Finance......Mortgages......&...... Exchange Rates
Also bear in mind the costs of the 'overheads' in buying a Spanish property. In general this is likely to average around 10% of the price of the property and consists mainly of IVA tax (new Properties) or Transfer tax (resale properties) both of which are 7% of the declared value of the property. In addition you will have your solicitor, notary and land registry fees plus stamp duty all of which contributes to the 10%. If required, mortgages can be arranged on your UK property, but if you do not wish to risk the security of your home in the UK then the answer is to raise money on your new Spanish home. Our local Spanish banks will lend up to 70% of the value of the property and mortgage rates are normally lower than in the UK. Mortgages in Spain are normally the straight repayment type, typically over ten years – although the term can be varied. There are also UK banks who will lend against a Spanish property but these tend to be more expensive. Obviously getting a mortgage to cover rebuilding work is not quite so straightforward as when buying a finished home but our staff in Spain will be able to advise and assist you with this. Exchange rates are
another key area that should be considered. Getting the best rate when buying a
property can save you literally "thousands" of pounds on the total cost of your
new home. Exchange rate volatility will play a key role in getting you the best
deal. We have therefore also teamed up with Moneycorp, the commercial foreign exchange division of TTT Moneycorp Limited. Their specialist private client team provides one of the best services in the industry and we have no hestitation in recommending them.....we use them ourselves so can speak from experience! Benefits offered by Moneycorp are as follows............
So you can see, searching out the best rate (sometimes months in advance) is essential. Click here and let Moneycorp do the hard work for you then return back to this window to continue browsing our site. Always remember to mention 'Casas Almeria' when dealing with Moneycorp to ensure you get the best rates. Alternatively you can now open a trading facility with Moneycorp ONLINE! Click here to go to the Application Form and you can be trading within minutes. Another benefit of using Moneycorp is that you can also make your initial deposit payment (or any other payment up to 9000 euros) by credit card thereby eliminating the need to take money with you when looking for a property. Click here to find out more about this on-line payment facility and everything else that Moneycorp can assist with. Once you have sorted out your budget, it's time to "go view" the properties and whilst some people decide to go it alone, most people choose to go out with a specific agent to save themselves the hassle of finding the properties, instructing solicitors, making sure the property is taken off the market and that it is in a good area and resaleable if need be. All this of course in another language and whilst the procedures are not all that different from the UK they are different and mistakes can be costly. So.....how do you pick the right agent? |
It is important to have a clear understanding of the
financial commitment you are willing to make in the purchase of your Spanish property and
set yourself a clear budget - with perhaps an element of leeway
in case that "Perfect" property appears just beyond your reach. Better to
know at the start how much your budget can "Stretch" rather than lose the
opportunity of that Dream Villa or Cortijo. On the other hand you also need to know
what is definately beyond your budget.