Can
we help?
Borrowing In Spain
 The
rules that lenders use to underwrite mortgages in
Spain are very different to that of the UK. Below
is a guide to the way it is done, but this varies
from lender to lender. The percentage the lender will lend is lower for non-residents
than for residents.
Residents
can borrow up to 100% if they have a secure job.
Non-residents can generally only borrow up to 70/75%.
This however is based in some cases not on the price
you are paying but the value on the valuation report.
The
other main issue is affordability ,most lenders will
look at the net Income after tax and then take
one third,less your existing mortgage in the uk.
Another
factor that determines the monthly cost is the term
of the loan and this is usually up to retirement
age,this can be 60/65 or 70.
However there are lenders that will go to aged 85.
So advice to get the best terms is vital.
|
