100% mortgage

Information and questions about the Law in Spain and Andalucia.
julian
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Re: 100% mortgage

Postby julian » Fri Jun 24, 2011 8:12 pm

they are even giving 100% mortgages and no payments at all for the first 3 years for their own repossessions !

katy
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Re: 100% mortgage

Postby katy » Fri Jun 24, 2011 9:22 pm

They can afford to those bank repos are seriously overpriced.

julian
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Re: 100% mortgage

Postby julian » Fri Jun 24, 2011 9:24 pm

you don´t walk in and offer the asking price !!

Jool
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Re: 100% mortgage

Postby Jool » Fri Jun 24, 2011 9:34 pm

The bank offering 3 years nothing to pay does NOT allow you to have a mortgage to cover the taxes.........I know several people who tried to get them included and were turned down, so its not a black and white situation and policy is stated as mortgage for property price only.....

julian
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Re: 100% mortgage

Postby julian » Fri Jun 24, 2011 9:37 pm

did anyone say otherwise?
"they are even giving 100% mortgages and no payments at all for the first 3 years for their own repossessions "

Bowler
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Re: 100% mortgage

Postby Bowler » Fri Jun 24, 2011 10:19 pm

I think a number of posters here could do very well as comedy writers, particularly Julian :lolno:

julian
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Re: 100% mortgage

Postby julian » Fri Jun 24, 2011 10:24 pm

yes RetroP

markwilding
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Re: 100% mortgage

Postby markwilding » Fri Jun 24, 2011 10:59 pm

Bowler wrote:I think a number of posters here could do very well as comedy writers, particularly Julian :lolno:
Didn't you write this? A real post to be laughed at.... :lolno: :lolno:
Bowler wrote: wait till he has 50 grand in the bank then he can think about buying a 100 grand property.
Sorry if this sounds like raining on your (or his) parade but it's true.
How many people do you know can save 50 grand in a short period of time? The person that can, wouldn't really need a mortgage at all for 100 thousand because in the next short period of time would have enough money to buy the property outright.

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Mowser
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Re: 100% mortgage

Postby Mowser » Sat Jun 25, 2011 8:25 am

I wonder how the property boom is doing in Andorra ...
Dave

markwilding
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Re: 100% mortgage

Postby markwilding » Sat Jun 25, 2011 8:30 am

Expect it to really heat up over the next few months but it will start cooling down during early October and everything will be really cold again by December

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ian.wilson
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Re: 100% mortgage

Postby ian.wilson » Fri Jul 01, 2011 12:30 pm

You can get up to 109% mortgages in Spain at the moment but you must prove that you can pay the repyments, so lots of paperwork to provide. You can get a 100% mortgage with the first 24 months as interest only, some of our clients are using this option. On a brand new never lived in bank repossession apartment @ Sale Price from bank of €121.000 (2 bed, 2 bath, cream marble floors throughout and near the beach) including the 24 months interest only option are only paying approx €200 per month in repayments. This is only for the first two years though so it will go up after that. There are many non residents and Spanish people taking advantage of these deals It has been hard for many young Spanish people in the past to get onto the property ladder. You will not get a deal like this on a normal resale property, only on the banks own distressed property stock. Developers are calling it unfair trading as they cannot in general get more than a 70% mortgage for thier properties, and the same goes for resales.

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Ian
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Jool
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Re: 100% mortgage

Postby Jool » Fri Jul 01, 2011 4:14 pm

It IS unfair trading and is because the banks want to dump all their rubbish properties, pure and simple manipulation of the market, as if the banks have not done enough harm already. :sick:

julian
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Re: 100% mortgage

Postby julian » Fri Jul 01, 2011 5:02 pm

I agree it is unfair trading, but the properties are not rubbish, they are perfectly good homes and commercial premises of people who couldn´t pay their mortgages..the properties are just as good as any other properties, but it is unfair trading.

frank
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Re: 100% mortgage

Postby frank » Fri Jul 01, 2011 6:13 pm

Jool wrote:It IS unfair trading and is because the banks want to dump all their rubbish properties, pure and simple manipulation of the market, as if the banks have not done enough harm already. :sick:
After the 2 year honeymoon period they'll probably get half the properties handed back anyway.
Regards, Frank

No soy residente, simplemente un turista, ¿qué sé yo?

julian
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Re: 100% mortgage

Postby julian » Fri Jul 01, 2011 6:28 pm

"as if the banks have not done enough harm already"

I´m not sure if it´s fair to put the blame only on the banks, for every mortgage the banks gave to someone who later couldn´t manage the payments there was also a person who couldn´t manage to make the payments he had signed and agreed to make...it seems 50-50 responsibility to me.

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scampicat
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Re: 100% mortgage

Postby scampicat » Fri Jul 01, 2011 7:01 pm

Is it April Fools' Day?

Why would anyone want 100% mortgage when house prices are falling?

julian
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Re: 100% mortgage

Postby julian » Fri Jul 01, 2011 7:20 pm

to buy a home to live in?

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Mowser
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Re: 100% mortgage

Postby Mowser » Fri Jul 01, 2011 7:36 pm

Why would anyone want 100% mortgage when house prices are falling?
If you can get a bargain and if you can afford it ... why not?
Dave

katy
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Re: 100% mortgage

Postby katy » Fri Jul 01, 2011 7:51 pm

And straight into negative equity. Isn't all this foolish borrowing that started all this mess :crazy:

julian
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Re: 100% mortgage

Postby julian » Fri Jul 01, 2011 7:59 pm

there are some properties that can be bought from the banks today at 100% mortgage and sold on at a profit within weeks......while the negatives are sitting at home being negative others are out there making money from property, even now.

also some people want a home to live in, long term, they are not concerned if the value is less a while later, they are in it for long term, to live in, to make a home...when they sell many years later it will be worth much more.


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