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The Cheapest Way to Finance Your Spanish Property
Due to the recent collapse of the construction industry and the surplus of property on the market in Spain, many banks are desperate to turn their ‘assets’ back into cash and as such are offering attractive discounts properties that they own or may have repossessed. Such properties are almost always the best deals that you will find on the market today.
The majority of these properties are for domestic as opposed to commercial use and are usually located near to Cities or coastal areas that are not usually suitable as holiday homes, but don’t let that put you off! – there can often be a few ‘diamonds in the rough’.
Looking for this type of property can hold two main benefits: One, simply because of the highly discounted price; and two, because the bank is usually much more flexible when it comes to valuing and financing the property.
The autonomy for this, and the ultimate decision lies with each branch and usually dealt with on a case-by-case basis and, as such, you will often find it impossible to get a definitive statement from any bank on what their policy is in dealing with such properties.
Some people view these kind of offers with cynicism – whereby banks are prepared to be flexible and accommodating with financing, but only if and when certain properties are purchased. Even so, they are still good deals that can not be ignored! These offers are also not well thought of by many Estate Agents and private sellers as the banks are making it very difficult to compete in what is an already strained market. The fact that the market is so slow and that the banks have so many properties to move off their books also means that this situation may be around for a while longer yet.
This is still good news for the buyer though, meaning that it is slowly becoming more possible to buy attractively priced property without having to pay a sizeable cash lump sum - as long as you buy the property from the same bank that you are getting finance from.
The best way to proceed with this option for any buyer is to contact an International Mortgage broker, who often has access to property portfolio’s from Spanish Banks and will already be aware of what properties are available, in what area, for what budget and what finance is available.
Why not contact us today to find out if we can source a Spanish property for you that meets with your requirements and falls within your budget? – Simply click the link (above) and add your details to the form.
More Blogs By Michelle Thomas
- The Coastal Property Law
- Choosing an Estate Agent
- What is an ICP and Why do I need one ?
- Getting Help To Submit Your Non-Resident Property Tax Declaration
- Top 10 Features of a low maintenance home in Spain
- Alternative Energy Sources in Spain
- The AIPP's top 10 of 'what not to do' when buying a property in Spain
- Understanding Complementary Tax
- Tips on Renting out your property
- Complementary Taxes
- Taxes associated with Buying & Selling Property
- Planning permissions for your garden