My Mum, who has lived/rented in Barcelona for the last 6 years, has decided she would like to stay there now she has ‘retired’. Unfortunately she has a basic UK pension and only a small amount of money put by for a deposit. She’s 65 now, so her options seem limited as far as taking out a mortgage in her name.
She has asked my Wife and I (we live in the UK) if we can help, and of course we are willing… but not necessarily able. I think the idea might be that we take out a mortgage in Spain in out name with my Mum as a joint applicant? We already have a 2nd property in the UK that we rent out so are familiar with the process in the UK, but doing the same in Barcelona seems like a very daunting process.
Mum has already mentioned there is a 14% cash element to add to the advertised property vale which covers things like stamp duty, land registry, searches etc….
I’m guess I’m asking what may have already been asked a 100 times before, and I’m sorry if I’m repeat posting. I just don’t really know where to start and what the potential issues are of taking out a property loan in Spain as a UK resident.
Any help or pointers are very much welcomed.
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