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Friday, March 07, 2008
andygman
Parcela
I'm in Leeds
I've made 16 posts
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Could someone tell me why it is harder to get a morgage on a rustica property rather than an urbano property. Also does anyone know of any morgage companies that deal in rustica properties
Thanks
Andy g
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07 Mar 2008 10:55 AM
Gillespie
Finca
I'm in Costa Calida Area
I've made 563 posts
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andygman, I am not aware of increased difficulties in obtaining a mortgage on a country property. I´ve sold all types over the last 8 years and never had a bank show a distinction. What I do find, is that a local bank and particularly Caja´s tend to be more familiar with the area and sometimes will offer a better valuation or LTV.
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07 Mar 2008 7:11 PM
Smiley
** EOS Superstar **
I'm in San Pedro de Alcantara
I've made 2144 posts
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Hi Andy there are (apologies Gillespie) quite a few lenders that will not advance on rustic property and there are many that will only advance a reduced loan to value. Simple logic dictates that if a property is rustic then the lenders take the view that in the even they have to repossess in the event of default it may be harder to find a buyer owing to remote location. There can also be licensing issues with rustic property and in some cases it can prove difficult to validate whether the property is in fact completely legal - all this leaves many lenders with the impression of why should we bother.
That being said there are lenders in Spain that will advance on rustic property but they will be extremely thorough in their checks into status and legality and thus the process can be more protracted.
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