The housing market is an inhospitable place for first time buyers in Spain. It requires a dedication to an end goal that borders on single minded and many sacrifices along the way. Are you up to the challenge to achieve that life time dream?Getting StartedSave: It’s a simple first step, but it’s the one that most buyers struggle with the most. Putting a little away here and there simply won’t cut it, you need to be consistently squirreling away money, sacrificing holidays and big money spends, in an attempt to scrape your deposit together. You will need a minimum of 35% deposit plus the additional 11% buying costs.Fortunately, there is help out there. Do some research and find a savings account with the best interest rate. Speak to local Banks in your area and see what they have to offer.
In general non residents will need to have their deposit. However, if purchasing a bank repossession there are times when you will still be offered 100% for the property. Buying costs still need to be found.
What are your options?
0% mortgage: A 0% mortgage is similar to a 5% mortgage, in that a guarantor must put forward 10% of the deposit, whilst you put down nothing. The guarantor will receive the cash back, provided you keep up with the mortgage repayments.
Bank of Mum and Dad: When all else fails, what better place to go than the good old reliable bank of mum and dad. Many of the options above require your parents to act as a guarantor anyway, so why not just go straight to the source?
Whilst it might seem daunting to begin saving for a property, there are many options that can help you take your first tentative steps onto the property ladder. Do some research and find out which options suit you best.
