# Morgages in Spain help!



## Dazroberts1 (Feb 7, 2014)

Hi my wife and I are hoping to move out to the valencia region we have sold our house and we are coming out to spain next week.We have seen the house of our dreams it looks ideal for us we plan on living in the top half of the villa and rent out the bottom to holidaymakers the current owner does this at the moment and makes a reasonable income doing this my dilemma is that the house is 30000 euros over our budget and I think the owner won't come down on price much more I've heard that spanish banks are reluctant to give mortgages but if we put as much as we can down would they give us the 30000 we need. Any advice would be fantastic.


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## Lolito (Aug 25, 2012)

If the owners won't come down, look somewhere else. Plenty to see and probably better. Although to come to Spain and buy straight away, in my opinion, it is a crazy thing to do. If I was you, I would come to the area you want, and rent for a bit, you'll soon see that there are lots of houses you could buy for a more affordable price without having to ask the bank for more money. 

Things with banks at the moment is NOT very good and remember, depending on what bank you go to, you also have to get Life Insurance, Contents Insurance, Pension Plan, Credit cards, etc with them, yes or yes. 

Also remember that if you move and buy and then you don't like it, you are going to spend a few years trying to sell it. 

I have not seen the house you want or the price, but beware some owners still refuse to acknowledge that we are deep in trouble and won't come down on price. 

Just two years ago I saw the house of my dreams, for 200,000. I offered 180,000 but still they said no, so in the end, we decided to rent. 

Now the same house is still on the market, for 140,000. I won't buy as it is no longer the house I want as I have seen so many others while renting here, even bigger and in better conditions, but we are still waiting as they will go down a bit more.


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## Dazroberts1 (Feb 7, 2014)

Hi thanks for the reply the house was originally on for 425000 now 299000 so don't know how much he might come down by. We think it's the right area for us we have done lots of research and visits to the area haven't seen anything as good as this house just not sure if the banks will help


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## Madliz (Feb 4, 2011)

Be brave! Tell the vendor you have €x and can't get any more. It's then his choice to sell for that amount or not have a sale. 

When you say it was on for 425 before, have they told you that or do you know for a fact? It could be talk just to make you think it's a bargain. Even if true, to have dropped the price so much already suggests they have been trying to sell for quite some time, with no takers. They therefore really do want to sell! 

I had a 'buyer' a few months ago but his suggested methods of payment were rather dodgy and I reluctantly declined. My house is now priced 37% lower than the peak. I do want to sell and move to a different province and feel I have consistently priced according to reality. I will accept a lower offer, athough I'm not desperate enough to give my house away!


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## Lolito (Aug 25, 2012)

Gosh! for 300,000 in my area, I can buy a palace or two! Where in Valencia you are looking, if you don't mind me asking?


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## Dazroberts1 (Feb 7, 2014)

Pedralba I'm sure it's been on the market for a while that's why he's dropped the price they want somewhere smaller now their children have grown up


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## baldilocks (Mar 7, 2010)

Dazroberts1 said:


> Hi my wife and I are hoping to move out to the valencia region we have sold our house and we are coming out to spain next week.We have seen the house of our dreams it looks ideal for us we plan on living in the top half of the villa and rent out the bottom to holidaymakers the current owner does this at the moment and makes a reasonable income doing this my dilemma is that the house is 30000 euros over our budget and I think the owner won't come down on price much more I've heard that spanish banks are reluctant to give mortgages but if we put as much as we can down would they give us the 30000 we need. Any advice would be fantastic.


Spanish mortgages come with a hidden sting in the tail. Should you be unfortunate enough to be unable to meet your repayments and the bank forecloses on you and you lose the house, you have* not* lost the debt. You are still liable for the debt so you lose the house but still have to pay the outstanding mortgage.

Will you still have a property in the UK? if so, why not raise a loan on that or if it is already on a mortgage, increase the loan to provide you with the finance you need. That is what we did and it enabled us to buy the house we wanted while waiting for our UK property to sell.


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## Dazroberts1 (Feb 7, 2014)

No our property is sold subject to contract so we are about 2 months away from completion I'm sure we would be fine with the repayments just wonder whether you all think they would give us the money q


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