Sorry to butt in on this thread but I’m interested in finding out about Spanish mortgages.
Jiminspain, you say that some lenders will offer 70 or 80%.
What sort of time period could be applied to a loan like that? The reason that I ask is I will be retiring to Spain in about five years and everything that we have is tied-up in the UK house so we’ve very little cash until the house is sold.
My plan was to sell-up completely, move to Spain and renting in the area that I’m interested in at first but this of course eats into whatever savings we have by then and that’s the drawback of that plan.
If we could get a mortgage set up, find a house or whatever in a carefully researched area (which we’ll have done well before-hand) move over to Spain THEN put our house in the UK on the market my wife would probably feel a lot happier! If we could then pay-off the Spanish mortgage once the UK house is sold, probably incurring a bit of a penalty payment perhaps; it could possibly be a better way for us to consider the move.
Paying a Spanish mortgage for a few months would probably work out cheaper than renting a property from what I’ve seen of the Spanish rental market wouldn’t it?