How to Find the Best Spanish Mortgage for You!
Because there are no restrictions on the foreign ownership of property in Spain and because the nation is just so beautiful, fascinating, accessible and desirable, naturally there is a very strong international desire to own a property in Spain.
But unless you're particularly wealthy, have married especially well, inherited a bundle or robbed a bank it's likely you'll need a mortgage to fund your purchase because most of the best located properties are rather on the expensive side!
No mortgages are NOT exciting - but YES mortgages are useful!
In this little lens I'm going to show you how to go about getting the best mortgage in Spain for you to save you lots and lots of leg work, phone time and form filling…
Getting a Mortgage in Spain Agreed in Principle...
Find out how much you can borrow BEFORE you make your offer!
The most critical piece of advice to impart to anyone embarking on a property purchase in Spain is to fix and agree a budget before you even begin speaking to estate agents or developers...
Why?
Because you don't want to over extend yourself, you don't want to put a non-refundable deposit down on something you later determine you can't afford, you don't want to look at real estate over your budget (otherwise you'll get depressed and frustrated!!!) and even more importantly - estate agents, vendors and developers have a nasty little habit of trying to make you stretch your finances further than they will go!
If you have your budget agreed in principle with your mortgage lender and it's fixed firmly in your mind you'll be in the strongest possible position to begin the real estate hunt...
The two main worries that people are faced with when they buy property anywhere abroad is whether they will find a reputable person to sell them a property and whether they will be able to get the mortgage they need to secure their dream home when they do finally find it.
So, while the process of buying a home abroad can certainly be an exciting journey, it can also be a stressful journey too unless you get some firm plans and advice in place up front to ensure your ambitions are realized - no where is this more the case than when buying property in Spain.
Spain is the number one destination in the whole world for British holidaymakers and Britons seeking a place in the sun and because Spain has over 40 million visitors every year it is also a competitive market with those buying real estate as an investment.
What all this means is that there is intense competition for almost every property that comes to the market - so if you're about to go in and get your feet wet you have to do one thing right from the start: -
You have to get your mortgage in Spain agreed in principle up front!
Don't even think about making an offer or putting a deposit down on a house, villa, apartment or bungalow without knowing for sure how much money you will have to work with.
Barclays Bank in the UK has gone a long way towards making it easier to get mortgages in Spain for British people over the past thirty years and now they have recently launched a brand new service with Premier Mortgage Service, the UK's largest mortgage facilitators, and Facilisimo.com which is the main property search website in Spain.
As a result of these collaborations Barclays Bark are now able to help people find their dream home AND assist them to secure the finance to purchase it.
So, if you're thinking of buying a house in Spain and you're wondering where to start - I would say contacting Barclays Bank is quite possibly your best bet.
Why?
Well, for one thing they have a large local presence in Spain and have had one for the past 30 years meaning they have arranged thousands of mortgages in Spain for British buyers already.
Another point in their favour is that with their new premier service they can also match buyers to property developments across Spain as well after they have determined how much a given individual will be allowed to borrow - thus making a chat with Barclays quite possibly a one stop shopping experience for the mortgage in Spain and the property in Spain!
All you need to do is Click Here complete Barclays short contact details form and then they will contact you to discuss your borrowing requirements, what's possible, what you will have to submit in the way of boring paper work, how they can ultimately assist you - AND - the best bet is, because Barclays are an international bank with a strong presence in the UK and Spain, they are best placed to assist Brits moving to Spain with all their banking needs.
And finally - if this lens doesn't tell you everything you need to know about property in Spain or Spanish mortgages - hop on over to the property in Spain section on my website www.ShelterOffshore.com!
Why?
Because you don't want to over extend yourself, you don't want to put a non-refundable deposit down on something you later determine you can't afford, you don't want to look at real estate over your budget (otherwise you'll get depressed and frustrated!!!) and even more importantly - estate agents, vendors and developers have a nasty little habit of trying to make you stretch your finances further than they will go!
If you have your budget agreed in principle with your mortgage lender and it's fixed firmly in your mind you'll be in the strongest possible position to begin the real estate hunt...
The two main worries that people are faced with when they buy property anywhere abroad is whether they will find a reputable person to sell them a property and whether they will be able to get the mortgage they need to secure their dream home when they do finally find it.
So, while the process of buying a home abroad can certainly be an exciting journey, it can also be a stressful journey too unless you get some firm plans and advice in place up front to ensure your ambitions are realized - no where is this more the case than when buying property in Spain.
Spain is the number one destination in the whole world for British holidaymakers and Britons seeking a place in the sun and because Spain has over 40 million visitors every year it is also a competitive market with those buying real estate as an investment.
What all this means is that there is intense competition for almost every property that comes to the market - so if you're about to go in and get your feet wet you have to do one thing right from the start: -
You have to get your mortgage in Spain agreed in principle up front!
Don't even think about making an offer or putting a deposit down on a house, villa, apartment or bungalow without knowing for sure how much money you will have to work with.
Barclays Bank in the UK has gone a long way towards making it easier to get mortgages in Spain for British people over the past thirty years and now they have recently launched a brand new service with Premier Mortgage Service, the UK's largest mortgage facilitators, and Facilisimo.com which is the main property search website in Spain.
As a result of these collaborations Barclays Bark are now able to help people find their dream home AND assist them to secure the finance to purchase it.
So, if you're thinking of buying a house in Spain and you're wondering where to start - I would say contacting Barclays Bank is quite possibly your best bet.
Why?
Well, for one thing they have a large local presence in Spain and have had one for the past 30 years meaning they have arranged thousands of mortgages in Spain for British buyers already.
Another point in their favour is that with their new premier service they can also match buyers to property developments across Spain as well after they have determined how much a given individual will be allowed to borrow - thus making a chat with Barclays quite possibly a one stop shopping experience for the mortgage in Spain and the property in Spain!
All you need to do is Click Here complete Barclays short contact details form and then they will contact you to discuss your borrowing requirements, what's possible, what you will have to submit in the way of boring paper work, how they can ultimately assist you - AND - the best bet is, because Barclays are an international bank with a strong presence in the UK and Spain, they are best placed to assist Brits moving to Spain with all their banking needs.
And finally - if this lens doesn't tell you everything you need to know about property in Spain or Spanish mortgages - hop on over to the property in Spain section on my website www.ShelterOffshore.com!
The Spanish Lifestyle...
Just think, by taking time to speak to a mortgage lender up front, by getting your mortgage agreed in principle and then and only then going on the hunt for that dream home in Spain you're on the fast track and the right track to making your aspirations come true...you'll soon be living the Spanish lifestyle for real!
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What do you think of this lens - submit your constructive feedback only!
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grahunt
Jan 13, 2009 @ 4:25 am | delete
- Great blog Rhiannon. On the spot advice for people wanting to get a new mortgage and Barclays are doing a better service than most other banks at the moment. For those who already have a mortgage it might help to check out my blog post here http://cheapspain.wordpress.com/2009/01/10/cheaper-spanish-mortgages because if you are struggling you can change it.
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by Rhiannon
Well hello world! I'm Rhiannon - I'm a seasoned expat who has lived, loved (!) worked and travelled extensively all over the world. I run... more »
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