Europe - the most popular among Russians in terms of real estate acquisition.According to various estimates, every second Russian gets an apartment abroad using a mortgage.
terms of mortgage lending in Europe
European banks issue mortgages with interest rates from 2.3 to 7%.This is 5 times lower than in Russia.Loans are available only in real estate, which is located in the region of the bank.This means that the direct loan funds for the purchase of Russian apartment impossible.All because at the time the mortgage apartment will be pledged to the bank and, accordingly, it will evaluate it on the subject of liquidity.The Bank must be sure that he will be able to easily sell the apartment to which the loan is granted.
It should be borne in mind that in s
Generally loans are exclusively for residential real estate.Get a loan for the purchase of commercial real estate to a foreigner would be extremely problematic.
mortgage loan can provide for up to 30 years, but the bank will be assessed by the age of the borrower.Standard loan funds can be found on 80% of the property value.But now the banks in order to attract borrowers approve loans and 110% of the price of the builder.The 10% in the future will pay for the additional fees associated with registration.There are countries with more stringent conditions.For example, Italy will need to make up 60-80% of equity.
There are restrictions on the amount of the mortgage.For example, in Germany, are not welcome "cheap" mortgages of up to 60 thousand. Euros, Italy - 100 thousand. Euros in the UK - up to 500 thousand. Euros, while in Turkey, issued loans and 10 thousand. Euro.
case of default on the mortgage banks usually do not go to court, and insist on the immediate sale of the object.
In which countries can take a mortgage
All countries can be divided into groups in terms of the availability of mortgage loans.It:
- Mortgage loans are not available or are available to the borrowers so stringent that get loans virtually impossible.Today, the list of such countries include Italy, Cyprus, Croatia, Austria, Montenegro, Switzerland, England, Romania.Mortgage
- get quite possible, but it implies a territorial design or procedural limitations.For example, Germany, the Czech Republic and France.
- Mortgage enough available, but less favorable credit terms.Among these countries, such as Portugal, Spain, Finland.
stage of registration of mortgages abroad
Experts recommend originally selected property.It often happens that the apartment is already in the ownership of any bank, then arrange a mortgage can only be in it.Moreover, the bank may offer more favorable conditions for "their facilities."If non-bank real estate, you can go to any bank.
Next, you need to contact the bank (directly or indirectly) and familiarize yourself with the requirements for the borrower and the list of requested documents.
main thing when deciding to grant a mortgage - this is the borrower's ability to fulfill its obligations on the loan.Requirements for the solvency of borrowers vary in each bank and the country.For example, in Spain you must have a monthly income three times higher than mortgage payments.
largely on the results of evaluation of the borrower's interest rate depends upon him.Therefore, the more documents provide the borrower, the more favorable terms offered to him.It may be proof of income;an extract from the account of the bank;help-characterization of the Russian bank borrower or CRB;evidence of a real estate car.Please note that documents must be translated from Russian.The costs of this can reach 150-200 euros.
Most banks require a certificate from the bank on the availability of funds for a down payment.In some countries may request additional training or work visa, a guarantee of a resident of the country, the inquiry about absence of debts on credits, permission from the authorities to purchase real estate.
way, the borrower is not always necessary to apply to the bank, you can often get the installments directly from the developer.For example, you can take advantage of such offers in Bulgaria, Turkey, Montenegro.Installment assumes payment of the loan amount for the period up to one year without interest.
A deep crisis in Greece and the banks have suspended all mortgage lending and installment is the only option to buy a house with a shortage of equity.Do not provide such loans in the UK.