spanish mortgage

hi everyone does anyone know where i can get a good % of a spanish mortgage ive tried in vain to get a mortgage in the  uk but keep failing the credit criteria,  past infortunates with an ex wife and a couple of credit cards , i have about 175000 equity in my house and have never defaulted on my mortgage payments ,my current mortgage co wont do any new buisness so ive tried to re mortgage with another lender for my current 50000 and enough to buy a property in spain but to no avail ,my last chance is to get one in spain i think

My personal experience of this that if you need a Spanish mortgage you have to provide a credit report from the UK. So if you have problems getting money here in the UK, I can't see you have much chance of being successful in Spain.

Sorry to be the potential bearer of bad news but perhaps someone else on here might have a different view to me...

It will help your credit score if you are able to reduce the number of credit cards you have. If this is not possible, reduce the credit limits on all of the them, as the banks see these limits as funds available to you, even though you may not need it. Get a copy of your credit file from Equifax and Experian, and remove anyone on your report who is no longer associated with you or any family member living at your household who may have debts that have nothing to do with you. You can send a letter that will go on your file to dispute anything that you are not happy with, and this will be attached to your report for future reference. The problem you have is a UK bank will not be happy about giving a loan on a prpoerty that is not in this country. Do you bank with Santander. You should maybe open a current account then when they see your income going into the account, maybe they might be able to do something with one of their Spanish branches. One thing you should never do though is if the banks ask for your UK property as security incase you are unable to keep up payments on your Spanish property, this is a big NO NO.

Hope this helps a bit.

Have you looked at Bank Repos?

Banks are much more likely to lend if you are buying a property they have on their books. They are also starting to get realistic with the prices in order to shift them before they have to write them off for the new EU regs.

We were offered 95% mortgage no problem even though we are non resident and live in a different continent.

 Yes, I think that is excellent advice.  We are cash buyers but for bank repos we have expressed an interest in it has been made known that very easy mortgage terms are available.   One told us we would have almost nothing to pay for 3 years.  I was not interested so did not listen really, but I can only think the interest continues to clock up during that time.

Why not try a spanish mortgage broker who can trawl the market for you and get you the best deal ?

I would personally recommend Patrick Robinson at Marbella Mortages (smiley on the EOS forum)  top bloke and very realistic and practical  - if Patrick cant get you a good mortage  - give up !

You can contact him on....

www.marbellamortgages.com

Patrick Robinson CMS

Senior Mortgage Consultant

 
Direct number:    0034 952 763 642

Fax:                          0034 951 242 838

Mobile:                   0034 617 013 158

Email: patrick@marbellamortgages.com

Web:  www.marbellamortgages.com

we just went through our estate agent and solicitor, no credit checks (which is good as mine is bad from a bad split up too) but did have to prove income providing all our wage slips an bank statements etc, lots and lots of paperwork, also could onl get a mortage on a village or town property, no rural properties would be considered by them unfortunatley (as we had found a wonderful one!) If you aren't going through estate agents then it may be trickier I guess as the estate agents know the banks well, I would say you need to go in person to one of the banks, make sure you have an account with them first though - bank cajasur is ours and while they are slow (isn't everything!) they are coming through. good luck :-)

Hi - it is easier to get a mortgage on bank-owned properties, but each bank will have different rules and different maximum amounts.  The bank that had the 3 year deal, mentioned below, is no longer doing that deal, and is now only giving a maximum of 70% of the purchase price to non-residents.

One of the biggest problems with the banks just now is that they are offering some amazing deals but with very short cut-off dates.  I´ve been running about trying to ensure two clients managed to pay their deposits today, because if they didn´t reserve today then the price goes back up to almost double tomorrow!   Thankfully they both managed to do it in time.

It is very difficult for buyers from outside Spain to deal with these terms and conditions, but it can be very worthwhile if you either live here or can travel here at short notice.

Thank you for the vote of confidence "Snorkychopper" - I am not sure but I think Granjero may have contacted me but as I havent had a reply to my e mail I cannot be sure - certainly a party with a similar profile.