House morgage
Posted: Thu Aug 13, 2020 3:37pm
Hi all under the present situation, what is the maximum morgage the banks will lend to none spanish resident. Thanks.
60%, or at least according to my brother who's in the process of buying a property in Mazzaron.
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.
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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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. ...
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Thanks for that. The UK banks won't lend for Spanish property full stop.
Posted: Thu Aug 13, 2020 8:54pm
Legendary helpful member
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?
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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