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Remortgaging and refinancing in Spain

After putting up for years with a bad mortgage deal I have finally researched the market and made the move. I've waved goodbye to one spanish bank and went to a better one. I'll be blogging my 2p worth of knowledge I got from the experience.

Is anybody lending in Spain?
Wednesday, March 16, 2011 @ 12:32 AM

From my research over the last month it seems that very few banks are actually lending anything! Even with the new bailout on the backs of the working class, cajas and banks are not interested in giving mortgages, regardless of your creditworthiness. I've talked to BBVA, Banco de Andalucia, Barclays, Caja Granada, CAM, Santander, Banesto... Only Caja Granada and Barclays were actively interested in asking for my information to evaluate the case. I don't think this is a branch-specific condition, in fact, one of the bank employees said to me that they are just interested in surviving (off my taxes presumably), not taking risks.

I would be very interested what you readers experiences are. My intention was to provide some comparisons of rates/conditions but it's pointless if nobody is lending. Anyway, for what it's worth, I found that Barclays's Euribor + 0.59% was the lowest achievable rate.

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Patrick said:
Wednesday, March 16, 2011 @ 4:53 PM

Welcome to our world!

It is still possible to lend for both resident and non-residents, you just need to know the right banks. It also depends on what your mortgage requirements are, not all banks have the same lending criteria or restrictions. Typically, residents can lend up to 80% of the value of the property and non-residents up to 70% of the purchase price

Barclays do have about the best rate on the market but are very fussy on who they approve for a mortgage.

Feel free to contact us if you get stuck

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