Investing into real estate by proxy

[CaptK]

What are the other costs involved.
How long does the process take

 

[PAULIE100]

Resent email now. On the 100% financed, you need to have available 6-7.5%‌ for purchase taxes, stamp duty, lawyer/notary etc. tax is on a sliding scale depending on‍ purchase price. Stamp is 0.8% of purchase and 0.6% of mortgage amt. At the moment⁠ process times anything between 6-10 weeks.

 

[Martin Everson]

As mentioned Spain may be an option. I remember one estate⁠ agent once recommended to me Caixabank for a mortgage on a holiday home as a⁤ non-resident for a property in La Duquesa. Think it was 30% down and interest rate⁣ was in the 3's or 4's.

 

[JustAnotherNomad]

3-4% is quite normal in most countries as a non-resident. I’m looking for 0-2%...

 

[PAULIE100]

Its down from 3's and 4's now...even in Spain you can get 2-2.5%. I did‌ one this week with a spread of 1.2% against the 12 mth euribor in Portugal.‍

 

[Martin Everson]

You said 0-3% before. Now its 0-2% ns2. Anyway I get‍ it you want as low as possible.

Can you post⁣ the name of the financial institution giving that mortgage for an expat like I did?⁢

 

[PAULIE100]

The main 'competent' high street banks I deal with in Portugal are Caixa Geral de‌ Depositos (CGD) and Millennium BCP. It's all about finding the best manager!

 

[Martin Everson]

I was referring to Spain. As you said you can get 2-2.5% for‍ expats and my post you responded too was about Spain. I am not being funny⁠ I am personally interested thats why I am asking I want to compare conditions with⁤ Caixabank Spain 😉.

 

[wexport]

Can you⁤ offer more details about? Requirements

 

[PAULIE100]

Spain we don't use Caixa, they aren't the⁤ easiest to deal with...we use UCI 70%, Cajasur if in Andalucia, Bankinter for higher incomes/more⁣ expensive properties, Bankia only 60%, Sabadell 60% but high life ins mandatory...rates 2.5% across board,⁢ maybe less if a bank repo....hope that helps🙂

 

[PAULIE100]

Standard requirements are,‌ in general.. if UK based, then tax return/P60..wage slips, 3 mths bank stats, copy of‍ cred report, utility bill...and fiscal number from Spain/Portugal...we can help most clients!

 

[Martin Everson]

Ok thanks.

Bankinter I already spoke to them about⁤ non-resident mortgages. Was not happening for the conditions they have in place but will look⁣ at the others.

https://www.bankinter.com/banca/en/nav/banking-products-for-non-residents

 

[PAULIE100]

Its all about relationships with the bank manager Martin..you can have⁠ a great bank in one town, and a shite one in another...when we find a⁤ good manager we stick to that branch...any help PM me.

 

[Martin Everson]

No thanks.

 

[PAULIE100]

Nice..thanks...hope i have helped!

 

[tacokai]

if you have plenty of money avaialble I don't⁤ see how it can be difficult to invest in real estate. Most countries in Europe⁣ will allow a company to own property as long as they have money to pay⁢ for that property.

 

[Max101]

Just bumping this to see if anyone has gone ahead with an overseas mortgaged property‌ recently? Could be worth buying something and leaving it with an Airbnb management company.

 

[tacokai]

cn you trust such a company?

 

[MiddleEuroAsia]

If you are interested in the Asian market (plus‍ Australia and UK) you can get a mortgage with 30% down with UOB bank in Singapore, you can also calculate the loan here, but you need to have a⁠ privilege banking relationship with them first and for that, you need minimum 350K SG either⁤ in deposits or investments.

 

[fatcat]

Can we⁤ get in touch?