Hi all.

How can you obtain a 100% mortgage on residential propert for non residents?

Hi Matt,

Sorry you can only get up to 70% of the valuation value for non residents
(up to 80% in case of main residence).

More info at www.solbank.com

Regards

Notthat

At the moment there is a chance of this due to the market slump.  People & Developers are selling properties well under market value / bank valuations.  If you manage to get a very good deal on the property ie its worth 100k and you get a 30k discount and you pay 70k for the property, you are able to get a 70% mortgage from the bank but in terms of the finances it works out to be 100% of the mortgage. 

 The other way this can be done is get an over valuation done by a commercial surveyor or someone similar.  Ie you are really paying 100k but its been over valued by 50k etc so instaed of getting 70% of 100k you are now getting 70% of 150k which is obviosuly more.

 There are various ways of doing it, but its not straight forward.

I think in most cases, you will find that mortgages are being given in relation to selling price, rather than valuation, so even if a property has been undervalued, you still wont be able to achieve the 100% mortgage that was the norm in the past.

Thats why you tell the bank you are purchasing at the valuation price, get draft contracts drawn up with your soliciotr for this, if the bank as to see the contrats they are there to view, but suddenly the buyer and seller has a change of heart and a new deal is struck.

Can still be done very easily.

Scott_Nicol:

Thats why you tell the bank you are purchasing at the valuation price, get draft contracts drawn up with your soliciotr for this, if the bank as to see the contrats they are there to view, but suddenly the buyer and seller has a change of heart and a new deal is struck.

Can still be done very easily.

Would a Spanish bank go for this though?....Bearing in mind how they are all tightening the reigns...