November 27, 2011 at 9:51 pm #56424
As mentioned in the title, has anybody got any personal recommendations for a mortgage broker in the Murcia region, please. Or can anybody give advice on which banks etc offer the best service etc. Please PM me if you wish.
June 7, 2012 at 11:11 am #109503
I don’t know of a specific broker that operates in the Murcia Region, but I’m familiar with a fantastic international mortgage broker. I’m a UK resident and I just acquired a villa in Seville as a holiday residence. When I looked into mortgage brokers, the process was much easier by going through an international mortgage broker. I used Credit International and was able to get 70% on a fixed rate mortgage. They had a lot of different options for mortgages in Spain and I would recommend them.
Hope this can be of some help.
June 9, 2012 at 4:02 pm #109588
@moneyman, would you be willing to share the terms of the mortgage and when you got it? I’m hoping to purchase a piso next week and am already approved for a mortgage from a bank but the interest etc. is not favorable. Thanks.
June 10, 2012 at 10:35 am #109598
Take note this is a first poster and the link may actually be his 😉
Personally I would not touch a mortgage broker, the charges are very high and they usually do not get better rates although many do have some tough T&C’s.
June 10, 2012 at 12:27 pm #109602
Due you mean “tio’s” & contacts ???. I agree with the rest of your posting. However it does not matter to me if he/she is pushing his/her services as far as they can get me a mortgage.
The people who go to brokers are generally lazy, time poor and feel throwing money is one way of solving issues in life. Of course it is their choice & their money. When they get taken for a ride they come & complain in the Pubs, forums etc.
June 10, 2012 at 7:42 pm #109610
Katy, yes, I did look to see that it was his first post before I asked for the terms of his mortgage. We’ll see if he responds. But thanks for pointing it out. That context is really important.
And yes Katy and Shakeel, I’m using a broker. It is much easier for you Europeans to get a mortgage in Spain than it is for the rest of us. And as I’m still working in the US, it is difficult for me to go back and forth and do the legwork needed for a mortgage. I did fly to Barcelona 5 times last year, once for for 3 days just to keep an appointment, but I never have enough time to do everything I need to do.
To get a mortgage, one must submit many documents. But our documentation in the US is very different, and they need to be explained and proven and I don’t have the time or mastery of the Spanish language to do it.
For example, in the US, the concept of a ‘work contract’ does not exist. Our paychecks look different – there’s a 30% discount in mine because I contribute that much to savings each payday directly from my check. I get paid 26 times a year (ever other Friday) so the amount I get paid appears to be small. It is difficult to know what is bruto and neta because we have so many ridiculous ways of looking at it. My Social Security bruto is different from my MediCare bruto, my neta for the US government is different than the State of California. And of course, each one of these is reported on the official statement of annual income.
And frankly, in Spain, it is difficult for me to tell a good mortgage from a bad mortgage – they all look ridiculously bad compared to mortgages here in the US.
I needed help and I’m happy with the person helping me.
I made an offer on an atico last Friday. Let’s see if the owner is stuck in a timewarp or will be realistic and accept my generous offer.
June 10, 2012 at 8:08 pm #109612
Good luck with your offer. One of the most annoying elements of the Spanish mortgage products is the lack of interest only mortgages. The buyers of second/holiday homes do not need to pay the capital off. Paying capital means more funds are there for the Spanish Tax man when we leave this plant for our off plan in heaven for which no deposit or reservation has been paid.
I have a family friend who works in Dubai. His monthly salary is over $10k per month. The amount gets credited to his account every month with no pay slip etc as there are no tax deduction etc. ( the$10k is just his pocket money as he is a wealthy man in his own right )
As a non EU citizen, he could only borrow 60% had to go through security checks and than the bank could not accept that he does not pay tax or does not have a payslip.
He was using the lenders mortgage i.e. “subrogacion”. The property has been ready since 2008, It is locked up & rotting………. Welcome to Spain !!!!!!!!
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