Posted on 8 August 2012 by Lisa
I own a property in Wales that we brought to renovate. It has it's own water supply and electricity it has 50 acres and a 3 acre garden. The house hasn't a useable bathroom or kitchen but is worth about 450000. We only have 60000 left to pay on it and wanted to use this property as a means of raising cash to buy a Spanish property for 195000. Is this possible on a property in this state ? If so how do we go about it. The land on its own is valued at about 250000.
I am not aware of anyone who will consider lending you more money against this property until you have finished the refurbishment.
If you are set on buying a property in Spain there are 3 options available to you: 1) Finish the refurbishment and then remortgage the property to raise the capital. 2) Sell the property now in it's current condition and release what equity there is. 3) Obtain a mortgage secured on the property in Spain using any existing savings you have for the deposit.
If you decide to go for option 3 or a combination of 2 & 3 then I believe we can help you. Please call 0344 346 3672 and talk to one of our independent mortgage consultants who will be able to put you in touch with a specialist overseas mortgage broker..
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