Doz1

im after a spanish mortgage as i have made an offer on a house in the costa tropical area. has anyone got any good tips on who to use as i am self employed and do not have all the necessary paperwork for the last 2/3 years so making it more difficult to obtain one.
i do have the 20% deposit for the property but often see upto 100% mortg being made available by some companies. is this possible?

SoJohn

Yes, you can get a 100% mortgage. Some even do 120%. This is assuming you a resident though, if you aren't a resident I think the limit is 80%

keithwalters

You only need paperwork for one year in Spain. Last four quarterley IVA and IRPF declarations and your most recent RENTA.

100% mortgages usually have crap conditions - high interest rates etc.

ING - euribor + 0.33%
Activo bank (Solbank) euribor + 0.22%
Open bank euribor +0.39%

Lionda

Try http://www.mortgagingsolutions.net/home.htm

Fred James

Also remember that the % of the loan is based on the banks valuation of the property.

This can often be very much less that the asking price.

SoJohn

Works both ways though? I think it can be more?

Fred James

Pretty unlikely to be more with the current state of the housing market.

Spanish banks aren't stupid - they want to get their money back if the borrower defaults.

silverchick

We've been offered an 85%mortgage based on valuation of property.

Fuzzlepop

Damn I misread the title thought it said "Marriage Wanted...who to use", need to get my glasses on

lynnxa

keljo

Spanish banks will lend 80% of the valuation to non residents so in order to achieve a 100% mortgage the property must value at 120% of what you want to borrow. This is usually only possible if the property has a large square meterage, good location and the vendor is desperate to sell and has a low asking price. Also don't forget that to buy a property with a mortgage the cost's are around 12% of the purchase price so that will take up most of your deposit.