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.