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In the light of the current credit climate. Can anyone please advise if self cert mortgages in Spain are still available ( looking for 60-65% LTV).
Many thanks
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There is a self cert mortgage at present through UCI – part of Banco Santander.
It is for non-res new purchase and cannot be used to re mortgage.
You will get a max of 60% LTV. But valuations are very low at present.
It will have high set up costs and a slightly higher rate of interest compared to a normal repayment mortgage.
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There is a self cert mortgage at present through UCI – part of Banco Santander.
It is for non-res new purchase and cannot be used to re mortgage.
You will get a max of 60% LTV. But valuations are very low at present.
It will have high set up costs and a slightly higher rate of interest compared to a normal repayment mortgage.
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Many thanks Peter
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Many thanks Peter
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Normally a self cert mortgage in Spain is only sought because the buyer is hiding something (eg income to mortgage cost) so it is right that Banks charge maybe 5% extra for non status mortgages so a to protect their honest account holders.
At the end of the day, self cert morgages are the start and end of the many problems experienced by buyers world wide. If you need a self cert mortgage then maybe the question of “can I really actually afford to buy” should take priority!
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Normally a self cert mortgage in Spain is only sought because the buyer is hiding something (eg income to mortgage cost) so it is right that Banks charge maybe 5% extra for non status mortgages so a to protect their honest account holders.
At the end of the day, self cert morgages are the start and end of the many problems experienced by buyers world wide. If you need a self cert mortgage then maybe the question of “can I really actually afford to buy” should take priority!
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rob-fuengirola: I like your simplistic analogy of life & the financial world.
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rob-fuengirola: I like your simplistic analogy of life & the financial world.
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If I were you I would check its still out there as all other lenders have withdrawn their self certs – UCI isnt a true self cert in as much as the person who handles our clients mortgages used them a few years ago and they asked for a p60 – which is fine as it proves tax is paid, but then worked the ratio based on that p60 as opposed to what the buyer had stated on the form!
In this current crises I would very much doubt you will find any self certs out there, but good luck
Halifax have dropped their ltv to 60% of valuation or purchase contract price depending on which is the lowest!
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If I were you I would check its still out there as all other lenders have withdrawn their self certs – UCI isnt a true self cert in as much as the person who handles our clients mortgages used them a few years ago and they asked for a p60 – which is fine as it proves tax is paid, but then worked the ratio based on that p60 as opposed to what the buyer had stated on the form!
In this current crises I would very much doubt you will find any self certs out there, but good luck
Halifax have dropped their ltv to 60% of valuation or purchase contract price depending on which is the lowest!
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