Mortgage timescale advice, please

LoadingFavourite

This topic contains 1 reply, has 2 voices, and was last updated by Profile photo of Anonymous Anonymous 5 years, 2 months ago.

  • Author
    Posts
  • #56354
    Profile photo of Anonymous
    Anonymous
    Participant

    I have seen a bank repossesed property in Spain which I would like to buy for 240K euros, I will be able to retire from my current job in March and get a reasonable size pension commutation which will enable me to put approx 100k euros down, the remainder on a mortgage. I will take on a new job which will then provide an income. I am not in a position at the moment (until March) to put down any money other than 3-4K.
    My question is this, will the bank wait for this time period if I am upfront about my timescales or would I be better off starting things then dragging them out as long as I can and hope that I can stretch it till March?
    Any advice, please.

  • #105742
    Profile photo of Anonymous
    Anonymous
    Participant

    Interesting question.

    If I was you I would be upfront about it, given that we are deep in a buyer’s market. Also, I think you would struggle to drag it on till March without pissing them off royally.

    I would try and go down the option contract route.

    Of course these are just my thoughts, no substitute for proper legal advice.

    Good luck. Where are you buying?

You must be logged in to reply to this topic.