Private Mortgage

Photo of the house in Novemberr

Most of you know our country house is for sale. One of the problems with the property market at the moment is that banks in Spain have virtually stopped offering mortgages. I view of this we will consider offering a private mortgage of about 50% on our property (deposit 125000 euros). We can offer a 10 year mortgage at a reasonable rate –  5%. Another possibility is that the deposit would be paid but the mortgage payments deferred until April 2012. In this case interest would be charged on the outstanding amount and this added to the mortgage in 2012 which would run for 9 years.  Also in the latter case, although it would be legally tied up in a contract, the escritura would not be signed over to the new owners until April 2012.

We have checked this out with our lawyer in Granada who considers it an excellent idea.

To view details of our property go to www.countryhouseforsale.wordpress.com.

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About Margaret Merry

I grew up in Falmouth, Cornwall, England where, after leaving Falmouth High School, I spent a year at Falmouth School of Art. Then followed three years at Hornsey College of Art in London where I obtained a Diploma in Art and Design. I then spent a post-graduate year at the West of England College of Art in Bristol where I gained an Art Teacher?s Diploma and a Certificate in Education of the University of Bristol. I lived and worked in Truro for over 30 years and became one of Cornwall's most popular artists. My paintings have been exhibited in New York, Tokyo, Paris and London and have been bought by collectors from all over the world. I have published 4 books which became local bestsellers - 'The Natural History of a Westcountry City', 'Margaret Merry's Cornish Garden Sketchbook', 'Sea & Sail' and 'Tidal Reaches'. In 2002 I moved to Spain and now live pn a small farmer the town of Alhabia in the Alpujarra Almeriense in the Province of Almeria. I now get my inspiration from the dramatic scenery of Andalucia and its old cities, towns and villages which I usually capture in watercolour. I also enjoy portraiture and figurative art, particularly nudes and dancers. For these paintings I use artists' soft pastels. I have written and illustrated 3 children's books - The Wise Old Boar, The Lonely Digger and The Adventure of Princess The Pony - which have been published in the USA.
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2 Responses to Private Mortgage

  1. Did you ever sell your house with a private mortgage? I am in a similar situation. Would be useful to know how it panned out.
    Cheers

  2. Thanks for your marvelous posting! I seriously enjoyed reading it, you will be
    a great author. I will always bookmark your blog and definitely will come back in the future.
    I want to encourage you continue your great job, have a nice
    evening!

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