Blakemore Walker Chartered Surveyors & Legal Consultants
SPECIALISING IN PROPERTY PURCHASE AND SALES IN ASTURIAS, CANTABRIA & GALICIA
MEMBERS OF THE ROYAL INSTITUTION OF CHARTERED SURVEYORS
| Blakemore Walker Chartered Surveyors & Legal Consultants |
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SPECIALISING IN PROPERTY PURCHASE AND SALES IN ASTURIAS, CANTABRIA & GALICIA MEMBERS OF THE ROYAL INSTITUTION OF CHARTERED SURVEYORS |
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PROPERTY FINANCE AND MORTGAGES - FEBRUARY 2011 Advice on all tax and financial issues in connection with the purchase of a property in northern Spain and throughout the spanish peninsula |
CURRENCY AND EXCHANGE Current exchange rates between the pound and the euro have now settled down into a band running between 1.16 and 1.20. click here. Care must be taken to ensure that there are no hidden charges when making transfers from one currency to another. MORTGAGES Euro mortgage rates are currently rising slightly but raising finance on property is an extremely difficult task. Only those people with excellent credit records and a large deposit will have a chance of obtaining a mortgage. Many purchasers in northern Spain are seeking an older style property often constructed in stone and more than 100 years old - these properties are virtually impossible to mortgage at the current time. This is because the Spanish banks and cajas are currently undertaking a programme of recapitalisation and are undergoing stress tests. As the financial crisis begins to fade away in the coming months and years the mortgage market will return but for the present financing in northern Spain on older and renovation properties remains difficult. INSURANCE Make sure that you have your home in Spain properly insured. We are able to advise on competitive quotes for house and contents insurance. Some owners may have to consider public liability insurance as well. |
