Buying property in Spain

HOW MUCH DO YOU WANT TO SPEND?

OK, so you are thinking about taking the plunge?

The first thing you need to think about is your budget - how much do you want to spend? This is the most important thing, and so often not given enough thought.

Some questions you need to ask yourself:

Will you be buying outright?

Do you need a mortgage?

Do you need to release equity from your current property?

How much can you comfortably afford to pay each month?

Some things you also need to bear in mind:

Spanish lending interest rates are currently lower than in the UK, which will mean a lower monthly repayment - it is always best to speak to the Spanish bank to get a mortgage quote.

The standard maximum term for a mortgage in Spain is up to 35 years - again, speak to the bank as this can vary.

Spanish banks will lend to people who earn their income outside of Spain, as long as it can be proved (for employed UK residents they usually ask for last 3 payslips and most recent P60).

Mortgage payments can be partially or fully covered by a rental income - if you price your property right and market it properly you can rent it very successfully. Both the long and short term letting markets are good on the Costa Blanca.

For advice on mortgages, check out http://www.makeyourmove.es/mym/contact.php

Once you know how much you can afford to spend, then you come to the fun part!

About the Author

Carrie Wilson is a Spanish property expert. See her website at http://www.makeyourmove.es