Hi all,
I have 2 investment properties in Spain and I want to get a remortgage to release some of the equity.
I had applied to do this in the second half of last year, but like here in Ireland, the banks there really tightened up their lending and in the end they withdrew their offers.
In case it relevant these are the details of my existing investments / debts in Spain
- I have two properties - combined value 320K (taking into account the recent slump in values)
- Both are let on a long term basis, to local tenants. Combined net monthly rent is €820
- One apt. is mortgage free, the other has an outstanding mortgage of 140K. This mortgage is with BBVA.
- Im looking to secure a remortage of 190K ie I want to release 50K of equity.
- I need this money to pay the debts associated with the (major) renovations I had to do with the second property.
Has lending eased up there? Are they any more likely to lend to me now than in Q3 / Q4 of last year?
I have 2 investment properties in Spain and I want to get a remortgage to release some of the equity.
I had applied to do this in the second half of last year, but like here in Ireland, the banks there really tightened up their lending and in the end they withdrew their offers.
In case it relevant these are the details of my existing investments / debts in Spain
- I have two properties - combined value 320K (taking into account the recent slump in values)
- Both are let on a long term basis, to local tenants. Combined net monthly rent is €820
- One apt. is mortgage free, the other has an outstanding mortgage of 140K. This mortgage is with BBVA.
- Im looking to secure a remortage of 190K ie I want to release 50K of equity.
- I need this money to pay the debts associated with the (major) renovations I had to do with the second property.
Has lending eased up there? Are they any more likely to lend to me now than in Q3 / Q4 of last year?