Mortgage & Financial
Mortgage & Financial advice when buying Hondon property in Spain. Most people looking at buying villas in Hondon as a second home abroad usually consider financing or mortgaging a percentage of the property purchase.
Mortgages are available in Spain, although the lending criteria have become stricter. As with most mortgages the two main criteria are the property details and the buyer’s financial situation.
In Spain the amount given on a mortgage differs on the type of land the property is built upon:
- On Urban land, for example, Golf complexes or Urbanisations (Like The La Montanosa Urbanisation), you are able to obtain up to 80% of the purchase price or bank valuation (always the lowest amount).
- On rustic land, i.e. fincas (or country properties on Costa Blanca or Hondon villas) a maximum of 60% is available.
As with solicitors, there are banks which specialise in certain types of property and it is important to use the right bank for either rustic/inland Hondon property or coastal/urban new build property.
When you have found the Hondon property you wish to buy, the bank will send a Tasador (valuer) to the property to do a valuation. The value calculated is based on the quality of build, the size and location of the property, and its legal status. This is called the “Tasacion” and is the document the bank uses to make you an offer. This process usually takes around 3 weeks.
International Foreign Currency Exchange
Aspe & Costa Blanca Villas Real Estate Agents are working with currencies.co.uk, the home of Foreign Currency Direct plc. They offer a specialist foreign exchange service that’s not only stress-free, but can save you money on any of your foreign currency exchange needs.
» Read more about the International Foreign Currency Exchange service we can offer you
Thinking of selling your property in Spain? Contact us 0034 688 708 332!