Scooby96

Whats the deal on mortgages 'over there' ???

Would like to keep the properties we have in the UK and rent them out so could we get another mortgage in France or Spain - any idea what the mortgage rates are, deposit % required etc etc ?

Scooby96

???

Brendan Hughes

Chris, I've just got a mortgage with Barclays in Portugal. They talk about Euribor average (over 3, 6, 12 mths) plus the "spread", which is the bank's cut on top I believe. As I had under 80% LTV, I got a spread of 0.45% - would have been about 0.6-0.8%. Find the Euribor average for 6 mths (dunno how, use Google), add the spread, and that's the interest rate. It's 3% or less I think.

Dunno how banks work in F or ES but they're all Eurozone, can't be so much different.

Scooby96

Just got quoted a rate of 4% variable or 6.2 fixed for 12 years (France) max 85% LBV, Spain is similar but max 80%

Trying to weigh up whether a sterling mortgage or a euro mortgage would be better??

Just got to save up £42,500 / 63,750 euros for the deposit!!

Scooby96

Forgot to ask:

If I were to buy a place with outbuildings in France so I could do sping / summer lettings are the froggies business lending rates much different?

RichardC

I am also looking for a Spanish mortgage. If you can get the money in England then I would as there are a lot of charges associated with Spanish mortgages and they generally only give you a max of 15 years. The best rate I have been quoted is 3.75% over 15 years.

RichardC