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Here´s another great property deal on the Costa del Sol.
Las Farolas is a development of apartments and penthouses located within a vacation resort in Mijas Costa, within an easy stroll of the beach, and with shop, restaurant, bar and reception on site. There are also 2 swimming pools, one of which is heated for year round use.
These Costa del Sol properties are perfect for immediate enjoyment as they are also fully furnished, right down to the DVD players and the knives and forks! What´s more, the prices have been slashed to a starting price of just over €100,000 for a 2 bed apartment, and Spanish mortgages of 80% are available subject to status.
Great location, great investment potential. No hassle. It´s probably the perfect Spanish property purchase right now!
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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.
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They may be commonplace in the UK, but interest-only mortgages in Spain are surprisingly hard to find.
You have to remember that the mortgage market here in Spain is years behind the markets in the UK and US (maybe not a bad thing!). Up until recently, there were no interest-only mortgages in Spain, and even now, if you mention a fixed rate option to banks in Spain, the advisers look at you like you have landed from Mars.
