Are you eyeing a Spanish property for your planned venture into investments? Real estate is a lucrative sector if you want to invest. Even if you are not planning on immediately selling the property out, you can still use it for other purposes. You can use it as your vacation house in Spain. You can also earn money from it if you will have it rented during those times when you are not using it.
However, if there is a problem with how you can finance the Spanish property, you should look at some lenders. You can try Spanish mortgage to get the property that you want. However, if you are based in the UK, you might see it more convenient to try UK mortgage to finance the property that you see as a potential investment.
You will have lots of choices for the UK lenders who can help you finance the property. However, this might be more expensive than the mortgage that you can get from a Spanish lender.
But you should still check this out as your possible option.
One of the similar features between a Spanish and UK mortgage is that you need to present credible proof that you can get 125% of the money that you will pay for the mortgage from the rental income of the property.
Another basis of the amount of mortgage that you can get from the UK lender would be the final valuation of the property. If the property is valued more, you can also borrow more from the lender. If you will compare the UK and Spain mortgages, the amount that you can get from the UK lender is lower than what you can get from a Spanish counterpart.
However, you will still be able to enjoy some benefits from your UK mortgage.
? There is no language barrier that you will have to deal with a UK lender.
? You will be dealing with Sterling with your mortgage payments.
Thus, you do not have to worry about the fluctuations of the exchange rate. You will be paying the same amount of money to the lender.
If you are only thinking about buying the property only to get it rented, it might be favourable if you will have a Spanish lender for your mortgage.
Another option for financing the property in Spain would be to re-mortgage any of the properties that you have. Your home and income will be assessed and used as bases as to the amount of mortgage that you can borrow. A bank where you are already a client would be better so the assessment of your case will not be too long. The amount of your loan does not need to depend on the valuation of your property.
There is also a possibility that you might find a property with a developer who can grant you 80% mortgage even if you are not a resident of Spain. This usually happens for off plan investments, but you will still need the certificate of habitation for the lender to grant you the mortgage.
Source: http://whatismortgagerefinancing.com/how-to-finance-spanish-property/
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