Claire Wilson
ALMOST half of mortgage enquiries for overseas properties currently relate to Spanish assets, according to a specialist.
Conti said 43% of those looking to take out a property loan are considering buying in Spain, and demand for assets in the country has outperformed France for the past two months.
Clare Nessling, director, said: “Mortgage rates are very low, the pound has been getting stronger, and prices are still bottoming out in some areas.
“People who have been putting their plans on hold for the last year or two are taking advantage of the favourable conditions open to them.”
Buyers can generally borrow up to 65% of the value of the property.
The firm said Spanish lenders are still willing to provide finance to foreign nationals, particularly if they can prove they have a sound financial profile.
Mortgage on a property in Spain don’t you people read the papers, must be nuts to be thinking of taking out a mortgage on a Spanish house.
Peter is quite right. Spanish Banks are scammy entities to begin with, just look at CAM. Also, if your property is found to be “retrospectively illegal” you will still be liable for the mortgage. Spanish banks also will come after you for just one months non-repayment (the law was changed to make evictions much faster). Also, Spanish mortgage companies agressively pursue any debts overseas, and can (and have) claimed foreign assets from people for non payment, so until Spain gets itself into order on the banking and property front, which will be sometime in the next millenium, you’d be well advised to stay clear.
Oh dear Fred,
Cacca/Egosteve et al will all be coming at you – how dare you slag off such an honest straight dealing country.
Now is the time to buy – property will never be cheaper and look at the quality construction – you know it makes sense – buy now (chumps).