spanish mortgage advice

hi im just back from terrazas and i have picked an apartment but i need a mortgage and polaris have told me to go to banco de valencia but i havent got a clue were to start any advice would be great i need a 60% mortgage

hello how does the resort look im thinking of buying on there

the resort is looking good its the first time i was over and the golf course is looking great the apartments are realy nice the prices are good for the apatment size and when the resort is finished you should be realy happy you bought on the resort

Hi scottmac,

I would recommend you shop around, Bco de Valencia option may not be the best to suit your needs / criteria. They do require you to take their life insurance and although not a normal feature of their mortgage product I have known people being asked to open deposits with them, to get the approval!   There are several products that give 60%, some with Interest Only - if that is a requirement - no life insurance requirement and no deposit requirement!

Best of luck,

HI Scott,  Welcome to Terrazas! Is the Banco de Valencia subrogated or just a straight mortgage, you'll need to know if you are shopping around. Deciding which mortgage to apply for was definately the most difficult part of buying our apartment, the rest has been suprisingly easy. 

hi its a straight mortgage im looking for .is their other banks i should try first before i try banco de valencia and do i fax them wage slips and bank statements

thanks scott

Hi  Scott

I  would  highly  recommend you contact  Sharon Wyndham from the mortgage service group she will search the the mortgages on offer and give you her unbiased view on what mortgage fits you criteria  we used her to find our mortgage and I am glad we did she is based in Spain so knows how to deal with the Spanish banks which can be a nightmare if you don't speak the language and don't know the system here is the link to her web site

www.themortgageservicegroup.com

Regards

Graham

Scott

We arranged our mortgage through our Spanish solicitor.  The cost of her fees for purchasing included mortgage application and she did all the ground work and shopped around for us, filled in all the applications etc.  All we had to do was send the relevent documentation over to her in Spain.  She has power of attorney so was able to sign everything and apply on our behalf. 

We ended up with bancaja, and so far are VERY pleased with everything.  We were immediately assigned an English speaking contact at our local branch which is very handy.  We can also do all our banking via the internet, which is great.

It may be worth checking if your solicitor offers this service. There are many mortgage brokers around and I would have difficulty knowing which ones to trust, although recommendations are usually a good sign.

Good luck.

Kim