when I enquired about a euro mortgage I discovered I would only be eligible if I was paid in euros, or had access to enough monthly euros to repay it. Is it still like that?
well the money goes thru the bank and its changed in to euros isnt it???
If people are being advised NOT to take out a 100% mortgage in this country why are you taking one out in a foreign country?
It really is madness to do this and would certainly advise you to think again especially if you are asking how they work.
It really is madness to do this and would certainly advise you to think again especially if you are asking how they work.
Proper Spanish banks will only allow a mortgage of 70% maximum for a non-resident.
Mortgages of 100% can only be obtained by means of falsified documentation.
Mortgages of 100% can only be obtained by means of falsified documentation.
i didnt know that,i was only after some advice,i spose a 100 % mortgages are the only way people like me can afford to buy a holiday home.
i didnt know that they were frowned upon or dare say it illegal?
i didnt know that they were frowned upon or dare say it illegal?
Not wanting to change the subject but its sort of related.
Do Spanish banks (If it is legal) offer interest only mortgages over long periods, Say 20 years?
I understand some do on the short term,John.
Do Spanish banks (If it is legal) offer interest only mortgages over long periods, Say 20 years?
I understand some do on the short term,John.
Rather than take out a 100% mortgage in Spain, why not extend your uk mortgage to pay the 30% and then borrow the 70% in Spain. We didn't borrow at all in Spain just the UK, but this does have a downside re Spanish intheritance tax.
Cliff
Cliff
Rather than take out a 100% mortgage in Spain, why not extend your uk mortgage to pay the 30% and then borrow the 70% in Spain.
This is very risky, if anything goes wrong you could lose 2 properties not just one.
It just amazes me that people consider taking 70% mortgages let alone 100%. If you can't afford it, why try and buy it. Unless of course it is run as a proper business venture, but for a holiday home alone, people should expect what they get when things go wrong.
If we get to a time again in UK where negative equity hits, the Social Services will have to build more offices to deal with all those caught in the trap. many of those will have overextended, yet feel sorry for themselves, and expect the taxpayer to pick up the bill.
If we get to a time again in UK where negative equity hits, the Social Services will have to build more offices to deal with all those caught in the trap. many of those will have overextended, yet feel sorry for themselves, and expect the taxpayer to pick up the bill.
I thought that Spanish mortgages were never for more than 75% and that the normally ran for a period of no more than 15 years
I would also think it is irresponsible to borrow a large amount in a foreign currency when you would be repaying with UK funds
If mortgages in the UK were on a similar basis it would have possibly slowed the present large rise in house prices & the riskof a price crash
I would also bann remortgaging to release equity
I would also think it is irresponsible to borrow a large amount in a foreign currency when you would be repaying with UK funds
If mortgages in the UK were on a similar basis it would have possibly slowed the present large rise in house prices & the riskof a price crash
I would also bann remortgaging to release equity
christ how friendly everyone is here !! NOT!!!!!! a real welcome !!
at the end of the day im doing it and its nothing to do with anybody else , i was asking for help not your small minded opinions on what im doing.
is this the OAP costa room?? LOL
at the end of the day im doing it and its nothing to do with anybody else , i was asking for help not your small minded opinions on what im doing.
is this the OAP costa room?? LOL
You asked for advice in the first place.
Whether you take the advice or not is up to you but there is no reason to be rude just because you don't like that advice.
I hope everything goes well for you, but if it doesn't please don't come back and ask for help in how to get out of any problems that you have.
Whether you take the advice or not is up to you but there is no reason to be rude just because you don't like that advice.
I hope everything goes well for you, but if it doesn't please don't come back and ask for help in how to get out of any problems that you have.
im certainly not the first person to do this and so far ive had some negative remarks,thats all,im as rude as the remarks made to me !!.i really dont see a problem in what im doing,its the same as spending on a credit card for example,you spend ,you pay back simple as that.i can afford the monthly repayments,and if i rent it out itll be a bit more help.but i really dont see why some people here are up in arms about it!!
"christ how friendly everyone is here" - normally very friendly, but everyone has their own opinions.
"at the end of the day im doing it and its nothing to do with anybody else" - so why ask their advice?
"is this the OAP costa room" - no, but obviously viewed by sensible people.
"i really dont see a problem in what im doing,its the same as spending on a credit card for example" - which is why the bankruptcy courts are busier than ever.
"and if i rent it out itll be a bit more help" - my apologies on this one, I did not realise that you were considering buying a property with a Touristic Licence and looking at it as an income?
Neat idea, bet not many people are buying to rent?
If you are depending on rental income to support or maintain borrowings, be even more cautious.
"at the end of the day im doing it and its nothing to do with anybody else" - so why ask their advice?
"is this the OAP costa room" - no, but obviously viewed by sensible people.
"i really dont see a problem in what im doing,its the same as spending on a credit card for example" - which is why the bankruptcy courts are busier than ever.
"and if i rent it out itll be a bit more help" - my apologies on this one, I did not realise that you were considering buying a property with a Touristic Licence and looking at it as an income?
Neat idea, bet not many people are buying to rent?
If you are depending on rental income to support or maintain borrowings, be even more cautious.
You can get whatever mortgage you want. They may advertise up to 70% etc, but when you actually go into it, you could have a 110% if thats what you want (we were offered whatever we wanted)
You can have whatever length of time you want as well, they dont only deal with over 20 years etc, you can have 5-10-15 as well.
As word of advice, dont believe what you are initially told, the whole system is based on tampered info. But that doesnt make it bad.
Also, if you want a 10% mortgage there is nothing wrong with that, it is quite normal
You can have whatever length of time you want as well, they dont only deal with over 20 years etc, you can have 5-10-15 as well.
As word of advice, dont believe what you are initially told, the whole system is based on tampered info. But that doesnt make it bad.
Also, if you want a 10% mortgage there is nothing wrong with that, it is quite normal
Robzter
Its upto you how you arrange your affairs but you came on here asking for help All any of us (some of whom have a lot of experience of owning property abroad ) were giving you was the benefit of what it has taken some of us a long time to learn
We don't know all the answers but we know a lot of them
The best of luck
Its upto you how you arrange your affairs but you came on here asking for help All any of us (some of whom have a lot of experience of owning property abroad ) were giving you was the benefit of what it has taken some of us a long time to learn
We don't know all the answers but we know a lot of them
The best of luck
apollo wrote:As word of advice, dont believe what you are initially told, the whole system is based on tampered info. But that doesnt make it bad
Tampering with a P60 or obtaining a false valuation (two of the methods used to obtain high mortgages) isn't just bad it is fraud and you will be for the high jump if you get caught.
Well this is such a friendly forum I must say. Can I firstly ask, has anyone had a 100% morgage? Does anyone really know what it's all about? You all seem to be good at giving advise, but none of you have said anything about any experiances that you may have had. I would like to say, I had a 100% morgage and it works really well for me. It was the only option I had to optain a property in Spain as I didn't want to buy in the UK.
I didn't think that forums were about being unfriendly and that is what you all have been. So why don't you all go and take a run and jump and don't reply to something you know nothing ABOUT!!!
I didn't think that forums were about being unfriendly and that is what you all have been. So why don't you all go and take a run and jump and don't reply to something you know nothing ABOUT!!!
Believe me, Cal, I know plenty about it and I hope you don't end up in the same situation as the people I know who also managed to get a fraudulent 100% mortgage!
If you do it may be you who will be taking the running jump... right off the edge of the nearest cliff-top, along with your dodgy mortgage broker.
If you do it may be you who will be taking the running jump... right off the edge of the nearest cliff-top, along with your dodgy mortgage broker.
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