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Wednesday, February 28, 2007
henrya
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I purchased a development off plan back in May 2005 in the Mojacar region of Almeria. I am hoping to complete in the late summer and need a Spanish mortgage to pay the further 75% balance. My Agents recommended a mortgage broker 4less group. I have also requested information from Barclays who have a branch in Mojacar. I probably need a company that does not take fully into account my current uk mortgage (as I believe Barclays do). The 4 less group have told me that mortgage lenders they deal with base their offer on monthy outgoings compared to incomings and have stated that I should easily be able to borrow the money required. Has anyone had any dealings with this broker? Any other recommendations would be appreciated.
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28 Feb 2007 4:54 PM
Smiley
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Barclays will assess your Uk liabilities - interesting terminology you use that their recommended lenders assess outgoings not incomings - does that mean if you have neither any loans nor also any income they can get you a mortgage - absolute garbage! All lenders in Spain need to see proof of net income whether they assess UK liabilities or not - unless of course they are suggesting something different.
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28 Feb 2007 5:08 PM
henrya
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Sorry my bad english (what hope have I got of learning Spanish). I meant to say they assess your monthly outgoings (i.e Mortgage in UK + Mortgage in Spain) as a percentage of your monthly income (combined salary + investments).
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28 Feb 2007 5:17 PM
Smiley
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They add UK outgoings to new Spanish outgoings and it must not exceed a certain % of disposable (after tax) income, including pensions and investments. Different lenders assess in different ways (in the same manner as the UK). Some lenders will not advance if you are deemed a professional landlord in the UK (large numbers of buy to let properties on BTL mortgages) but they will credit search the UK so will know about them from your credit file. There are also some lenders that do not look at all UK debt and liabilities and only require bank references instead of bank statements.
_______________________
Smiley - patrick@marbellamortgages.com www.marbellamortgages.com
Sarcasm is the lowest form of wit .....but any form of wit is an achievement
NO MATTER HOW MUCH MONEY YOU HAVE GOT, IF YOU HAVE NOBODY TO SHARE IT WITH, THEN ITS JUST NUMBERS IN THE BANK.
TO ESCAPE CRITICISM DO NOTHING, SAY NOTHING, BE NOTHING!
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