What size deposits are needed now

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08 Aug 2009 00:00 by Sanchez1 Star rating. 818 posts Send private message

Does anyone know what size deposits are now needed to purchase a property in Spain?  I've heard it's 30-40% at the moment, which seems quite high...

Cheers

David



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08 Aug 2009 14:32 by Smiley Star rating in San Pedro de Alcanta.... 2437 posts Send private message

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Depends on status and product - but for non residents 30% minimum - some lenders even as high as 50%. It is feasible to get 80% of purchase price borrowings as long as the mortgage is within 70% of bank value.



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08 Aug 2009 16:54 by Sanchez1 Star rating. 818 posts Send private message

Thanks Patrick.  So not as bad as I thought.

Cheers

David



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08 Aug 2009 18:51 by Smiley Star rating in San Pedro de Alcanta.... 2437 posts Send private message

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Depends on perspective I guess - until recently it was still possible to borrow 90% of PP at 60% of valuation. For official residents who meet criteria LTV might be better but really does depend on situation.



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