I bought in phase I and my mortgage with Banesto has been rejected today - they are asking for a further 30% down payment on the 20% deposit already paid. In other words, you have to pay half the purchase price, regardless of what the contract says. This applies to all foreign non-residents. In some cases they will only give you 40%.
This information was given to me directly by the director of Banesto in La Linea today, 19 December. He told me immediately after the meeting in Sevilla had ended, as that is were the decisions are made. He actually called me, to inform me, as he knew I was waiting for an answer by the telephone. We were shocked. We had anticipated to pay some additional money, but not this.
There are 8 foreigners on his books of a total of 40 clients financing through Banesto in phase I. A total of 16 people have signed their mortgages with them, all Spanish, with the rest waiting. The above rule basically means that they are pulling the plug on all foreigners as a result of so many people (Brits) handing in their keys right now (due to the weakening pound). You are no longer wanted, unless you can cough up.
We now have to find an alternative lender. Most banks in Spain will lend you (non-residents) up between 60 to 70 percent, thus leaving you with a substantial gap in your budget based on the contract.
Having a fag and a glass of wine, while counting my losses..
Good luck to you all, and a happy Xmas. For what it is worth.