RE: Mortgages

The larger your equity in the property the easier it is to get financing... Given that you have decent credit & income a 50% mortgage is quite easy.. 75% if you have not such good qualifications... the local ads(around Andalucia) for 100% financing are come-ons for buyers with jobs/credit history in Spain. I have investigated mortgages in Spain extensively and found that it can be done. I am currently negotiation a second property for speculation and the mortgage is 75-15-10; that is 75% from the bank, 15% 2nd from the seller, and my 10%cash down. BEWARE that the banks will ONLY lend on their appraisals which tend to be very conservative(at least 10-20% less than you paid for the property)so your cash down will be a higher percentage than you anticipated; don't forget that it is going to cost about 6-12% in fees over and above purchase price... Be CERTAIN to use a competent lawyer.... FYI my real estate contacts tell me that prices in southern Spain are going up about 2%/MONTH the market is very hot especially in the urban areas... the country properties lag behing but wish they could go higher too!!!

Thank you for the information. It is quite helpful and it gives me an idea of what to expect and how to go about planning.

Barry, quick question/comment. You mentioned that foreign sources of income can be a problem. We are Spanish residents so would that help or were you assuming that anyway?

jlawson, thanks for the percentages. It will help once we decide how much we're going to spend; I keep wavering.

We do have two "enchufes" in Madrid but neither one works directly with mortgages. Does that matter? We've asked them before but they hadn't really investigated much. How far before we would like to look/purchase should we enquire about mortgages? Would you start with the "enchufes"?

Hi!

I agree with Wolf and "Lagun" ("Friend" in the Basque Country's language). The south of Spain is too hot for me so I would prefer to live in the North of Spain (Basque Country / Cantabria / Asturias) and, sometimes, I would visit southern towns and beaches. The south of Navarra (Baztan's valley) is also a very beautiful and green land.

Bye!.

Egunon denoi! (Good morning you all!, Euskara) Kaixo! (If you prefer)

Basque Country is green and lush. Of course that means more rain than the central part of Spain, but like Hombre, CaliBasco, and Lagun, I'll take the rain, so I can enjoy the beauty of the area.

It's like stepping out of your door each day into a sweet smelling garden, and the twinkling sunlight off the grass makes everything seem so fresh, and clean.

The small baserris (farms) on the hillsides offer a touch of yesterday, and the promise they won't be spoiled by tomorrow. It's like a step back in time, and it's all for the better.

If you're fortunate enough to be invited out to an evening of enjoyment at a txioki (kind of a private club with cooking facilities, etc. Some are very old, and I probably spelled it wrong. One I was in was nearly 1,000 years old, built with stone and mortar. It was fantastic! Often used to entertain, since homes usually aren't large enough to handle large crowds.), you'll be in your glory. I know I was, and till today, it's still one of the greatest things I've ever experienced. Heaping trays of freshly prepared shrimp (The best I've ever tasted.), bread, and a salad so lush and green it would be the envy of any restaurant's salad chef. It's a five star culinary delight.

Well, I've exhausted just about all the Euskara (Basque language) I know. But I haven't exhausted how I feel about the area. I think that's where the Garden of Eden may have really been.

Agur! (Bye!)

Otso (Wolf, in Euskara, if you didn't guess - )

Thanks to all for the information on purchasing property in Spain.

Wolf:
Of course it is the Garden of Eden. I'm sure you have heard that Euskara is the language of Adam and Eve.
Also, I also like Ea but have never stayed there. I want to retire to Lekeitio. I stayed there last summer and had the best week of my life.
Lagun

Hey Lagun!

You were in Lekeitio but ... did you see their best and more famous fiesta?. The day is called "Gooses' Day" and if I can recall well is on September the 5th. I met once a boy from Lekeitio and he was just in love with their gooses' day.
I'm not going to say what is the main entertainmet that day because maybe, it can be too hard for animal lovers. At least nowadays gooses are dead when they are hang up from the rope.

I love the goose game!! I only saw it on TV last year but this year I will be sure to go there in person. It looks like it hurts, getting thrown around like that. I don´t know if the Basque country is for everyone. I think that you would have to see if it appeals to you more than the somewhat generic resort-town areas. Also, if the house was only going to be used in the summer, I don´t think that the basque country would be so bad. If it were going to be used in the winter.... that is a different story. I love this place but am sick of the sirimiri.

Roe

To those not familiar with sirimiri, it refers to a drizzling rain. It can be annoying at times, but it really doesn't become too much of a problem, unless you let it. They also keep everything clean and fresh.

I remember a friend of mine saying, "You know what I hate most about Hawaii?"

We were on the phone talking. He'd been living there for over six years at that point, and hadn't returned to visit the mainland yet.

"What?" I asked.

"It seems to rain every afternoon about 2:00 PM."

I just laughed. He should have been in Northern Wisconsin about that time. It was snowing so hard we ended up with drifts nearly 6 ft. high, the wind was whipping through our home (even though it was less than a year old, and well insulated), and the temperature was 20 degrees below zero. It would have taken a hell of a lot of sirimiris to make me believe they were worse than the weather we were getting -

Lush grass, the greenest trees and hillsides you've ever seen = rain. It's just that simple. But like Roe says, there's nothing perfect, not even in paradise.

Wolf (Who's never let a few raindrops falling on his parade bug him too much.)

It seems that everyone on this site wants to buy a house in Spain. Have any of you people read either of the two books that were recommended on an earlier thread on this site? One is Buying a House in Spain. The other is Living and Working in Spain. I bought them both but haven't finished the home one or even started the Living one. They are written by an English author and money is in pounds. Which adds more confusion to the process. (I think) Have any of you home buyers used this book? I am lucky, I can retire and live in Spain and not worry about a job. I want my house on the side of a hill in the Basque Country. Lots of people on this site have the right idea about the best place in Spain.
Sabalagirl

Okay, a little sirimiri compared to a winter in Wisconson doesn´t sound so bad. Coming from California though, I´m not used to the weather.