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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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Although there are still plenty of vendors looking to sell their properties in Spain, we have noticed that the level of panic amongst these forced sellers that was previously evident has now subsided.
One of the reasons that some people are feeling a little more relaxed about their situation is that the historically low interest rates in Spain mean that their Spanish mortgage repayments have never been so low. So instead of having to service an unwanted debt with huge monthly payments, the blow has been softened and these payments have actually come down quite dramatically in recent months.
