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House morgage

Posted: Thu Aug 13, 2020 3:37pm
6 replies120 views2 members subscribed
sunshine18

Posts: 11

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Location: Villamartin

Joined: 21 Aug 2018

Hi all under the present situation, what is the maximum morgage the banks will lend to none spanish resident. Thanks. 

Movingon

Posted: Thu Aug 13, 2020 3:51pm

Movingon

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Posted: Thu Aug 13, 2020 3:51pm

60%, or at least according to my brother who's in the process of buying a property in Mazzaron. 

sunshine18

Posted: Thu Aug 13, 2020 4:47pm

sunshine18

Original Poster

Posts: 11

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Location: Villamartin

Joined: 21 Aug 2018

Posted: Thu Aug 13, 2020 4:47pm

Movingon wrote on Thu Aug 13, 2020 3:51pm:

60%, or at least according to my brother who's in the process of buying a property in Mazzaron. 

Thanks, you get some saying 70% but I think they are just realing you in. 

Movingon

Posted: Thu Aug 13, 2020 5:18pm

Movingon

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Posted: Thu Aug 13, 2020 5:18pm

Apparently 70% used to be the max but lenders are getting more cautious as the end of the transition period approaches. 

My brothers purchase has been in process for several months and in fact he's got a long standing offer of 70% but his agent has told him that on the same financials he wouldn't get it today. 

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sunshine18

Posted: Thu Aug 13, 2020 5:52pm

sunshine18

Original Poster

Posts: 11

1 helpful points

Location: Villamartin

Joined: 21 Aug 2018

Posted: Thu Aug 13, 2020 5:52pm

Movingon wrote on Thu Aug 13, 2020 5:18pm:

Apparently 70% used to be the max but lenders are getting more cautious as the end of the transition period approaches. 

My brothers purchase has been in process for several months and in fact he's got a long standing offer of 70% but his agent has told him that on the same financials he wouldn't get it today. ...

...

Thanks for that. The UK banks won't lend for Spanish property full stop. 

Davebev1

Posted: Thu Aug 13, 2020 8:54pm

Davebev1

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Posts: 1558

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Location: Playa Flamenca

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Posted: Thu Aug 13, 2020 8:54pm

sunshine18 wrote on Thu Aug 13, 2020 5:52pm:

Thanks for that. The UK banks won't lend for Spanish property full stop. 

If you are buying a second home, have you considered releasing funds by remortgaging your UK property?  

sunshine18

Posted: Fri Aug 14, 2020 10:42am

sunshine18

Original Poster

Posts: 11

1 helpful points

Location: Villamartin

Joined: 21 Aug 2018

Posted: Fri Aug 14, 2020 10:42am

Davebev1 wrote on Thu Aug 13, 2020 8:54pm:

If you are buying a second home, have you considered releasing funds by remortgaging your UK property?  

We have and it looks the only way. Cheers. 

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