungary one can purchase with just the property itself as collateral: no questions asked about means to repay.
2. Are smaller banks (in Spain) more flexible on a one to one basis than larger ones re finacing?
3. Has anyone had any dealings with Azahar Properties out of Valencia?
The reason I ask is that it would be just Sooooo much easier for me NOT to have to prove income.
I'm looking around Monserrat....anyone living around there?
Again, thanking you all in advance,
Kind Regards, Jonathan
Hi again Jonathan
1. No, you must show proof of income and ability to repay the loan (mortgage)
2. No, it makes no difference whether the banks are big or small. What makes a difference is if they're new or not. The new ones usually try to attract new customers, therefore offer attractive mortgages and then the other banks try to compete/match those offers.
3. Don't know anything about Azahar properties personally

Best wishes,
M
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Old Mar 28th 2007, 3:50 pm
  #5  
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Default Re: Loan for Purchase

Hi,
Thankyou for the kind replies.
Lionda: Just had a chat with the folks behind the link you sent....they seemed adamant that they could arrange an interest only mortgage as I already have 2/3rds of the required sum in cash. Mention was made of producing some past bank statements (not a problem)....but I'll believe it when I see it!
Thankyou all again. As I'm now kicking off the process (I've put my properties here in Budapest for sale), I shall surely have more questions requiring this here collective knowledge.
Kind Regards, Jonathan
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Old Mar 28th 2007, 4:53 pm
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Default Re: Loan for Purchase

Originally Posted by littlelambfound
Hi,
Thankyou for the kind replies.
Lionda: Just had a chat with the folks behind the link you sent....they seemed adamant that they could arrange an interest only mortgage as I already have 2/3rds of the required sum in cash. Mention was made of producing some past bank statements (not a problem)....but I'll believe it when I see it!
Thankyou all again. As I'm now kicking off the process (I've put my properties here in Budapest for sale), I shall surely have more questions requiring this here collective knowledge.
Kind Regards, Jonathan
Hi Jonathan

I was on the phone to Ian this afternoon discussing my mortgage and I mentioned that I had recommended his company to someone on here. Hope you mentioned my name. They really are very helpful. At the moment Ian is pushing the bank and the builders (we are buying a new-build) so that we can move into our property soon.
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