Yes, buying a property in Spain with a 30% deposit is possible. You could also borrow more with a purchase and refurbishment Spanish mortgage.
If you are buying a Spanish property and would like to do a refurbishment yourspanishmortgage.co.uk has access to a lender providing up to 60% of that refurbishment on top of the 70% purchase mortgage and at the same rate.
In fact if that refurbishment achieves an energy efficiency improvement of more than 30% the bank can categorize it as Green and gain a 0.10 rate reduction. The bank will even arrange a free energy certification before and after refurbishment to confirm if it qualifies or not.
All the bank needs to know initially is an estimated amount for the refurbishment you would like to do and the purchase price. Then the customers need simply provide the budget of the works within 3 months of completion and we will help arrange the funds correspondingly.
- Refurbishment amounts are available to drawdown on advance of works and interest only is provided during the first year until the works are completed.
- This allows customers to pick up a lower value property and transform it into the property they really want and make energy efficient at the same time.
Minimum Spanish property value
Please note that to access a 30% deposit Spanish mortgage, the minimum property purchase price is 120,000 euros, or 150,000 euros in Madrid or Barcelona.
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