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05 Jan 2017 13:08 by Bevgt Star rating. 20 posts Send private message

Please can some one  give me some advice , my son is looking at buying an apartment in Mallorca he can get a 70% percent mortgage as a non resident he has a 30 percent deposit and we said we would borrow here in England the money for legal fees , tax etc about £15,000. We have been told by a broker we cant do this as a Spanish bank says you have to fund a purchase out of your own money and they will check to see where it has come from .Have i understood this correctly.

 





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05 Jan 2017 14:01 by Jarvi Star rating in Halifax UK. 455 posts Send private message

Presumably you are borrowing the money in your name and giving/loaning it to your son?

As long as the funds are in your sons bank account before applying for the mortgage and not yours I cannot see any problems with it.

If I am wrong I am sure someone else will let you know.

 





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05 Jan 2017 14:16 by mariadecastro Star rating in Algeciras (Cadiz). 8888 posts Send private message

Legal Questions? Speak to Maria Direct

Dear Bevgt:

Notary will check (1)  price is paid by the buyer-- taxes reasons-- and  (2) money comes from a legal source. Of course you can lend( give your money to your son for the payment of legal fees, taxes and Notary costs. Just price is scrupulously monitored as being paid by the buyer.



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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05 Jan 2017 14:26 by Bevgt Star rating. 20 posts Send private message

Thank you so much  for your  quick replys i was getting so worried we would not be able to go ahead





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