100% mortgage in spain apartments for sale new golden mile jardines del albaicin los flamingos property for sale penthouses for sale new golden mile a
Here´s a great opportunity for somebody looking for a simple low-cost, high quality property in Spain.
Jardines del Albaicin is a lovely development of apartments and penthouses, located within walking distance of the exceptional Ritz Carlton Villa Padierna & Spa (that´s the hotel that Michelle Obama and Nicolas Sarkozy recently stayed in…..though not together we hasten to add!), and the Los Flamingos Golf Resort. The project is also just a 5 minute drive from the beach and a 10 minute hop into Puerto Banus. Continue reading »
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It seems that in these cash-strapped recessionary times, banks are becoming even more reluctant to lend to Spanish property buyers. 
Normally, non-residents of Spain can expect to borrow up to 70% of the price of their property in Spain, and that´s only on the basis that they have an outstanding credit rating and all their paperwork stacks up. In other words, what little money the banks have to play with is only available for the pick of mortgage customers – i.e. those with a hefty deposit and those with the ability to repay their debt!
However…..we are delighted to let you know that there are one or two 100% finance deals in the Costa del Sol, meaning that buyers will only need to find their purchase fees and taxes (normally around 11%-12% of the property price). Continue reading »
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Continued from previous article
Just bear in mind that the vast majority of Spanish banks will now only lend on the PURCHASE PRICE, not the valuation. After all, in the current credit crunch, the banks really don´t want to over-expose themselves (again!), and will want to see you taking on some of the risk by way of a decent deposit.
There are one or two banks in Spain that will lend up to 90% of purchase price if a valuation is hugely in excess of the price you are paying for your Spanish property, but even with this scenario, you will need to find a 10% deposit, plus your 10% purchase costs, plus the costs to arrange the mortgage and pay the mortgage taxes, so you would still be looking at around a 25% commitment.
Continue reading »
