In an effort to clear the growing levels of properties Spanish Banks have on their books; or are in the process of taking back many lenders are offering beneficial and lucrative mortgage deals to clients purchasing a property owned by them. Many of these deals are not visible to non - resident clients but are still accessible to them.
The mortgage deals are available to clients buying the banks own stock and are still subject to client status but the banks adopt a far more flexible approach to their risk assessment than would be the case normally and in many instances offer terms or benefits unbeatable elsewhere in the market.
These deals provide access to clients wanting to buy in Spain with limited cash deposits who would normally be precluded from buying in current lending environment. Bank stock purchases can also offer even cash buyers large discounts or initial regular monthly savings allowing available cash deposits to be used for other purposes in both the short and long term.
Special terms vary from bank to bank but include
- Higher loan to values than normally provided reducing cash deposits required to a minimum.
- Special rates with margin above Euribors from 0.40%
- Mortgage payment holidays for up to 3 years with no rolled up interest
- Allowance of higher debt to income ratios and inclusion of incomes not normally assessed.
- Extension of maximum ages
- No bank opening fees
- No early redemption fees
- Large discounts on asking price and ability to make an offer below the level bank say they require.
Properties available range for individual repossessions to finished new developments with a variety of units left.
Properties can often be secured by small reservation fees which are fully refundable by the bank should you not go to completion. All sales are subject to you being accepted for the mortgage or being a cash buyer.
For cash buyers a few bank offer upfront details of properties going to auction. If the property fails to sell at auction; for a cash purchaser where the client can move quickly; the bank will consider selling the property at a large discount as long as this happens within 21 days of auction which avoids the bank taking over the property and paying transfer tax therefore adding to their debt.
What we offer
We list on a regular basis properties available on special terms and where clearly providing good value offer pre-auction properties for cash clients.
By accessing one of our marketed properties you will be able to
- Minimize the amount cash required to be put in by you.
- Secure unbeatable mortgage terms
- Reduce overall cost of mortgage and legal arrangements by saving on bank fees, valuation fees and initial legal searches.
- Be sure there are no hidden fees or costs you were not made aware of before completion
We will take our income at completion we take no upfront payment fees our service covers.
- Mortgage assessment, processing and arrangement,
- Legal checks to ensure the property has a habitation licence
- Negotiation on price and securing of property on your behalf with the bank.
Before buying or committing to a purchase we will make sure all costs including any income earned by us by way of commission from bank or client fee is completely transparent. You can be sure the price shown will be the net price being paid for the property there will be no hidden agent fees or commissions included in the price shown. Any income earned by us will include not only the purchase but management of the entire mortgage application and initial legal checks so you do not waste precious time pursuing a property that has issues or pursuing a mortgage application that will not be accepted.
Use us and you will save.
- Between 1% to 1.5% on normal mortgage set up costs plus no broker fee
- Save up to 0.10% of price on a valuation fee as bank covers cost for you
- Reduce overall legal costs
Important Note
Whilst we undertake initial legal checks we would however always advise a client appoint an independent lawyer to work on their behalf as we do not offer power of attorney services or full independent legal advice on the implications of buying in Spain.
