Friday, February 20, 2009

I Have Found a Bank that Will Fund You

If you want to buy a house for sale in Spain things have been difficult recently. You may have noticed that there is a bit of a credit crunch going on at the moment. This week I have been speaking to banks for clients who want to renegotiate their mortgages because they are finding it hard. The banks have had differing points of view from, let them lose the house to we will do whatever we can to help up to a point.

Today I found a bank that is still lending to non residents meaning I may not have to totally refocus the website and business model to only take cash buyers. I will keep the name under my hat but suffice to say if you are a viable client and you need a mortgage of up to 80% maximum of valuation then I may well be able to get you the finance lacking in the market at the moment. You will have to link yourself to the bank in terms of credit cards, direct debits and insurance but at least you will be able to buy the house or flat.

One caveat of course is that Euribor is currently around the 2% mark, do not expect anything less than Euribor plus 1.75%-2% as the banks themselves get their money by offering rates to investors much higher than the 2% Euribor rate. See the graph above for the lemming like jump the Euribor has taken recently.

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