Buying first home in Spain without a deposit for mortgages?

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Me and my husband wants to buy a property in Spain rather than in the UK and we currently have no funds, we can not get a mortgage and what ive read it seems that we need a mortgage in Spain and rent, they offer only 70%. If we win, it would raise a few years on the nature of the deposit. We are only seeking goods EUR 40,000, and I wondered if we could get a personal loan for that amount and where to look to get one.

2 Comments
  1. Reply
    Politically Correct
    January 30, 2011 at 2:45 pm

    An unsecured personal loan will carry at the very least a 10% interest rate and will need to be repaid over about five years meaning it will cost you £14,000 a year. If you have the money to service this kind of debt, you will take less than a year to save up the necessary deposit of £12,000.

    Practice a little self denial; no tv or holidays. Not that painful. I managed without either of those through my entire childhood with no discernible trauma.

    Also, never never never mismatch your currencies (liabilities and assets). That is a fast route to ruin.

    So, if your house is in the Eurozone, borrow Euros and earn Euros to service the debt. Ditto sterling.

  2. Reply
    real estate guy
    January 30, 2011 at 2:47 pm

    i don’t know that answer because you posting in the USA question section

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