90% mortgage required

Hi every one 

 

 

Can anyone tell me if its possible to get a 90% mortgage froma spanish bank if your buying direct from them i am thinking of moving into the Playa flamenca area who are the local banks in that area..any thoughts would be gratfull...steve

 Hi Steve,

It all depends on what property....i.e the valuation to purchase price.

I have found that a lot of the banks are giving mortgages on overpriced properties so in essence you end up with instant negative equity.

It clears the bank stock so they see this as a quick fix.

I have just mangaed to get a 91% mortgage for a client, i use a lawyer to get client mortgages, the beauty of this system is that you can get a good price and good percentage mortgage without suffering the banks over inflated prices.

What people sometimes misinterperate is that Bank owned does not always represent good value.

many thanks for the info i understand what you are saying about over priced property . i have seen some offer a best offer deal that may be worth bringing the price down by 10% or so will have a look about and see what happens...steve

Hi Steve - I agree with Georgia that the banks' deals tend to be based on very high valuations.  However, it is possible to negotiate and put in low offers for their repossessions. 

Bancaja are doing some good deals but if you just went by the prices on their website (and the fact they have the wrong descriptions, wrong addresses and no photos for some properties!!) then you would never even look at them.

I don't deal with the local branch so drop me a PM if you want more info.

Happy hunting!

Just currious by why would you want to buy when you can usually rent for much less?

I know what you are saying and since i put my first thread into this site i have now kind of changed my mind about jumping into buying and going for a rental for at lkeast 6 months. we are just like every one else trying with no luck selling our own home in the uk so its fingers crossed and waiting to see what happens...