Home owner loan or mortgage in Fuertevetura - equity release from your house

Started by happy_VZ, March 05, 2015, 19:49:37 PM

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happy_VZ

Hi,

Can you please help and advice.

I owe a property at Fuerteventura without any mortgages. Is it possible to do an equity release from it.

For example, if it costs 60,000 Euros, would I be able to get 40,000 Euros cash from the bank by getting a 40,000 Euros mortgage?

Do you know some great mortgage advisors or a bank like Bankia or Sobadell who can help?

Than you for your thoughts,
Viktar

Snowdrop

Sabadell staff in Corralejo speak good English if you go in.
Don't know about here but equity release in England isn't quite as you describe it as I recall - and you need really good advice about these schemes if you go down this road - many are not favourable to the client.
It used to be that such schemes would be a last resort as a way to raise capital.  Be careful if it is an actual equity release scheme that you want and source carefully.

happy_VZ

Thank you for you advice.

I contacted Jenny at Sabadell, she said they do not do equity release mortgage.

Any ideas who can provide a mortgage advice.

I am finding it not easy finding local mortgage broker or advisor. Can you please give any direction.

Thank you,
Viktar : :D

PHo

Viktar
It depends if you want to pay the interest on the mortgage month by month or allow it to roll up until the end of the scheme. The first is a simple remortgage, and it should be possible to find that in Fuerte, though I am no expert. The roll up interest scheme is what is known as equity release. You give the bank first call on the value of your house, and they usually give you a guarantee that they will not charge you, eventually, more than the sale price. This is a risk for them so the interest rate will be higher, and fixed, and they will restrict the amount they will advance depending on you age, since these schemes normally run until death. Unless you are very old I suspect that the limit will be a lot less than two thirds of the property value.
Hope this helps

happy_VZ

Thank you,

Remortgage then for me. Banks should aunderstand that, I think.

If you were in my shoes, where to start the serch for a remortgage or a broker/mortgage advisor who can help to set it up. Try going to the other banks directly? Would lawers know where to start the serch fro a remortgage? Any thoughts?

Thank you,
Viktar