Can You Still Get Mortgages to Buy Spanish Property?
Buying Property Abroad Guides » Spainish Property Guide
Thu, October 29, 2009 - 11:32 am EET
The property market in Spain has many parallels and similarities to that in the UK in that if a property is competitively priced it will sell, where there are still pockets of demand there is buoyancy in the market, agents have talked the market up to an unsustainable level, prices have fallen below what the media and government are promoting and people still hanker after owning a home in Spain, just as there is a desire for homeownership in the UK.
The only trouble is, not everyone can afford to take advantage of some of the bargains that are genuinely coming to the market in Spain because they don’t have the cash in hand to pay full asking price in cash for a Spanish property…
We’re aware that properties in the UK are not selling in part because people cannot secure mortgage financing – but is the situation the same in Spain? Can you still get mortgages to buy Spanish property or not? In this report we’re going to look at what property financing products are available to British buyers interested in buying a home in Spain.
The British pound has held fairly firm in the face of the Turkish currency, the lira, and so property in Turkey remains cheap – relatively speaking – for Britons seeking a property abroad. Pushing up the appeal of Turkish property even more is the fact that the nation is driving ahead with the promotion and extension of its tourism sector, making parts of the country very popular with property investors and speculators.
With the pound wallowing in the doldrums against the euro it’s not been a good year for Britons who have holidayed on the continent – everywhere has appeared so much more expensive relatively speaking to Brits, but at the same time we are all aware that it could swing the other way any time soon. This is just one of the reasons why the strong euro still hasn’t put Brits off wanting to buy a home overseas!
