Mortgage timescale advice, please


This topic contains 1 reply, has 2 voices, and was last updated by Profile photo of Anonymous Anonymous 5 years, 5 months ago.

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  • #56354
    Profile photo of Anonymous

    I have seen a bank repossesed property in Spain which I would like to buy for 240K euros, I will be able to retire from my current job in March and get a reasonable size pension commutation which will enable me to put approx 100k euros down, the remainder on a mortgage. I will take on a new job which will then provide an income. I am not in a position at the moment (until March) to put down any money other than 3-4K.
    My question is this, will the bank wait for this time period if I am upfront about my timescales or would I be better off starting things then dragging them out as long as I can and hope that I can stretch it till March?
    Any advice, please.

  • #105742
    Profile photo of Anonymous

    Interesting question.

    If I was you I would be upfront about it, given that we are deep in a buyer’s market. Also, I think you would struggle to drag it on till March without pissing them off royally.

    I would try and go down the option contract route.

    Of course these are just my thoughts, no substitute for proper legal advice.

    Good luck. Where are you buying?

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