Possibility of getting a mortgage?
-
- Newbie
- Posts: 4
- Joined: Wed Sep 25, 2013 5:08 pm
Possibility of getting a mortgage?
G'day all.
I'm moving to Andalucia in January after spending the last 8 years TEFLing in Asia.
I'll be looking to get a teaching job and rent a flat for a while but would love to buy somewhere in the future. What would the likelihood be of getting a mortgage on a TEFLers salary? Say as a worst case I'll bring home 1K a month, with a couple of dry months in the summer.
I have about 35-40K Euros to put down as a deposit. Would this be enough if I wanted to borrow 50K, or would I need a career change to get a loan in Spain? Would having a guarantor in the UK help?
Cheers in advance for any advice!
L
I'm moving to Andalucia in January after spending the last 8 years TEFLing in Asia.
I'll be looking to get a teaching job and rent a flat for a while but would love to buy somewhere in the future. What would the likelihood be of getting a mortgage on a TEFLers salary? Say as a worst case I'll bring home 1K a month, with a couple of dry months in the summer.
I have about 35-40K Euros to put down as a deposit. Would this be enough if I wanted to borrow 50K, or would I need a career change to get a loan in Spain? Would having a guarantor in the UK help?
Cheers in advance for any advice!
L
-
- Andalucia Guru
- Posts: 16058
- Joined: Sun Oct 24, 2004 10:42 pm
- Location: La Herradura, Costa Tropical, Granada
Re: Possibility of getting a mortgage?
I understand it is pretty difficult at the moment but you might have a better chance if you buy one of the hundreds of thousands of properties that the banks have on their books from repos and bankruptcies.
Sid
Sid
Re: Possibility of getting a mortgage?
There is about as much chance of getting a mortgage as there is of earning 1000pm TEFL
Re: Possibility of getting a mortgage?
Lick......Welcome to the Forum..
Depending on where you want to live you could actually buy a place for 35-40,000, remembering that there are costs as well on top.
All the banks have distressed properties for sale and I believe that you may be able to get a small mortgage if you purchase from them, but to be honest I would suggest that it's better to go in with a very cheeky offer and you could get a bargain, the banks really want to move these properties on.
There is a lot of competition for Tefl jobs, but if you go away from the coast ,you would have, in my opinion, a better chance of work.
Good Luck,
Regards,
Gordon.
Depending on where you want to live you could actually buy a place for 35-40,000, remembering that there are costs as well on top.
All the banks have distressed properties for sale and I believe that you may be able to get a small mortgage if you purchase from them, but to be honest I would suggest that it's better to go in with a very cheeky offer and you could get a bargain, the banks really want to move these properties on.
There is a lot of competition for Tefl jobs, but if you go away from the coast ,you would have, in my opinion, a better chance of work.
Good Luck,
Regards,
Gordon.
-
- Newbie
- Posts: 4
- Joined: Wed Sep 25, 2013 5:08 pm
Re: Possibility of getting a mortgage?
Struth! I haven't seen a job advertised for less.. Maybe I'll stay in the third worldkaty wrote:There is about as much chance of getting a mortgage as there is of earning 1000pm TEFL
-
- Newbie
- Posts: 4
- Joined: Wed Sep 25, 2013 5:08 pm
Re: Possibility of getting a mortgage?
BENIDORM wrote:Lick......Welcome to the Forum..
Depending on where you want to live you could actually buy a place for 35-40,000, remembering that there are costs as well on top.
All the banks have distressed properties for sale and I believe that you may be able to get a small mortgage if you purchase from them, but to be honest I would suggest that it's better to go in with a very cheeky offer and you could get a bargain, the banks really want to move these properties on.
There is a lot of competition for Tefl jobs, but if you go away from the coast ,you would have, in my opinion, a better chance of work.
Good Luck,
Regards,
Gordon.
Cheers!
I'm looking at Granada or maybe Malaga for work. There do seem to be heaps of schools around. I'll be looking for somewhere to live outside of a major town too. I don't mind a bit of a drive if the school is good.
Do you guys know of any sites which sell repossessions? Will the banks advertise them or give them to agents to sell?
Re: Possibility of getting a mortgage?
Solbank have a repo site. Collect a magazine from your local branch.
