New Airport at Corvera

As the development is soon to be completed,there is now an urgency to find a suitable mortgage.

Has anybody got any ideas on this.

Personally i am looking for a fixed rate over 10 to 15 years.

Any advice would be grateful.

HI, whilst I am not now taking a mortgage I did enquire at Halifax in Fuengirolla and I have to say they were really excellent in explaining the options to me and provided the offer within about an hour of going in to see them. All the staff speak reasonably good english and they know the holiday home market very well - one of the guys there is english so if you dont speak spanish they are very easy to deal with. In spain right now Barclays are being very aggressive in advertising that they will do the best rates, have a look at their web site if you are interested. https://secure.barclays.co.uk/buyingabroad/global/index10.html

I also suspect we will all be approached by Banc Pastor with mortgage offers - its fiercely competitive right now in spain and you should get rates no more than and possibly less than 4.25% - if you are a spanish tax payer, and earning a salary in spain, you may find some very attractive subsidies available for those who have Mijas as their primary home - or can persuade the spanish tax man that it is!!!! 

T

Has anyone received any details from Banco Pastor about their mortgages ?? If so, is it true that if you take the developer's mortgage, i.e. Banco Pastor's mortgage, you dont have to pay AJD tax - and so turns out to be cheaper than going outside for a mortgage ?? Does anyone have experience of this ?

I am out on the Sol at present,searching for the best possible mortgage,complete minefield.

As you are all probably aware ,the interest rates have just increased again,most banks are offering 5.5% interet rate,compared to 2.5% just over a year ago.

Hopefully they will decrease before the property is completed.

Popped up to view the site and a lot of work is going on,but i think they will struggle to complete for the end of october

Is there a ball park figure or percentage of the extra amount you have to pay if you do take a mortgage - either a commercial mortgage or a developer's mortgage ?? - as opposed to not having to take a mortgage at all ??

All banks visited have a set interest rate then they add 1%.They prefer to give you a variable rate and not a fixed.I enquired about a fixed mortgage rate,and the interest was increased.

I was hoping to fix a deal for 15 years,it now weighs heavily on the variable side,with the hope rates do not increase.

Actually I am not referring to the rate. I am talking about the difference between taking a mortgage and not taking a mortgage. E.g. if a unit costs 100,000 euros including iva, legal fees, stamp duty,  and you dont take a mortage, you pay 100,000 euros.  If you have to take a mortgage, your costs increase by a specific percentage - to pay for premium insurance, mortage fees, etc. That is what I was asking about.

Hi Captain

I am new to all this,are you on about taking a loan to cover the costs and paying this back over a term.

If so do you know the rate of loans in Spain and is this possible?Loans received from the Uk would work out a lot more expensive.