derbyflan

Hello!

Could anyone please recommend the services of a decent mortgage broker - ideally Costa Del Sol-based - who might be able to secure a decent mortgage on a Spanish purchase and deal with the legal niff-naff?

Cheers all

Maybe1day

I may be wrong but I think you would be better off getting a UK mortgage unless you intend to buy a bank reposessed place. From experience they make it very difficult even for the locals if they are not buying from them, and they require a 35-40% down payment. Buy from them and it all changes, all you need is a permie job which would enable the repayments.
Good luck and don't forget the @12% in taxes and fees on the purchase price, you may also find that after a period you may have to pay additional taxes if Hacienda values the place at more than what you paid for it.
By the way where on the CdS are you looking to buy ?

derbyflan

Hi and thanks for responding.

It's a repo about 10-12 miles up from Gib.

Fred James

If it's a bank repo you should get a decent deal direct from the bank.

derbyflan

It's getting to the bank that's the problem as there are at least two sets of agents/realtors in the way - all claiming to be representing the bank and all obviously after their cut in any purchase.

Thanks though.

Maybe1day

Check out the price locally to be sure that the deal is good, I get sent a property magazine from a bank with their repossessions, crazy prices 100sqm apartments for 300K but with 100% mortgages, (comparable places on the market for 70K) compare prices in the area carefully.
Here is something to try, Google Solvia.es if you can find the place there you can go directly to any branch and let them do the talking.(Solbank or Sabadell).
We tried last year to buy a place but we were sidelined and Spanish buyers were given preference. We were only contacted after 21 days and then we were given the runaround too. After a lot of shouting and registered letters we were offered the ground floor flats that no-one else wanted. The deal on the garages was good though. 2K Euros!!!!. Remember too if you don't take their mortgage or want to pay cash they will slap 10% on top of the price. Some of the Solvia places are through agents, but you will not pay them, the bank will sort them out, although some agents might try it on. Watch out for the Hacienda tax hike, think about what the price was about 6 yrs ago. 6% of that is probably what they will eventually want. Ie. value in 2008 100K (Hacienda tax 6K) price now 40K (Hacienda tax 2400) so they might come after you for the difference (3600) in a year or so. Just be warned and forget appealing etc, you have already got a good deal, pay up and shut up and get back below the radar.................

soyrosa

I am Spanish trying to buy in Spain (live in UK ) and I got told by both the bank and the state agent that the state agent fees are included in the price.
Obviously not all properties would be the same, I imagine, but it is worth asking.

Maybe1day

It is normal that the sellers pay the agents fees, but we have come across a few that have somewhat different ideas. We found that going directly to the bank got things moving. Obviously the banks have to use the agencies to publicise locally and enable viewing by prospective buyers but we never got that far anyway.

derbyflan

Thanks for all of your hints and tips! Really, very much appreciated.