# Mortgage - Am I deluded..?



## EMcP (Sep 30, 2012)

The itch to purchase a 1 bed hideaway in Nerja on one of the Capistrano's remains and whilst I consider myself fairly bright, well read, financially astute and open to advice, the sentiments either generally on here or those close to me are...Don't..! I still wish to persevere and ask whether there is anyone here who has a banking experience in Berja where the thought of securing a 40k euro facility isn't going to cause uproar, marches down the Valcon and wild hysteria... I have capital to hover the 30% deposit and the costs and shan't be selling up here in the UK. Thoughts and referenced appreciated. !



We


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## Dunpleecin (Dec 20, 2012)

Go for it.


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## thrax (Nov 13, 2008)

Remember Capistrano village is now quite old and a lot of people who live there are having problems with the decaying buildings. There are no damp proof courses anywhere and lots of the rendering is falling off. Nevertheless, if Capistrano rocks your boat go for it. My parents have lived there for nearly 2 years and love it. BUT negotiate, it is a buyers market and people are desperate to sell. Most quoted prices in the village are between 20 and 50% too high.


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## EMcP (Sep 30, 2012)

thrax said:


> Remember Capistrano village is now quite old and a lot of people who live there are having problems with the decaying buildings. There are no damp proof courses anywhere and lots of the rendering is falling off. Nevertheless, if Capistrano rocks your boat go for it. My parents have lived there for nearly 2 years and love it. BUT negotiate, it is a buyers market and people are desperate to sell. Most quoted prices in the village are between 20 and 50% too high.


Thanks Thrax. Insightful. I'm wasn't specific in my first post. It's Oasis I'm interested in. Stay there quite frequently and find the buildings and grounds are in better condition then that t the 'Village' or San J......no offence intended if anyone has property at either, simply my view. Am considering a one bed as its below €90k. Were I to propose an offer, it would be in a range of 10-15% under the sticker price. Do you feel that's too conservative? Appreciate a factor will be the vendors situation and desire to sell. Anyway, for now, I'm seeking mortgage recommendations...so if you or others have a lender to recommend, please feel free to do so. Thanks.


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## Overandout (Nov 10, 2012)

EMcP said:


> Am considering a one bed as its below €90k. Were I to propose an offer, it would be in a range of 10-15% under the sticker price. Do you feel that's too conservative? Appreciate a factor will be the vendors situation and desire to sell.


Personal opinion alert!

Yes, 10-15% below asking price is *way *too high for a first offer in today's market.

I know of people who have recently bought for 50% of the asking price. Whoever is selling now is desperate, really desperate.

As for mortgage lenders I would try to get a mortagage in the UK, as here the banks are very reluctant to lend unless you are buying one of their reposesed properties.

I recently tried to get a mortgage on a second property, having 50% of the price to put in as cash, and a mortgage equivalent to les that 1 year of my own salary. 6 banks showed me the door.....


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## baldilocks (Mar 7, 2010)

EMcP said:


> The itch to purchase a 1 bed hideaway in Nerja on one of the Capistrano's remains and whilst I consider myself fairly bright, well read, financially astute and open to advice, the sentiments either generally on here or those close to me are...Don't..! I still wish to persevere and ask whether there is anyone here who has a banking experience in Berja where the thought of securing a 40k euro facility isn't going to cause uproar, marches down the Valcon and wild hysteria... I have capital to hover the 30% deposit and the costs and shan't be selling up here in the UK. Thoughts and referenced appreciated. !
> 
> We


If you have a mortgage already in the UK, approach your lender to ask about extending it. That's what we did and it worked a treat - enabled us to buy for cash here in Spain and get a good deal.


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## EMcP (Sep 30, 2012)

baldilocks said:


> If you have a mortgage already in the UK, approach your lender to ask about extending it. That's what we did and it worked a treat - enabled us to buy for cash here in Spain and get a good deal.


Thanks Baldilocks......my preference would be to do precisely this. Sadly, I only took a new mortgage last year (post divorce) and the lender is unlikely to approve given the LTV will be outside their appetite. Worth a go though as the cost savings alone are attractive.


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## EMcP (Sep 30, 2012)

Overandout said:


> Personal opinion alert!
> 
> Yes, 10-15% below asking price is way too high for a first offer in today's market.
> 
> ...


Thank you. Nerja seems to still command strong values though I take your point, there is nothing to lose by placing a heavily discounted offer. If anyone has thoughts specifically on Nerja values or think I'm way off the mark in my views, please share insights.


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## Pesky Wesky (May 10, 2009)

Overandout said:


> As for mortgage lenders I would try to get a mortagage in the UK, as here the banks are very reluctant to lend unless you are buying one of their reposesed properties.
> 
> I recently tried to get a mortgage on a second property, having 50% of the price to put in as cash, and a mortgage equivalent to les that 1 year of my own salary. 6 banks showed me the door.....


Incredible!


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## Madliz (Feb 4, 2011)

I've had my house on the market for close to two years. The viewings I've had were of people with houses to sell also. They can't buy mine as they can't sell theirs. There are a huge amount of properties of all kinds for sale locally and I don't live on the coast but near a Spanish commuter town. I'm convinced that all it will take will be a few mortgages to be granted for the whole housing slump to get moving. I want to sell and then want to buy again here in Spain. There are millions of us waiting for the ball top start rolling. I think that would be a great boost to the economy as capital would be released and spending of all kinds would have to occur - removals, new furnishings, new regions to sample, DIY, notary fees, taxes...

I sadly don't think things will get moving. The banks are indebted and who would give them a sackful of money specifically to lend to house buyers??!!


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## Pesky Wesky (May 10, 2009)

Seems that the PP have plans to get the rental market moving. They have a scheme, announced yesterday, to do up run down buildings, therefore giving employment to people in the building trade, with a view to renting the properties, not allowing them on the sellers market.


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## tonyinspain (Jul 18, 2011)

There is also in around two months a new mortgage reassessment bound by the eu as some mortgage companies have been putting clauses in their mortgages that are downright illegal so i would wait and then negotiate a deal after the legalities have been sorted


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## EMcP (Sep 30, 2012)

tonyinspain said:


> There is also in around two months a new mortgage reassessment bound by the eu as some mortgage companies have been putting clauses in their mortgages that are downright illegal so i would wait and then negotiate a deal after the legalities have been sorted


Thanks. That's insight I had no knowledge of so much appreciated


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