17 Oct 2012 7:04 PM:
Hi,
I'm after as much advice as I can get on whether to to go down the mortgage route or pay cash for a Spanish property.
I'm going over this weekend to look at an apartment for €40,000, offered with 100% mortgage.
I guess I have the following 3 options:
1) I take the 100% mortage for a start, and then maybe look to pay it off reasonably quickly as and when exchange rates are favourable. With this I understand I may face early repayment fees if I they appear in the mortgage
2) I pay part cash and part mortgage initially. Leaves me more flexibility with the cash I have, but depends on what fees I will have to pay for the mortgage
3) Arrange my finances, so I pay the cash amount in full
I know the easiest option is to just pay cash in full, but just wanted to know if I would be missing something financially by not using the low interest rates at the moment for mortgages. Am I missing any tricks that will save me money in the long run ?
thanks, Paul
Thread:
To Mortgage or Not to Mortgage
--------------------------------------