Mortgage Advice Needed Please

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22 Jul 2009 00:00 by Sunshine111 Star rating. 2 posts Send private message


We are looking to sell our property in UK and move to Spain using the equity in our property as a deposit, but will need a mortgage of up 50% loan to value.

My husband will still be working in the UK and his income will not change, he is self-employed can you please advise if there are any self-cert mortgages in Spain?

Thank You


This message was last edited by Sunshine111 on 22/07/2009.

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22 Jul 2009 20:29 by Smiley Star rating in San Pedro de Alcanta.... 2502 posts Send private message

Smiley´s avatar

There are no self cert lenders left in Spain. However as he is self employed and will still be working in the UK and paying tax in the UK you do not need to self certify as he will still use his UK tax return (and accounts if he is a Ltd Co) - I assume that he will be commuting to and from Spain to work and as long as he can prove his income in the UK then no problem


Smiley -

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22 Jul 2009 22:05 by Sunshine111 Star rating. 2 posts Send private message

Thanks Smiley,

Company is not Limited but has self assess, I have read through that many different pages and slightly lost, some say that only secured debts are taken into account i.e. Mortgages within the income calculation and  dont include unsec debt in affordability calculations????

Hope you can shed some light on this for me.


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23 Jul 2009 00:34 by Smiley Star rating in San Pedro de Alcanta.... 2502 posts Send private message

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Garbage - whoever has told you that doesnt know what they are talking about. Lenders assess net income after tax and they also assess any liabilities in country of residence. They ALL now ask for a copy of a UK credit file to check your monthly commitments and this includes any CSA payments. If it is on your credit file it is assessed. Most lenders have a ballpark 35% debt to income ratio - what this means is that your monthly credit commitments should not exceed 35% of your monthly take home (or tax return average out) including the Spanish mortgage payment. Furthermore credit cards that are not cleared monthly are assessed at 5% of the outstanding balance - if there is £5000 on plastic that equates to a monthly commitment of £250 - in the UK minimum monthly payment is frequently only 1% of balance but for a Spanish mortgage the lender will adopt a more cautious approach.

If you are self assessment then it is highly likely you will be asked to provide your SA302 by most lenders


Smiley -

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