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Buying "Off-Plan" Page

One of the major features of the property market in Spain is the number of new homes built every year. Unlike the UK, where the vast majority of house sales are of existing units, Spain is enjoying a building boom and all over the country new housing and residential developments are being constructed.

Consequently many people, wishing to take advantage of lower pre-construction prices, buy "off-plan", when only artists sketches and computer generated images exist to show the eventual design of the property.

When buying off-plan there are different financial imperatives and consequently different mortage and finance solutions required. Usually purchasers will have to pay an initial deposit of around 30% of the price, with the balance to be paid by completion. Various developers have different ways of spreading these additional payments, some may require nothing more until completion, others may stagger payments throughout construction.

Obviously this payment structure poses different problems from the "one-off" purchase price that is the normal experience of most property purchasers. Fortunately there are various options available to help you:

Deposit raising

We can provide an array of solutions depending on your requirements. If stage payments are required we can look at providing a flexible mortgage facility, by remortgaging a property in either the UK or Spain, so that you only pay interest on the money when you need it. We can look at either your home or investment property to release equity to fund the deposits you require.

Some people may have sufficient equity in their property to fund the entire purchase outright.

Developer Mortgages

The Bank that funded the construction of the property provides developer mortgages. In certain circumstances they offer a solution, but the mortgages are usually on a repayment basis only and for a maximum term of 15 years. Furthermore, usually they will only offer 70% of the original purchase contract price. It is worth comparing the terms of the developer's mortgage with one of our schemes before you make any decisions.