Dont know much about 100% mortgages abroad, I've never come across them, however they are common in the UK. I think you have been given some good advice about the downside. The upside is is allows people to get on the property ladder who would not normaly have a chance in the shorter term. Rates in the UK are higher for 100% mortgages, and you have to pay a mortgage indemnity.[This is quite expensive and can be added to the loan, and is a type of insurance the protects the lender NOT YOU]. The key to this is affordability, you have to be able to afford the repayments. Certainly if a long term view is taken and employment is stable a 100% mortgage is an option if you have no deposit. In fact in the UK at the moment one lender offers 130% mortgage, but thats another story.

Please no offence to anyone but why when any of us who have been around for a while do not agree with someone we are rubbished

Several times recently I have not posted knowing that if I did I would be told I was stupid

Now I know I won't always be right & I'm willing to admit if I make an error I'll own up to it but it is discouraging

i just feel nobody gave me any encouraging advice,thats all,it was like i was being "told off"" and felt very upset..as i said before im sure im not the only one whos done this,also if people know the down side and traps why hasnt anyone mentioned that?i am unaware of these possible traps.im going with a company and an abogado etc,have lived in spain before for 7 years have malagueno friends and feel i can feel my way round,this is the only way to own a place in malaga,if anyone has any experiences in this area pl e-mail me,well i must say after posting a few questions before and having next to no replies i must say ive never had so many!!...lol

Hi robzter

I say go for it, and good luck.

Im sure you know what your doing

Wow..well thankyou so much...........im trying...

Just read this thread (i know im a bit slow) and feel that some of the comments made here by people, I can answer as I have actually done it...

Kathmal... We have a Spansih mortgage with Banesto for a duration of 25 years. No problems. Most spanish banks do them as long as your under 40.

Mibut. We did what you said was "very very risky", but for the life of me I cant see the risk... We remortgaged our house in the UK for 40% of the Spanish house then raised a Spanish mortgage for the ballance (60%) then sold our Uk home paid off its mortgage in full wich also gave us a hefty lump sum to move out here to Tenerife with.

Its a fine line between opinions & advice... in my opinion

Best I've seen in Portugal is 80% and that has certain conditions. 80% Are also available in Spain I understand. But then mortgages are my business I'm just setting up a company to offer mortgages for clients wanting to buy in Portugal.

Makum,
Everyones circumstances are different.
If you look at the original post it gives the impression of someone who does not know what they are doing.
The answers I gave were general, based on very little information and in those circumstances I would of course advise someone to tread carefully.
I am glad that it is working out for you, no doubt you had quite a lot of equity in your UK property, and hopefully you will have a low interest mortgage for the rest of the term, unfortunately that is something you cannot guarantee.
I also cannot see in the post where it says that robzter has a mortgage in the UK so perhaps this is something that is not worth getting under the collar about.

no, i have no mortgage in the uk,at last the good advice is coming in,well im off tomorrow to view quite a few properties,all good stuff.ive also come to notice how many estate agents on the costa simply cant be bothered to even e-mail you back,ignore the e-mails and lead you up the wrong path.in england they are there to work with you ,ive lost count how many estate agents here have replied 3 days later with "sorry i was in london " or " sorry i was out" and one im furious with (goulbourn associates) who after having a 15 min conversation with explaining what i was looking for called me back over a week later and had no idea who i was and offered me sub standard properties in the wrong area !! i think ive learnt a huge lesson in that one area for a start!!.
in my first post i asked how the 100 % mortgage worked as i have never had one and didnt understand how they can offer 100 %,my salary is very good and have no outgoings,(lucky me!! lol ) so repayments are not a problem,this was the only way i was able to buy a place in malaga and im going for it.
Thankyou for your comments anyways..

my salary is very good and have no outgoings

If this is the case, I cannot understand why you need a 100% mortgage.
Surely you have some savings to use as a deposit.

well i dont.as i said this is the only way i can do it.

The thought of a 100% mortgage in a foreign currency scares the pants off me. But good luck robster on your viewing trip. At the moment they dont do mortgages for here in Turkey but I dont think it will be long. What with mortgages and euros it will soon be time to move out !!!!

Mortgages will be available this year in Turkey I am told.
The source is reliable, its from my Uncle who is Turkish. He did however advise me to allow the system to bed in for 6 months before I made enquiries about marketing them. Sounds sensible to me

robster, some people dont like risk,i say go for it

Risk is different to being financially responsible.
As the media report today, regarding some people who have 16 credit cards, and credit card debts of £100,000 is that considere risk or being unresponsibility. Both are debts, large debts.

to that i would say not many get rich from credit cards but loads do from property,as i say each to his or her own risk.

I agree 100%, property investment is main business, however, not many get too rich if they have to take 100% loans.
In UK if investors wish to borrow, even when they have long term pre-lets, they will not get 100% funding.
Funders are not stupid.
If you want 100% funding, you would have to look for alternatives to main line funders, and at a cost.

These are not 100% mortgages they are mortgages that represent 100% of the market value of the property. This is how it works:-

On a property valued at, say €300.000,00 the maximum mortgage that would normally be granted by a Spanish bank would be 70% ie €210.000,00. In order to allow a purchaser to obtain a mortgage for the whole market value of the property an over-inflated valuation of €428.571,43 would be obtained of which 70% represents the amount of €300.000,00.

Even a normal Spanish mortgage has drastic and unwelcome implications (has anyone ever had their mortgage escritura translated?) but this is tantamount to financial suicide.

I have also known cases where the mortgage was not only to pay for the property but also the expenses and taxes which in my example would be another €26.000,00 to €30.000,00.

There is a very large difference between risk and fraud.