Good time to buy
That's good news as late next year I will be looking for interest only mortgages on a couple of off plans I want to keep in Almeria circa 50% loan to cost
One of the problems in Spain is that you can not arrange a mortgage for off plan property at the time you sign the contract like you do in UK [ as far as I aware at present from main banks] so I have to allow for this when buying off plan
Also now you can not flip on good developments [ If any builder does allow it then be careful!]
If I could arrange a guaranteed mortgage in advance at contract stage I would buy more off plan.....I always now make sure that I can complete without finance if I have to.....and I do have a particular property in mind
I think also that if this type of procedure was available to people buying holiday/permanent homes in Spain it would be attractive and perhaps help to get the market moving again in 2008
After all being used to arranging your mortgage in UK when you sign your contract but when it is not definate until completion in Spain just adds another risk factor in to buying.....agents saying it will be no problem or you can have the builders mortgage[ often poor terms!] is often considered a sales tactic!!
I know most of them do get sorted but not all
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