JMOT

Hi All

I've just spent the last 2 hours going back thru threads from 2007 & 2008 on obtaining credit in Spain for the purposes of car finance, mortgages etc etc

A few questions:

Are credit reference agencies still not sharing data with their Spanish counterparts? Eg, do I need to start from scratch getting a good score in Spain ?

Has much really changed in 2010?

I'm guessing the most sensible approach at first is going to be some form of longterm car rental from one of the big hire companies?? Once we are happy we want to stay I'd be keen to sort some new vehicles.

Can people please give any up to date info regarding this and also the general attitude of banks and lenders in what are generally pretty bad times!

Thanks, Tom

whitelinen

At the present time there is absolutely no chance of getting
credit/car finance/mortgage for anyone arriving now.

Advice for anyone attempting to relocate here without independent means is to have minimum of 20K to finance the first 12 months and enough for a return ticket home.

Veleta

I'm not sure about being able to use non-Spanish credit references......I know of people who have been asked to supply their, what is it...Experian??, report when applying for a Spanish mortgage, yet when I applied for mine no such request was made. But I think it is safe to say that a Spanish bank would not request a UK credit report themselves.....you would have to apply for it and present it to the bank.

Banks HATE giving credit at the moment. A friend is in the process of trying to buy a house now and is getting quotes from banks....most only seem to want to lend a max of 60% loan to value (and they are valuing low!).

One would hope that they are not quite so strict when applying for car finance, but who knows.

EsuriJohn

Thats spot on Solbank asked us to obtain our "Experian" reports for mortgage purposes. Odd since you could improve to your advantage.

Wonder how Santader operate they must have access to UK credit reports can they transfer that info to Spain? Do they offer car finance?

chrismortley

We had to get a UK credit rating check when we applied for a mortgage with Santander,it was verified @ their UK head office before being processed in Spain.

Chris

Veleta

I wonder why I was not asked to supply my Experian report when I applied fo rmy mortgage?

chrismortley

It might be because I have shifty eyes & look a bit dodgy

jdr

And an Essex boy.

chrismortley

I was gutted having to use my ford Capri ghia as a deposit

HBG

I drove over from Chadwell Heath with my Granada 2.9i Ghia and it served me well for the next eight years in Spain.

elspeth sinclair

I have translated for several people who wanted mortgages to buy property in Spain although they still lived and worked in Britain and to my amazement they only had to supply proof of salary for the previous two months and a copy of their insurance cover for their British house. The bank sent in a valuer and on his report decided what percentage mortgage they would give and the number of years it should run for. They also had to pay for insurance cover on the property which would be paid to the bank if they fell behind with their payments. No one took into account that the british home was on the market and that when they came to Spain they wouldn't have jobs. That's why so many young British have left for home with no money and houses they can't sell and they still have to pay their mortgages.

jdr

I had a Granada, same colour as the Sweeny one, used to go like hell and one of the most reliable cars I have had.