09 Jan 2008 8:26 AM:
I think its difficult to give accurate predictions but my expereince tells me that by 2009 the market will have settled, the particular mortgage you would require has a low loan to value and there is absolutely no reason to think that 'minimum risk' lending availability will change. Now, if you needed 80 or 90% I would not be as confident! However the housing market has seen a major squeeze in the past 12 months with pressure on the valuers to be 'prudent' in their valuations for mortgages, in turn slowing down sales. In addition, with the major tranche of overseas buyers being UK based and finding their disposable income reducing due to increased interest rates there is a smaller pool of UK buyers. So on a more positive note, sooner or later the Bank of Spain will see the impact on the economy which is mainly driven by the tourist and building industries and they will attempt to assist the Banks in attracting foreign buyers again, perhaps with lower interest rates, instructions on mortgage initiatives for non residents, less pressure on the valuers etc. Therefore we could see a more competitive product range available in 2009!
Thread: Mortgage Criteria Tightening