Mar 25
Spanish Property Valuations - Part 2
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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.
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