New mortgages

Hi.
We have been staying at my in-laws villa for 10 years and love the area. We have just returned and want to look into buying a villa nearby; we were offered a new one and a re-sale whilst there.
We were told that we could get a 100% mortgage on the new one, or 70% on the re-sale. The re-sale is actually considerably cheaper (50,000 Euros!) and includes all the a/c, furniture etc. It's a no brainer to be honest.
However I don't have the 30% deposit.
Are 100% mortgages available on re-sales and what is involved in getting a mortgage on either new, or -a re-sale?
We will want to rent it out where possible when not there, if that makes any difference.
Many thanks.

Hello T2R,

Banks tend to offer mortgages of up to the 110% for resale properties of their own, that is, properties they have repossessed from debtors, as they need to get rid of them easily. For normal resale properties they are reluctant to offer a 100% mortgage.

As an example, you can check this link that offers information on those available mortgages covering 100%: http://www.bankimia.com/hipotecas-100-financiacion

Please let me know if you have further questions.

Regards,

I would never take a mortgage with a Spanish bank if my life depended on it.