Surprise Mortgage Enquiries Increase For Spanish Property

Despite the country’s ongoing economic
woes, property experts believe there is still an appetite from Brits looking to
buy property in Spain.  This comes
as a leading overseas mortgage specialist report that enquiries from foreign
property buyers looking for a Spanish mortgage have increased by a third in the
last two months.

Here, we look at the current ‘buyer’s
market’ for property in Spain.

Enquiries for
Spanish mortgages up by a third in May and June

Leading overseas mortgage specialist
Conti has reported that enquiries from clients looking to secure a Spanish
mortgage increased by 33 per cent during May and June 2012.

Claire Nessling from Conti said: “Bargain
prices and the opportunity to negotiate these down even further with some very
motivated sellers mean that it’s most certainly a buyer’s market. 

“In addition, despite the ongoing
eurozone crisis, the growing strength of the pound, which has been rising
against the euro to levels not seen for around four years, is boosting the
budgets of British buyers.

“These factors, together with
historically low interest rates, are making it more affordable to buy in Spain
right now. And signs that the market is improving are starting to lift the
confidence of prospective buyers.”

Mortgages for property in Spain are still
available to around 65-70 per cent ‘loan to value’.  Higher borrowing limits are also generally available on
properties being sold by the Spanish banks themselves.

Nick Marr, director overseas property portal HomesGoFast.com agrees that the Spanish property market is showing
signs of recovery.  He said:
“Despite Spain’s economic troubles, there still remains a healthy appetite for
property in Spain.  The favourable
exchange rate and low property prices are contributing to a strong demand for
property in the country.”

Obtain a quote for Mortages in Spain