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Sunday, April 15, 2007
dixie
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Hi Friends, had a quick skate around the threads but can't fine the answer to this one-do self cert mortgages exist in Spain now? I was told a few months ago that they didn't but also that Spain was beginning to widen its range of mortgages. I have a true self cert (ie. no proof of income requested) interest only on the family home as I'm self employed. If I complete on my off plan, which will be Summer '09 at the earliest, I would need a self cert on that too.
Any advice gratefully received-as always!
Cheers,
Dixie
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15 Apr 2007 9:07 AM
miket
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Dixie,
Depends what you mean by Self Employed? If you can supply copies of your accounts for say 3 years and have them certified by a qualified accountant I wouldn't see a problem? I'm fairly sure you would probably have to supply details of tax returns as well I would expect? Spanish banks I understand are taking a harder line with "Dodgy" Income certification!
It may be worth approaching a Uk bank with a Spanish presence, Barclays or the Halifax banks for instance but as Smiley would probably confirm they must also operate under Spanish Rules.
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15 Apr 2007 9:07 AM
miket
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Duplicated!
This message was last edited by miket on 4/15/2007.
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15 Apr 2007 11:04 AM
dixie
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Well I won't have been self employed (I'm a consultant) for quite 3 years by then and my current income covers my UK mortgage only. I would only be looking at a mortgage in Spain if I can't sell before completion. I guess I would need a buy to let, based on rental income. Here that isn't a problem, but once again, do those mortgages exist in Spain? Basically if I can sell on before completion I will buy a little place outright that will become my long term 2nd home.
Thanks,
Dixie
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15 Apr 2007 11:17 AM
miket
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Dixie,
Buy to Let mortgages don't exist in Spain as yet. Banks base their lending levels on your net annual earned income minus any current mortgage payments. They also appear to be clamping down on applicants using Internet sites who offer false P60 and Payslip data!
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15 Apr 2007 12:42 PM
Smiley
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NO SUCH THING AS BUY TO LET IN SPAIN AND I DONT THINK EVER WILL BE. GB BANKS WITH SPANISH PRESENCE PROBABLY THE WORST MIKE T AS THEY ARE THE ONES THAT WILL DOT ALL THE I'S AND CROSS ALL THE T'S AND CREDIT SEARCH ETC - CAN GET 65% OF VALUE ON TRUE SELF CERT - RATES AND START UP COSTS HIGH - CAN GO TO 70% OF VALUE IF THE CORRECT DOCUMENTATION CAN BE PROVIDED BY YOUR ACCOUNTANT AND YOUR BANK - RATES NOT BAD START UP COSTS OK TOO
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NO MATTER HOW MUCH MONEY YOU HAVE GOT, IF YOU HAVE NOBODY TO SHARE IT WITH, THEN ITS JUST NUMBERS IN THE BANK.
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15 Apr 2007 6:52 PM
dixie
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Thanks for the info. I think I need to sell on (if I can - another thread) before completion. MRI of course told me that anyone can get a mortgage in Spain as long as you earn something! I didn't believe them but wasn't too worried as I knew I had no intention of completing. I'm investing in the UK too, so who knows, I may have a much bigger bank balance in 2009. I hope so!
Cheers guys.
Dixie
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15 Apr 2007 7:02 PM
Smiley
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At this stage Dixie perhaps not inclined to worry too much - wonder why MRI seemed to think that lenders here dont follow any sort of checking procedure - funny as they have their own in house mortgage "club" called Capital Financial Partners or something like that - perhaps they thought that if you thought there would be a problem getting the mortgage you might not invest and they would not earn their commission or am I just being too much of a cynic?
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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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15 Apr 2007 7:54 PM
Rixxy
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You a cynic? You've only been in Spain for 4 years, how could you possibly be cynical!
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15 Apr 2007 8:06 PM
Smiley
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As well you know my dear Rixxy I am the eternal cynic - came out of the womb that way! Actually it was a little later but might as well have been at initial entry into the world!
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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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15 Apr 2007 8:11 PM
Rixxy
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I guess for youthe glass is always half empty then as opposed to half full?
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15 Apr 2007 8:13 PM
Smiley
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Abso positively as well you know - never been able to be positive in such a negative world?????
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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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15 Apr 2007 8:14 PM
Smiley
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Actually my glass is never half anything - its either full or it is empty there is no middle ground - when its full it needs to be emptied and when its empty it needs to be filled up again
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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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15 Apr 2007 8:17 PM
Rixxy
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Sounds perfect to me. Good logic there Smiley. Is the world that negative really??
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15 Apr 2007 8:22 PM
Smiley
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Outside of this forum I reckon it might be - never had a problem with that myself - self starter (or early starter at a Little Chef) I think they call it in the UK - learned from an early age that if I didnt pull my finger out then nobody else would do it for me - no use cryin over spilt milk - with the assassins I had to contend with last night its a good job my specs have rose tinted lenses otherwise I would have slit my wrists as they were ganging up on me - but today was another bright sunny day - then again even when its not a sunny start to the day I always know the next one will be just that little bit brighter
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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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15 Apr 2007 8:25 PM
Rixxy
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What a lovely outlook you have. Sorry if I got to you last night, would hate you to think I would want to assasinate you!
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15 Apr 2007 8:36 PM
Smiley
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Always try to be cheerful even in the face of overwhelming odds - could have been born into far worse circumstances so count my blessings every day
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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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15 Apr 2007 8:40 PM
Rixxy
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Igualmente Snr Smiley
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15 Apr 2007 9:58 PM
miket
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Look you two and you know who you are? This is a thread about mortgages NOT a Rixxy and Smiley having a cynical Heart to Heart!!
Go On off you go............................Get back to your Chit Chat thread....
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15 Apr 2007 10:43 PM
Smiley
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Oh Mike youre a spoilsport - you know what a masochist I am - was hoping to get a rollicking from she who must be obeyed - just my rebellious streak - think the self cert question had been answered so had moved on to while away the hours
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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!
Spam post? If so please click here to report it
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