Mortgages

We are really struggling to obtain finance for our apartment in Luz Almoradi, we have been told we can only get a 70% loan to value mortgage at the moment due to the economic climate.
We are sure that 70% will not cover the amount we owe, does anyone have any idea what the present value of a 2 bedroomed, 2nd floor in phase 4, facing out would be worth? This may give us an idea if 70% would be enough. 
Furthermore has anyone been able to obtain an 80% Loan to value mortgage, if so who with? We have been in touch wih Mortgages4u recommeded by lizpryce, but thats also looking like it'll only be 70% too, we have to still finalise some details with them so you never know, but would like to get in touch with other companies too.
We have also been advised to have a lawyer read through our contract & see if there is anyway we can sell & not lose the total deposit, does anyone have any details of a good lawyer who could help us?


Any help you can give we would be really grateful.

Sarah x

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Hi,

Sorry to hear about your problem.......mortgages are a minefield at the moment aren't they.....

We have had problems in the past getting attractive mortgages.....not because of a bad credit history, or  lack of affordability, but because we are self-employed and do not have a regular income. Banks would happily give us business loans - but not the cheaper residential loans/mortgages.

We used an independent mortgage broker. He spent a lot of time with us and was very helpful. He had a wide-choice of different mortgages and could 'phone up the different companies and talk directly to the 'deciders' so time was not wasted chasing rainbows.

Our eldest son was buying his house at the same time - so he used the same broker as us..To give you an idea of his versatility.......we ended up remortgaging with Halifax, using this as a deposit for a mortgage with Birmingham Midshires...and my son went with Scottish Widows!

I would never have thought of this route. It has saved us a packet in fees and repayments. And - he filled in the forms for us.....!

Of course - he does not come free. He gets payment from you ( it is added onto the mortgage) and from the mortgage provider....so it is always wise to check he is independent. 

Good Luck

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Sarah25 - check with resident broker Smiley email him on patrick@marbellamortgages.com for a quote and to see what he can do. Good luck

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Hi Sarah,

Sorry to hear of the difficulties you are experiencing with obtaining a mortgage - Unfortunately it is now nigh on impossible to get an 80% LTV mortgage.   In fact many lenders are going down to 60% LTV but there are still a handful offering 70% LTV.  We are now generally seeing valuations coming in at around original purchase price (in some cases less!) and of course this poses horrendous problems for many purchasers.

Have you signed into the Luz Almoradi forum to see if any one can offre specific information regarding the valuation?

For the second part of your post, I am sure if you contacted Maria de Castro on this forum, she would be able to help you with your contract.  

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We bought an appartment in Tenerife last year and obtained a mortgage from Solbank. They were very helpful and have a web-site in English. We have a good fixed rate mortage for the full term. I would certainly recomend them.

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