Mortgages

Questions relating to buying or owning a property. Moving to Menorca Sub-forum: moving to, or living and working on Menorca
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wobble
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Mortgages

Post by wobble » May 11th, 2018, 1:51 pm

Hi

Just wondering which mortgage providers people have used to purchase places here, are there any you would recommend and of course any tips on sudden extra costs that might be included would be helpful.

Thanks again

chadcarr
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Re: Mortgages

Post by chadcarr » May 15th, 2018, 6:27 am

Hi Wobble,

Banca March is pursuing local mortgages on Menorca up to 60% for non-residents. The associated fees with mortgage financing are offset against the low interest rate. Contact Marisol at Banca March in Es Castell, she speaks and writes very good English, and is very helpful to ensuring a successful financing outcome. Expect closing fees 'ALL-IN' to push into 15-17% with mortgage involvement. I believe the current maximum amortization for non-resident is 15-years.

Cheers,
Chad

clubjoker
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Re: Mortgages

Post by clubjoker » May 19th, 2018, 12:17 am

It's a 3 years since I took mine out, so don't know the market now. I went with Sabadell which I'm pretty happy with.

Would recommend this broker for advice and help finding the best deal:
https://www.imsmortgages.com/spanish-mo ... an-tables/

wobble
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Re: Mortgages

Post by wobble » May 21st, 2018, 12:42 pm

Thanks for the replies. Very helpful especially around total costs and max term.

tjg515
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Re: Mortgages

Post by tjg515 » May 23rd, 2018, 8:44 pm

We completed last week using Sabadell, who were fantastic. However, their panel valuer gave a ridiculously low figure, the bank couldn’t believe it, but it left us to find an extra 10% in cash.

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