Does anyone offer mortgages for clients wanting to buy property in spain from the uk
Follow this topic
Q&A » Mortgages
Retweet
Comments (
FacebookComments (3)
-
272Swarbs postedYes. Off the top of my head, NatWest, RBS and Barclay's all offer them in the UK, although the maximum LTV is only around 50%. Alternatively, lots of Spanish banks are willing to lend to UK customers, as EU laws give them the same rights to enforce the debt as banks in the UK. If you want to use a Spanish banks, you should consider using a Spanish broker, at least to see what sort of deals are available to you. Try:
http://www.baydonhillfx.com/mortgages/country-guides/spain
http://www.mortgage4spain.com/
http://www.spanishmortgage.org/
As with any mortgage, get quotes from more than one broker, and make sure you understand all the fees that you have to pay - Spanish brokers usually charge their clients a fee which can be quite high.
Posted on 21 March 2010 |
Love 0 loves
Report
-
14DP130132 posted
Best you speak to HUGO, at Barclays here in Tenerife. He is the person that deals with mortgages at Baclays in Calle obispo Perez Caceras, 8, 38400 Puerto de la Cruz, Tenerife, Spain. Telephone 0034 922 37 19 44 will get direct to his desk. He speaks perfect English,German and Spanish, and is a very helpful pleasant knowledgeable man. No fees or commitment for his advice. We have for the last ten years always consulted him for any money matter. If (when) you speak with him, please mention the name PARKER. If you are considering BTL, take care and learn from UK residents at each step! Good luck!! - More advice needed?? ask again!!
Posted on 21 March 2010 | Love 0 loves
Report
-
0Spanish Mortgages posted
I am a Spanish Mortgage broker and the website www.spanishmortgage.org is actually one of mine so thanks for the link!
GOing through branch netwroks in the UK is not a very efficient method I´m afraid. Most of the people you will speak to don´t know a lot about the Spanish mortgage products their Spanish branches have and Barclays in the UK has very little to do with Barclays in Spain.
If you really want to compare the market then obviouslty use a broker. There are more than 30 lenders currently offering products to non-residents so unless you ask them all (and most of them have no presence whatsoever in the UK) then it is highly unlikely that you will get the best deal. (Barcays only offer 50% and at that level we can achiever far better rates and terms.)
We charge a flat fee of 490€ regardless of mortgage size which is only payable if you actually go ahead. Mortgages in Spain are vastly different from the UK (I was a broker there before I moved here in 2005) and there are many pitfalls that should be avoded as well as some pretty poor lenders - some will make you pay for a valuation for example before they actually confirm they will even lend to you BUT they don´t tell you this. You find out after you have forked out for the survey!!!
Highest LTV is currently 70% of purchase price in mainland Spain and 80% in the Canary Islands. rates are from around 2.1% dependent upon LTV.
if you really need to borrow more then you could look at properties that are in the process of being repossessed. We have lists of these that we receive from lenders, some of whom will lend up to 100%. That means you need the other 11% to 12% in costs.
There are some examples of these on another of our websites: http://tenerifemortgagebroker.com/spain-tenerife-property-repossessions to give you an idea.
Take care in Spain - there is no regulation and unfortunately a lot of rogues still operate here.
Posted on 28 March 2010 | Love 0 loves
Report
Post an answer
Sign in or register to post an answer.
Something you're dying to ask... or answer?
Register with lovemoney.com to start asking and answering questions on Q&A.
Get started nowSign in for a better Q&A
Registered already? Great! You can just sign in to ask and answer questions.
Sign in