Spanish Mortgage Update
Spanish Mortgages Update details 70–80% Mortgages Available Now Mortgages for high–net–worth clients Difficult or Unusual circumstances Interest–only.
As many of you may know, arranging mortgages at the 70% level for non-residents is not always straight forward as banks offering 70% have strict criteria, for example the clients might have to be European residents, already own a property, not be sole applicants, etc.
The good news is that we can now achieve 70% mortgages for many more clients provided that they can satisfy a 30-35% debt/income ratio. If you are a client that needs a 70% mortgage, please contact us as we may well be able to assist you.
We are also working closely with many clients and agents who are focusing on the “Golden Visa” for non-European clients wanting to gain residency in Spain.
As long as the client invests at least €500.000 in cash into a Spanish property, the Government is offering residency and they can top up this amount with a mortgage if they want to buy more expensive properties.
We have assisted a number of clients requiring the Spanish residency.
Our outlook for 2015 and the mortgage market is very positive. Property prices are very low and the majority of our agents have been reporting high levels of interest from overseas buyers.
On the mainland, the amount of foreigners buying in Spain has increased from 5% (10 years ago) to 24% today.
The property market has gone through a severe price adjustment and many commentators are predicting that prices could start to recover.
Whether this turns out to be the case or not, it is encouraging to know that some experts believe the worst of the crisis could be behind us.
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