Monday, 6 August 2012
Surprise Mortgage Enquiries Increase For Spanish Property
Despite the country’s ongoing economic struggles, property experts believe there is still very healthy appetite from Brits looking to buy property in Spain.
This comes as leading overseas mortgage specialist, Conti report that enquiries from foreign property buyers looking for a Spanish mortgage have increased by a third in the last two months. Enquiries from clients looking to secure a Spanish mortgage increased by 33 per cent during May and June 2012.
Claire Nessling from Conti said: “Bargain prices and the opportunity to negotiate these down even further with some very motivated sellers mean that it’s most certainly a buyer’s market...In addition, despite the ongoing eurozone crisis, the growing strength of the pound, which has been rising against the euro to levels not seen for around four years, is boosting the budgets of British buyers.”
“These factors, together with historically low interest rates, are making it more affordable to buy in Spain right now. And signs that the market is improving are starting to lift the confidence of prospective buyers,” She added.
Mortgages for property in Spain are still available to around 65-70 per cent ‘loan to value’. Higher borrowing limits are also generally available on properties being sold by the Spanish banks themselves.
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