Re: Spanish mortgages
 

To be honest I am no longer fully up too speed - but yes there is criteria the big benefit can be for the buyer as he has reduced loan setup fees.

We used to sell houses and taking over a builders mortgage was a cheaper way in than starting a new loan but the same principle applies with taking over a private mortgage.

Not many Brits know about it as it is not part of our culture as we always (been out of UK for 10 yrs) redeem.

Re: Spanish mortgages
 

just completed a mortgage on a property in majorca and we live in england so there is banks out there giving mortgages to non residents

Re: Spanish mortgages
 

Hi PMuller,

The banks are now restricting their lending criteria - clearly. You may still be able to take out a mortgage in some cases up to the age of 75. Additionally all banks will vary their lending criteria between interest rates, flexibility of mortgage and level of deposit so shop around to find the best deal for you. Most concerns from lenders here are related to current bank balances, method of repayment and amount of deposit. Best thing to do is apply to see what comes up. Where are you buying in Spain? I am based on the coast and can give you assistance...

Regards,

Re: Spanish mortgages
 

Plus forgot to mention absolutely banks are giving mortgages to non-residents however you are deemed more high risk and therefore the criteria are stricter...