I'm very interested to take out a Spanish Mortgage. Having seen your details via the internet, I was hoping you maybe able to answer some questions.
In May 01 I purchased a property in Torre De La Horadada close to the
Costa Calida. So far I have paid 2.000.000 pta's with an outstanding balance of 14.130.250 pta's. The property is due for completion in Feb 02.
I have a Spanish bank account with BCH, San Pedro Pintar (Murcia) and I have also registered with Notary Office in San Pedro del Pinatar. The purpose of the property is for a main residence and we intend to
work in Spain.
At the moment we have 3 options available to us.
- Sell our UK property and buy the Spanish house for cash and invest
the additional capital.
- Rent the UK property and obtain a loan on the Spanish property.
Rentable value £1,200 per month.
- Sell the UK property and invest the raised capital Offshore. Capital to invest £100,000. Ideally I would like to go for option 3.
My question is as follows:
Could I secure a Spanish mortgage based on options 2 or 3? (Assume I can not demonstrate an additional income until we start working in Spain)