Possibility of getting a mortgage?

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Lick A Frog
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Possibility of getting a mortgage?

Postby Lick A Frog » Tue Oct 22, 2013 12:41 pm

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

El Cid
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Re: Possibility of getting a mortgage?

Postby El Cid » Tue Oct 22, 2013 1:23 pm

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

katy
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Re: Possibility of getting a mortgage?

Postby katy » Tue Oct 22, 2013 1:35 pm

There is about as much chance of getting a mortgage as there is of earning 1000pm TEFL :(

BENIDORM
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Re: Possibility of getting a mortgage?

Postby BENIDORM » Tue Oct 22, 2013 2:19 pm

Lick......Welcome to the Forum.. :wave:

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.

Lick A Frog
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Re: Possibility of getting a mortgage?

Postby Lick A Frog » Tue Oct 22, 2013 2:25 pm

katy wrote:There is about as much chance of getting a mortgage as there is of earning 1000pm TEFL :(
Struth! :lol: I haven't seen a job advertised for less.. Maybe I'll stay in the third world :think:

Lick A Frog
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Re: Possibility of getting a mortgage?

Postby Lick A Frog » Tue Oct 22, 2013 2:30 pm

BENIDORM wrote:Lick......Welcome to the Forum.. :wave:

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?

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costakid
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Re: Possibility of getting a mortgage?

Postby costakid » Tue Oct 22, 2013 2:48 pm

Solbank have a repo site. Collect a magazine from your local branch.

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Martin Page
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Re: Possibility of getting a mortgage?

Postby Martin Page » Wed Oct 23, 2013 10:03 am

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 ...

markwilding
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Re: Possibility of getting a mortgage?

Postby markwilding » Wed Oct 23, 2013 11:53 am

katy wrote:There is about as much chance of getting a mortgage as there is of earning 1000pm TEFL :(
The OP has enough for a 40 per cent deposit.This should give him a decent chance if he's working.
It is possible to make good money as a teacher but would depend on where in Spain you go.

katy
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Re: Possibility of getting a mortgage?

Postby katy » Wed Oct 23, 2013 11:59 am

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 :lol:

BENIDORM
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Re: Possibility of getting a mortgage?

Postby BENIDORM » Wed Oct 23, 2013 2:19 pm

"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',... :wink: 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.

katy
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Re: Possibility of getting a mortgage?

Postby katy » Wed Oct 23, 2013 2:57 pm

Er it is quite right, my word is as good as yours. I could paste you some stuff about it too. Maybe later :wave:

jimbothescot
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Re: Possibility of getting a mortgage?

Postby jimbothescot » Wed Oct 23, 2013 3:50 pm

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

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Re: Possibility of getting a mortgage?

Postby swerve » Wed Oct 23, 2013 9:09 pm

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.
It always seems imposible until its done. Nelson Mandela

markwilding
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Re: Possibility of getting a mortgage?

Postby markwilding » Wed Oct 23, 2013 9:44 pm

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.
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.


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