Spain’s biggest bank, Santander, has agreed to help out its developer clients by offering their buyers 100% mortgage financing if the developers drop their prices by 20%.
The agreement, signed between Santander and the Association of Developers of Spain (APCE), should increase access to housing, and help reduce Spain’s inventory of unsold new homes, both sides claim.
The agreement is limited to developers that are both members of the APCE and clients of Santander.
Santander has also promised faster approval decisions for buyers looking to take over the developer’s mortgage.
Paul Robinson says:
Can you please advise if you can provide a mortgage for me in Menorca, looking at 50% mortgage on a property of agreed 275000 Euro.
Mark Stücklin says:
Paul, check out http://www.spanishpropertyinsight.com/mortgages-in-spain/lenders/