June 26, 2012 at 5:38 pm #56887
I was wondering if there is a facility for someone like myself looking to get a property in spain , and someone who is looking to sell , or has to sell , or the bank is going to take the property , to take over the mortgage .
I have been reading that when a bank takes the property of someone they normally take it for 50% although I believe this is going to 60% possible , this leaves the person with possible negative equity , and until the house is sold , mega mega fees etc .
I cannot afford the 30% deposit and all the fees to buy a 2nd property , but I can afford the mortgage payments .
So my thinking was I could take over the payments , they would not be sadled with all the debts and eveyone is a winner.
I am sure this must of been tried before ,
June 26, 2012 at 9:15 pm #109925
You are basically taking over their monthly payments. The property will be still in his/her name and he/she will be grateful for you to reduce or pay off their mortgage. You having no rights to the property.
They could even charge the property for whatever debts they may have or have incurred e.g unpaid tax, utilities etc and you equity will get erroded.
If you cant afford the 30% that means you cant afford the property. You either rent, look for a cheaper property or move to an area you can afford.
June 26, 2012 at 10:35 pm #109927
I apreciate your reply ,
I was asking hypotheticaly , it makes sense for a bank to have someone paying the mortgage instead of giving the keys back .
I know in the uk when 2 people split as my mate just has for him to get her of the mortgage he had to be able to show he could aford to pay the mortgage on his own , even though he already has another house.
I was hoping that instead of the bank repossessing the house and trying to recoup the money back , and instead of someone being left with debt and bills , there would be a way to take over the mortgage AND GET THE MORTGAGE CHANGED OVER TOO!!! .
No one in there right mind would pay the mortgage for someone else and leave it in there name , come on !!!
As for not affording the mortgage , we can , we just don’t have €36000 to put down on a €100,000 2 bed villa we like .
Not many people do , but it makes sense to pay the next 15 years of a property in Spain as part of my retirement plan
June 28, 2012 at 10:28 am #109947
First of all sense has a very different meaning. What makes sense in UK may not make sense in Spain. e.g does it make sense to make thousands of illegal properties, Does it make sense to not sell them & start a fresh while in the mean time the properties are deterioting, the ex minister of housing touring around the world assuring people that the proerties are legal.
The contact is in between the bank & its account holder and it the the account holder that needs to pay his/her mortgage as per the contract.
If you dont have the €36k & you cant raise this amount in any other way that means you cant afford it & there is no other economic term that can be substituted.
June 28, 2012 at 5:10 pm #109960
Well there are many 100% mortgages available , I will contact a few banks through a friend I have in Spain to see where the land lies on taking over someone’s mortgage , rather than the bank reposesing it .
June 29, 2012 at 7:54 am #109967
100% mortgages are only available to Spanish residents. The properties are in an undesirable locations & complexes in addition they are grossly over priced for the going rates in the area. Good luck.
June 29, 2012 at 6:54 pm #109981
well you can get them for english people , I have been checked out and given the ok .
Also I agree with you , I believe there not the best offer so at this time I will not be touching them .
I am still looking for a property though , just finding 36,000 euro is proving difficult .
June 29, 2012 at 9:04 pm #109982
100% mortgages are for only Spaniards. ( period) You have to learn a lot how theSpniards work !!!. They will say whatever you want to hear to get you on board !!!!!!!!!!
June 29, 2012 at 10:06 pm #109983
I am sure you are. Right . Still looking to get our place some way for our retirement in 15 years .
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