Mortgages in Spain
Spanish Mortgages in Spain
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Non Status Mortgages In Spain Non Status Spanish Mortgages

Spanish Mortgages In Spain

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Non Status Mortgages In Spain

Non Status Mortgages In Spain

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Non Status mortgages in Spain dont really exist. There are a few lenders who will now entertain the idea but you have to go through fairly rigorous checks first.

Generally it is more common place to have to declare proof of income etc. Things are getting a little easier in Spain but because the Spanish Banks have traditionally been very conservative lenders Non Status has never been considered.

You will also read about Guaranteed Mortgages for off plan properties but these mortgages still have the usual conditions applied to them. Proof of Income, Bank Statement full disclosure of out goings etc.

As a rough rule of thumb the Bank in Spain are happy for you to spend up to 35% of your monthly net salary on any Spanish Mortgage. They would obviously take into account any other mortgages or loans that you may have along with any large noticeable outgoings.

If getting a non status Mortgage for your property in Spain is the only way you can do it then you may be better raising the finance in the UK. You could re mortgage your current home and buy the property in Spain without a mortgage.

The pitfall of buying your property with a mortgage that is in Euros is that you will be affected by any currency fluctuations.

In 2002 when I purchased my home in Spain you got ¬1.60 for every pound. In 2005 you can get just ¬1.40. Thats a 12% difference!

As time goes on I suspect that many more Spanish Non Status Mortgages will become available so watch this space.




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