Spain Explained

Customising your property with a mortgage

Last updated on October 28th, 2019 at 04:07 pm.

Anthony Dewhurst had seen a property he wanted to buy. With a little extra funding, it could be made even more ideal for his family’s trips out to Spain. But could he get a mortgage to help with the cost?

Anthony and his family are regular visitors to the Costa Blanca. They have friends who live out here and so had always had somewhere to stay. Having been left some money, Anthony was keen to make good use of it. ‘I had originally considered buying a property in the UK and renting it out,’ says Anthony. ‘But then we saw a property on the Orihuela Costa.’

The property in Spain was ideal and after having a good look round they came to the conclusion that they would like to buy it. ‘It was May and one property really caught our eye,’ says Anthony. ‘ We viewed it and decided to go for it. It’s on a popular urbanisation near to Zenia Boulevard, perfect for our trips to Spain.’

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A little getaway

From the beginning Anthony and his family had no intention of renting it out. This would be their little getaway, something that would add value to their lives. Making a profit from it, either by renting or selling it on, were not factors to consider for them.

‘Although we felt it was right for us, we also wanted to make some improvements to it,’ explains Anthony. ‘We could afford to buy it outright but we decided that we wanted to build an extension and install a new bathroom.’

This would take some additional money, and they worked out that they would need another €20,000 to customise the property to exactly how they wanted it. ‘We had already been recommended Ábaco,’ says Anthony, ‘and we were using them for the sale. They explained that it is now possible to apply for a mortgage in Spain and we decided to go ahead with this.’

Applying for the mortgage

Anthony was aware of the fact that it might not be an easy process for them. Anthony owns a limited company and his wife is self-employed. Without knowing the system he wasn’t sure what they would have to present to secure the mortgage.

However, with Ábaco’s assistance, they found the process surprisingly simple. ‘It was June when we begin looking into the possibility of a mortgage. We had a power of attorney so a lot of the process could take place without us being there although we did go into the bank to finalise the mortgage details.’

Anthony reflects that it took around six weeks for the mortgage to be arranged. This was the summer holiday period so it was a little slower around this time than it would have been normally. However, the company accounts had been accepted in the application process, the mortgage was agreed and the house purchased.

Home improvements

‘There had already been some building work done to it,’ says Anthony. ‘The current owners hadn’t had licences for this and it was their responsibility. Some money was held back from the sale to make sure that building work was legitimised.’

Since they took possession of the property in September, their property has been a hive of activity with builders and fitters working on it to put the plans into place. Anthony has been out to Spain to oversee some of the work but it won’t be until January that he comes out with his family to really enjoy their new base.

‘We’ve always rented or stayed with friends before,’ says Anthony. ’We’re really looking forward to having our own place where we can leave our things. It’s not the same when you’re having to bring out all your belongings each time. If you’re staying with people you have to fit in with their plans too.’

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Professional advice

Looking back at the purchasing process, Anthony has been happy with the Ábaco service. ‘What particularly impressed me,’ he says, ‘is the way in which the different departments work together. The whole process went ahead quite smoothly and professionally. I never felt I needed to worry about moving things along. I do think it’s important to have professional advice.’

Now, with the white goods on order, Anthony has finished temporarily with the changes to the property. However, he still has plenty of ideas in mind for things he can do in the future. ‘We can progressively do a bit more and a bit more,’ he says. ‘But for now we’re very much looking forward to visiting in January and enjoying our new home.’

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