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I´m currently in the throes of obtaining a Spanish mortgage…..and what a tortuous process it is proving!
I have approached several banks in Spain, and let me tell you, every single one will talk a good mortgage and promise the earth, but when it comes to the crunch, there´s not a lot of action.
Like most things in life, success can often be dependent on the person that you are dealing with at the Spanish bank. My advice is to try to establish a good relationship with the representative from the bank. Most branches have thresholds that they can lend up to – for instance for residents in Spain, the branch lending threshold tends to be around €300,000 – also bear in mind that the first quote you receive won´t necessarily be the best. Don´t be afraid of negotiating better terms, and chipping away at the rate to try to secure a better mortgage in Spain.
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Now that I am mortgage-approved, have the balance of my funds nicely in place, and receive tens of bargain Spanish properties every day to my email address, I just want to buy something…….anything!…
…and that´s the danger. I must remember that this is my home, not an investment property in Spain. I plan to live in this place for many years, so I really need to get this right.
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Ok. I´ve seen the place I want. It´s gorgeous. It´s a 3 bed townhouse in Rio Real – yes I know, going back to the same area, but it is nice, trust me. In fact, it´s not really a townhouse. It´s a semi-detached villa, with all of the boxes ticked – covered terrace, eat-in kitchen, fireplace, great views, south-east facing. It needs a lick of paint and a bit of updating, but it´s been reduced from €620k to €470k and is located in one of Marbella´s best areas. Having sold my 2 bed apartment for €499,000 last year, I could even end up ´quids-in´ on this whole house-moving experience if I get the place for a good price.
Apparently the vendor isn´t desperate. He retained a 10% deposit from a buyer who was unable to complete last year, hence why it´s now at a lower price.
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The Spanish mortgage market is currently changing on a daily basis.
Most banks worldwide seem reluctant to lend anything to anybody, but here in Spain, people are still getting mortgages. Here is an update on the current situation.
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Take a Spanish mortgage in euros.
Seriously think about taking a Spanish mortgage. If you mortgage 70% of the price of a Spanish property, your immediate exposure to the currency risk amounts to only 30% of the property price. If you were going to pay cash for the purchase of a €100,000 property, this would cost you almost £85,000 at today´s exchange rate, a difference of over £16,000 from a year ago. However, if you are only exposed to 30% of the price in sterling, your payment of €30,000 would set you back just over £25,000, a difference of approximately £4,700 from last year. Continue reading »
