There is a difference between offering & actually dispersing the mortgage
Shakeel, only yesterday I got an offer in writing for the Euribor + 0.25 mortgage with Cajaduero. I am now waiting for them to have the valuation done (tasacion) and then hopefully be signing the “compraventa” within two or three weeks.
This is what I got in order to meet their requirements.
– Term: 30 years, you must be under 40 to get this.
– Amount: 70% of the resale value of the property (assumming the valuation will be aligned with the resale value this will be well within the margin of the max. 80% they require)
– Monthly instalment: tops 30% of family income (calculated as of Euribor 3%)
– I have to “marry” the bank (i.e. have my salary paid into their account, have at least one credit card from them and spend no less than 1000 euros per year with it, sign an insurance and a payment protection plan)
So yes, plenty of conditions, but I have done the maths and they add up for me.
Anyway, Wish me luck.