Best way to finance a purchase

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29 Jul 2009 00:00 by TJL Star rating. 3 posts Send private message

I recently sold a small property in UK and am looking to invest in an apartment in Spain to spend part of my future time in with the rest of the time being spent in UK. (Probably winter months in Spain and summer in UK)

As I am now 63 and my wife is 56 we would like to know your views on the best way to finance the purchase.

The proceeds of the UK sale will probably make up 40 - 60% of the purchase price, depending on what we find and if our offer is accepted.

I appreciate this is a very global enquiry but some initial guidance/suggetsions will be very welcome.





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29 Jul 2009 17:20 by georgia Star rating in Algorfa (As seen on .... 1842 posts Send private message

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 Hi TJL,

Cash is king and will give you the greatest bargaining power.

Spanish mortgage rates are quite low but you will pay 1-2% set up costs.

Most banks will look to issues mortgages of 60% of the overall purchase figure

Cost will depend hugely on area and location.

We are breaking records everyday for prices,just got one for 49k (Euros) so you can see what i mean about area etc...

Hope that Helps.



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01 Aug 2009 10:24 by advisor Star rating in London most of the t.... 311 posts Send private message

TJL

you mention that sale proceeds will make up 40-60% of the purchase price

so your remaining options are

a) fund the remainder in cash -if you have it or if you are remortgaging in the uk

or

b) take out a mortgage in Spain

if you opt for the former you will "gain" on the exchange rate-dont use your bank for this!

if you opt for the latter you will be granted a mortgage if you can prove income in "retirement"

rates wil be circa 3.3%



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