mortgage advise

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This topic contains 2 replies, has 3 voices, and was last updated by Profile photo of mariadecastro mariadecastro 2 weeks, 4 days ago.

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  • #196694

    Hi there

    My partner and i are really keen to buy a property in Spain (Punta Prima, La Zenia, Playa Flamenca, Cabo Roig areas) for a holiday home with a view to moving in some years to come.  just wondering where to start with getting a mortgage?  do we set a budget, get a mortgage in principle as you would here in Scotland then start looking, or look and then have a mortgage arranged?

     

    Thanks

    Jennifer Logan

  • #198152
    Profile photo of DanielleSpain
    DanielleSpain
    Participant

    Hi Jennifer,

    Yes you can get a mortgage in principle and I would strongly advise it. First of all you know exactly at which price you can purchase, thus making your search easier. Secondly, in the eyes of the seller you are almost as good as a cash buyer as you have your finance in place and are good to go. This in turn means you may have more bargaining power.

    • This reply was modified 3 weeks, 2 days ago by Profile photo of Mark Stücklin Mark Stücklin. Reason: Commercial
  • #198452
    Profile photo of mariadecastro
    mariadecastro
    Participant

    Important to have a legal check on mortgage conditions so they are in fully respect with Consumers Law:

    Main aspects to be checked when hiring a mortgage:

    – Mortgage deed related expenses

    – Ordinary interests index

    – Delay interests

    – Payment default commissions

    – Anticipated enforcement after default

    – Related insurances

    – Property valuation

    – (….)

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