Spanish mortgage

N

Nova

Guest
Has anyone experience in seeking a mortgage from any of the spanish banks?
I already have a property in spain (costa Blanca ) for rental purposes but have recently found a little gem of a place I wish to buy.
Selling my original property is not very reliable at present because of the slowdown in property sales in Spain.
I am considering applying for a mortage with the spanish banks..any advice would be appreciated.
.
 
Nova said:
Has anyone experience in seeking a mortgage from any of the spanish banks?
I already have a property in spain (costa Blanca ) for rental purposes but have recently found a little gem of a place I wish to buy.
Selling my original property is not very reliable at present because of the slowdown in property sales in Spain.
I am considering applying for a mortage with the spanish banks..any advice would be appreciated.
.
Click to expand...

hi Nova

Last year I organised a mortgage with Banco Halifax Espania. They are an arm of Bank of Scotland. I haven't done one since and am not sure what impact credit crunch has had with that particular operation. As far as I know they deal through brokers but it would be no harm to investigate further via branch or broker.
 
Thanks guys,
I've been doing a bit of research myself and disovered Bank of Ireland have an affiliation with "La Caixa" Bank in Spain.
My correspondence with both Banks were helpful, friendly & Articulate and their rates seem reasonable too.
Think I'll go with them.
 
We deal with solbank through our mortgage broker network and find them professional. Clients also receive preferential rates and terms . If you want to post what rates, breakage fees etc your currently being offered I can let you know how they compare. Also note that some people have had problems with valuations of Spanish property recently. The general dictate with Solbank at the moment seems to be granting 70% LTV of the lowest of the banks valuation or purchase price on the deeds. Something to be aware of.
 
Sorry to piggyback but i have a mortgage with caixa bank in spain. Rate is 6.4%, they set the rate once a year. I have complained and they are going to bring it down if i setup a 'new condition' i.e put 1k on deposit. This would change the terms of the initial mortgage and would allow me to take advantage of the low ecv rate.

From what i can see 6% is quite typical in spain.
Has anyone else been getting a better deal and from whom. Id like toi have a rough idea what rate we should be shooting for
 
Sounds like a great rate. I believe the norm in spain is to use the average EURIBOR as the base and then to add between .75% and 1.5%
 
You must log in or register to reply here.
Back
Top