20.07.09 17:52 Age: 1 yrs

First signs for a recovery of the Spanish mortgage market

By: Andreas Fürlinger

Spanish banks are still backing off, but offshore- and other foreign banks offer mortgages for Spanish holiday properties again

While the Spanish National Institute of Statistics (INE) announces a small reduction of the total numbers of mortgages, in April this year of 4.1% compared to March but compared to April last year of 41.9%, there are more and more foreign banks which close this gap and finance again up to 70% of a holiday property.

National banking institutions are very cautious, especially in cases of second residences and non-residents with the consequence that mortgages are not offered at all or the applications and solvency checks are taking exceptional long.

Solvent buyers with good credit history, who are interested in properties with good value for money are well advised to consider beside local also international financing offers.Besides searching for properties your re-d broker is happy to advise you in financing questions of all kind.