It’s not worth the risk but hundreds, probably thousands did it as ‘the norm’…..
My husband saved up cash from his wages (under his bed when he lived with his parents, as is the norm).
Banesto took that cash to let him (how kind) have a 100% mortgage. It should have been a deposit!
The owner of the flat declared 55,000 euros on the first set of deeds (95,000 euro sale price) the rest the bank sorted out…and the estate agent got 5k.
An old cortijo and land bought for 30,000 euros but only 15,000 euros declared. Now it’s worth 7000 isn’t it. Not a good feeling!
It’s not worth it for future purchases but I am guessing that a lot of people are paying ‘cash’ for the really cheap properties as the banks are so desperate for cash?
I would suggest that people don’t do it, as it’s just not worth it. It’s too risky with your well earn’t (hopefully 😉 cash