Take over someone mortgage
Feb 4th 2019, 5:10 pm
#1
Just Joined
Thread Starter
Joined: Feb 2019
Posts: 1
Take over someone mortgage
Has any one got a mortgage there looking for someone to take over in spain.im very interested in doing so thank you
Feb 12th 2019, 6:56 pm
#3
Forum Regular
Joined: Sep 2018
Posts: 38
Re: Take over someone mortgage
I’m not sure that it is as simple As taking over someone’s mortgage. Surely the mortgage lender will want to do the same lenders checks, involve solicitors, and all the gubbins that goes with raising a mortgage.
Feb 12th 2019, 7:50 pm
#4
BE Forum Addict
Joined: Nov 2003
Location: Cartama, Malaga
Posts: 1,168
Re: Take over someone mortgage
they are probably looking to buy a house without going through a bank. ie; without all the red tape. I´ve seen it with cars - the cars for sale for 150/month for 10 years etc - taking over the finance.
Risky if its going to stay in the first owners name ?
Risky if its going to stay in the first owners name ?
Feb 12th 2019, 8:00 pm
#5
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,463
Re: Take over someone mortgage
Some countries allowable "assumable" mortgages, under some circumstances, where a new borrower takes on responsibility for a previously issued mortgage loan. I am not aware that Spain has any assumable mortgages, but it is possible. And you are right, the person assuming the mortgage would have to go through all the checks before the mortgage was transferred to the new borrower.
