# where to buy



## Roger dodger (Jan 14, 2013)

We are looking to move to spain and we wondered what pitfalls we should be aware of.

We are also thinking of going to the Bank to mortagage a property what are the requirements for obtaining a mortagage in spain.

would be grateful of any advice


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## bob_bob (Jan 5, 2011)

I don't think a mortgage is easy to obtain in Spain these days, remember the property market has crashed and prices are still falling; why not rent for a year or three rather than buy a property that will fall in value and you'll have a heck of a job selling should you need to move.


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## Roger dodger (Jan 14, 2013)

bob_bob said:


> I don't think a mortgage is easy to obtain in Spain these days, remember the property market has crashed and prices are still falling; why not rent for a year or three rather than buy a property that will fall in value and you'll have a heck of a job selling should you need to move.


Thanks for the reply we are going to rent to start till we find our property. We will also be keeping our home in UK, i will be flying between the two. 
But can you advise what the criteria is for obtaining a mortagage we have good deposit.
we are aware that we are in this for long haul as there is no light at the end of the tunnel for the Spainish economy right now. Although its just a change of lifestyle we want. We arent looking for local work just to blend in with the locals and enjoy life no matter how good or bad it is.


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## mrypg9 (Apr 26, 2008)

Roger dodger said:


> Thanks for the reply we are going to rent to start till we find our property. We will also be keeping our home in UK, i will be flying between the two.
> But can you advise what the criteria is for obtaining a mortagage we have good deposit.
> we are aware that we are in this for long haul as there is no light at the end of the tunnel for the Spainish economy right now. Although its just a change of lifestyle we want. We arent looking for local work just to blend in with the locals and enjoy life no matter how good or bad it is.


The criteria for obtaining a mortgage are more or less the same in Spain as in the UK. Your personal financial circumstances will be the decisive factor.
Banks aren't too keen on granting mortgages for properties that they have not repossessed, of which they have very many on their books at this time.


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## Cazzy (Nov 23, 2008)

If you buy a house that already has a mortgage on it, it is usually transferable.


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## neilmac (Sep 10, 2008)

Yes I think we were told that when we took out ours - although our bank now belongs to someone else so not sure what that means....


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## Overandout (Nov 10, 2012)

We tried to get a second mortgage last year which would have covered about 40% of the purchase price of a property.

The other 60% of the price we had in cash as a deposit.

Our joint gross yearly income was around 80% of the value of the property, so we were actually looking to borrow about half of our joint gross annual income. We both had permanent contracts of employment and had been working full time for over 7 years in Spain.

Seven banks turned us down for that mortgage, but every one of them tried to persuade us to invest the cash we had for a deposit in their savings schemes.....

Banks in Spain are NOT lending money to anyone.


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## tonyinspain (Jul 18, 2011)

No because they are too busy repossesing peoples homes for such small amounts even though people try to pay their mortgages rather than help these people keep their homes by paying half and extending the mortgage to get the shortfall 
I hate banks with a vengeance the amount of misery they cause


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## Leper (May 12, 2010)

You're seriously thinking of moving to Spain. You dont need a job in Spain. You are not selling up in the UK. Forget about buying for at least a year and then forget about it for another year.

Renting is the way to go. You can rent a decent 2 bedroom property in a resort near a beach for €500 per month + electricity. If you decide Spain is not for you there is plenty of scope for retreat to the UK.

You need to decide where to live; consider the following:-
1. Warm Temperate climate for most of the year where - nearly all of southern Spain
2. You need to live in a place with a supermarket that is opened all year round and is within five minutes walking distance of your new home.
3. If you are not bringing a car to Spain you need the local bus service to be good.
4. Access to airport or choice of airports - very important.
5. Expat community for socialising if you dont speak fluent Spanish.
6. Centro Medico locally is also important in case of emergency.
7. You need to be in a town that is live all year round (as against ghost towns which close Oct-April).
8. Once you have decided on an area you need to decide on a road/street in that area where you wish to live.

Go for it!


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## mrypg9 (Apr 26, 2008)

Leper said:


> You're seriously thinking of moving to Spain. You dont need a job in Spain. You are not selling up in the UK. Forget about buying for at least a year and then forget about it for another year.
> 
> Renting is the way to go. You can rent a decent 2 bedroom property in a resort near a beach for €500 per month + electricity. If you decide Spain is not for you there is plenty of scope for retreat to the UK.
> 
> ...


That is excellent advice and should be available on a sticky for all would-be immigrants to Spain.


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## tonyinspain (Jul 18, 2011)

Leper said:


> You're seriously thinking of moving to Spain. You dont need a job in Spain. You are not selling up in the UK. Forget about buying for at least a year and then forget about it for another year.
> 
> Renting is the way to go. You can rent a decent 2 bedroom property in a resort near a beach for €500 per month + electricity. If you decide Spain is not for you there is plenty of scope for retreat to the UK.
> 
> ...


Well put lepar


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## wiggytheone (Dec 3, 2012)

mrypg9 said:


> That is excellent advice and should be available on a sticky for all would-be immigrants to Spain.



Good advice apart from the Expat community for socialising, you mean the good ideas club surely, socialising with the locals if far more enjoyable speaking the language or not


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