- January 30, 2018 at 9:32 pm #219880
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 ?
- February 10, 2018 at 11:02 am #222028
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.
- February 10, 2018 at 12:31 pm #222050
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?
- February 10, 2018 at 2:21 pm #222053
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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