[Anonymous]

Hi

I am looking to buy in the Duquesa/Manilva area in the next couple of months. I’ve seen a few threads on here recently saying that it’s really hard to get a Spanish mortgage these days due to the credit crunch and that the banks are looking for credit reports from the UK now.
I have a 25-30% deposit, earn 65k(£) and I’m looking at a budget of 400-450k. Having spent the last 10 years living and working in Gibraltar, I’m well and truly out of the UK credit system, so how can I obtain a credit report? (or do the banks only require this from current UK citizens?)

Smudge

[Inez]

My ace mortgage broker says that if you dont have a credit file then some banks will refuse, but others will lend. Its a very complex issue and you need to spreak to an independant broker who can advise clearly.

If you pm me with your email I can put the 2 of you in touch if you like – no obligation to use him but he will give you claer accurate info.

[Anonymous]

Also looking for a spanish mortgage within next couple of months. I do have a UK credit file and a very good credit rating. I want interest only for as long as possible for 80% of the property valuation. Any suggestions?

[katy]

I know someone who walked into Cajamar and had a mortgage offer within 2 weeks. (December) I would steer clear of many of the mortgage brokers as it will cost you. Above all…LOOK AT THE SMALL PRINT!

[Anonymous]

Ive been with Cajamar since 2003 and whilst there not the cheapest, they have been brilliant with me and I would recommend them.

Anyone who wants an introduction id be only too pleased to help, alternative just walk into one of their branches.

[Inez]

I heard theres a new product 80% of value and 25 years interest only just out. Officially to 90% of purchase contract but sometimes go to 100%.

Pm for more info and whilst brokers do charge a fee, they can save you a lot more than going directly to banks if you know a decent broker. The one I use ensures his clients do NOT have to sign up to the mandatiry life insurance cover many banks insist on if you walk in off the street AND can negotiate a lower rate.

He advises with regards to inheritance tax and overall its much better to get a good mortgage now than to look at remortgaging which will cost you around 5% to do so at a later stage.

And no – I dont get a kickback, just like to see a genuine guy get the business and more importantly clients buying get the best deal there is to suit their circumstances.

I just wish I had had better advise when I bought!!!

[Author]

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