best way to obtain mortgages

Started by Andy Mac, October 19, 2013, 12:54:44 PM

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Andy Mac

Hi im new to the forum
I would like some advice on obtaining a mortgage to buy a property on the island, as I approached a couple of lenders here in the UK and they won't provide them now.
Thanks Andy 

TheCooler

Getting a Spanish mortgage is a slow and painful process, the banks do not give mortgages the same way as they do in the Uk.Look at about 3 months as the minimal length of time before you will get acceptance.All mortgages are now decided in the head office usually Madrid. That's where they are underwritten and the interest rate is then decided on risk.
Do as much research before you go .
One piece of advice I would give is don't pay a deposit to an estate agent. It's not required and if you fail to secure a mortgage there's a good chance you won't get it back. (Usually the deposit pays the estate agents fees).
They might argue otherwise , but then ours told us that the short term let clampdown was a  storm in a tea cup and nothing would come of it.
Patience will be required.