Is it possible to hire a 100% mortgage today? Can we sign a 100% mortgage in Mallorca?
What everyone knows is that banks finance 80%, but that 80% leads to confusion: is it 80% of the sale? 80% of the appraisal? Or the double restriction of 80%?
In the generality of the cases, 80% of the minor is said between the appraisal or the deed value. And in this case we are going to meet one or the other depending on the bank.
On the other hand, there is a popular belief regarding 100% mortgage management, which is believed to be only for an official or a special worker, call yourself a specialized chef or pilot or doctor, the only borrowers with the ability to ask for a mortgage. to 100%. However, today there are new private banks that allow access to this kind of 100% financing, to employed persons fulfilling a series of requirements, how to be fixed for at least 1 or 2 years, with payrolls whose ratio indebtedness allows the payment of the letter that entails and a series of other requirements, that is, it is not necessary to be, as I said at the beginning of the medical, pilot or official to access this kind of financing. It is possible at this time to sign a 100% mortgage in Mallorca . If you want to access expert mortgage brokers, I invite you to fill out the Futur Finances contact form , without obligation.
In the following interview on Channel as a real estate expert at Futura Propiedades we talk about 100% mortgages in the market at the moment:
100% mortgages in Mallorca
Another question that clients usually ask me on a daily basis is whether 100% includes expenses.
Taking into account that today the expenses are approximately 10% and with a bonus carried out by the Autonomous Community of the Balearic Islands, 8% of ITP to 5% is said to be 7%. The expenses include the tax, the notary, the property registry and the agency. Whether from 10% or 7%, the expenses are clear that they are separate from the price of the property and it is not financed, with mortgage and this was the great change with the time of the real estate bubble with respect to the current most measured boom in that felt after the crisis.
Expenses to consider when buying or selling a home in the Balearic Islands
Cats are a very important point to consider when selling and buying because the need or trouble leads us and pushes us to carry out an operation without taking into account all tax issues.
In the case of the purchase, it is necessary to take into account 8% of ITP, tax on the transfer of assets, which as of January 1, 2019 in the Balearic Islands is rewarded with 3% only those people who have not had property or who buy their first home with what will be 5%, in addition to the notary for the deed of sale, the agency that is the one that enrolls us and liquidates us and pays the taxes and the registration of the property that charges a fee for registering us Buyer’s name the property and the mortgage charge. Also take into account that there are expenses related to the mortgage, but since November of last year the AJD Documented Legal Acts are paid by the banks and since this year there are banks that pay until the appraisal through notary agency and registration. You can read in this blog a summary of the new Law 5/2019 that goes into effect this June 16.
Documentation to sell your property
To sell our property we must collect the following information:
- Have the property deeds.
- Registration Note updated.
- Urban solid waste tax. Depending on the municipality, sewage, incinerator, among others.
- Energy certificate
- Certificate of occupancy
- If your property has a mortgage, we must request a cancellation certificate from the bank, at the time of sale. If the mortgage has been financially canceled (all the debt has been paid to the bank) you should know very well that you must cancel the registration as well.