mortgaging a non mortgaged property

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This topic contains 3 replies, has 4 voices, and was last updated by  freddo 1 week ago.

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  • #219880

    jullee68
    Participant

    Hi, can i mortgage a house that has no mortgage in Spain to use the money to purchase another house then rent out the 1st one. I am a non resident for Spain. if i can what % mortgage can i get on both properties ?

  • #222028

    Mark Stücklin
    Keymaster

    Equity release is a common mortgage product in the UK but I’ve never heard of a Spanish bank offering that kind of product. I’m not saying it’s impossible, but highly unlikely. Best talk to a good mortgage broker – they will know for sure.

  • #222050

    SurveySpain
    Participant

    Its just the same as any mortgage. As long as you can prove income to suppoprt it, it should be OK, What you do with the money raised is no concern of the bank. However, you could have a problem convincing them that the income from one would pay the mortgage of the other. They may want a mortgage over both. As mark says, speak to a good mortgage broker. ‘Good’? Speak to others for their recommendations. Where are the properties located?

  • #222053

    freddo
    Participant

    You can get 70% mortgage as a non-resident
    Providing all your finances stack up should be no problem gettig what you want
    I am a Mortgage Agent .

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