- Martin Page
- Resident
- Posts: 1805
- Joined: Sat Nov 26, 2005 4:57 pm
- Location: Chiclana de la Frontera - Costa de Luz
Re: Possibility of getting a mortgage?
most bank have the services of estate agents .... if you ask an agent for the banks repo's - then go to the owning bank direct. Youll save the agents fees and often be able to negotiate the price directly ...
-
- Andalucia Guru
- Posts: 7776
- Joined: Fri Aug 14, 2009 11:02 am
- Location: Bilbao Spain
Re: Possibility of getting a mortgage?
The OP has enough for a 40 per cent deposit.This should give him a decent chance if he's working.katy wrote:There is about as much chance of getting a mortgage as there is of earning 1000pm TEFL
It is possible to make good money as a teacher but would depend on where in Spain you go.
Re: Possibility of getting a mortgage?
According to word of mouth there aren't many bargains from the banks and they refuse to negotiate. Reason being that if they sold too cheaply the would have to write down their (overstated) assets.
Ones claiming to be 50% off are like B&Q kitchens. They were never worth the imaginary price
Ones claiming to be 50% off are like B&Q kitchens. They were never worth the imaginary price
Re: Possibility of getting a mortgage?
"katy" added....''According to word of mouth there aren't many bargains from the banks and they refuse to negotiate. Reason being that if they sold too cheaply the would have to write down their (overstated) assets. ''
Not quite right that statement ,I do know for a fact that the banks are 'very' negotiable with the prices of 'repos',... and many of the banks have notice boards advertising the properties in the branches.
You can e-mail the various banks and ask what they have for sale, and better to deal direct with them, avoid the 'so called' auctions.!
Regards,
Gordon.
Not quite right that statement ,I do know for a fact that the banks are 'very' negotiable with the prices of 'repos',... and many of the banks have notice boards advertising the properties in the branches.
You can e-mail the various banks and ask what they have for sale, and better to deal direct with them, avoid the 'so called' auctions.!
Regards,
Gordon.
Re: Possibility of getting a mortgage?
Er it is quite right, my word is as good as yours. I could paste you some stuff about it too. Maybe later
-
- Andalucia.com Amigo
- Posts: 76
- Joined: Thu Jan 28, 2010 11:35 pm
Re: Possibility of getting a mortgage?
A friend of mine has just bought a bank repo in Huercal Overa.
3 bed apartment 5th floor, bank wanted €30,000, she offered €25,000. Bank refused it but accepted €26,000.
Needs a bit of work as the previous owner stripped out all the lights and hot water cylinder but still a good buy.
Jimbo
3 bed apartment 5th floor, bank wanted €30,000, she offered €25,000. Bank refused it but accepted €26,000.
Needs a bit of work as the previous owner stripped out all the lights and hot water cylinder but still a good buy.
Jimbo
Re: Possibility of getting a mortgage?
I'll be looking to get a teaching job and rent a flat for a while but would love to buy somewhere in the future. What would the likelihood be of getting a mortgage on a TEFLers salary? Say as a worst case I'll bring home 1K a month, with a couple of dry months in the summer.
I have about 35-40K Euros to put down as a deposit. Would this be enough if I wanted to borrow 50K, or would I need a career change to get a loan in Spain? Would having a guarantor in the UK
Don't forget you will have to pay autonimo which is about €270 a month plus buying a second hand car will not be cheap. Buenas suerte.
I have about 35-40K Euros to put down as a deposit. Would this be enough if I wanted to borrow 50K, or would I need a career change to get a loan in Spain? Would having a guarantor in the UK
Don't forget you will have to pay autonimo which is about €270 a month plus buying a second hand car will not be cheap. Buenas suerte.
It always seems imposible until its done. Nelson Mandela
-
- Andalucia Guru
- Posts: 7776
- Joined: Fri Aug 14, 2009 11:02 am
- Location: Bilbao Spain
Re: Possibility of getting a mortgage?
Maybe not. You might be able to work in an academy or the like, then you won't need to sign on as self employed.swerve wrote:I
Don't forget you will have to pay autonimo which is about €270 a month plus buying a second hand car will not be cheap. Buenas suerte.
Who is online
Users browsing this forum: No registered users and 17 guests