Are you thinking about buying a house in Costa Blanca or Costa del Sol? If so, we recommend that you take a look at these types of mortgages as they might be of interest to you.

One of the most important factors when buying a home is having a good Finances and a Good Credit history. Most of the time, banks will offer loans with a mortgage guarantee that cover up to 80% of the value of the loan, which obliges to have savings to pay the remaining 20% in addition to the costs derived from the sale.

But i am about to share with you something that not everyone knows about. There is actually the possibility of obtaining 100% coverage for mortgages, rather than just 80%! These types of mortgages are not very common, and not all financial institutions offer them. But i will explain what they are and what requirements are required to be able to apply for one.

How to get a 100% mortgage

There are three options to obtain this type of mortgage:

  • Contracting services of a mortgage broker

    A real estate broker is a professional who is dedicated to being the intermediary in charge of managing the mortgage so that the conditions are the most advantageous for you. Although hiring this service has a cost, as usually hiring a good mortgage broker will save you time and stress. Overall making the proces more comfortable.

  • Buying housing from the bank

    This is the easiest way to get accepted for a 100% mortgage. Financial institutions are more willing to finance all the purchase when it comes to this type of housing, this is because banks have a lot of interest in selling the houses they own since most come from reposessions. They can be found at great prices.

  • Have an “excellent” profile

    One of the basic requirements is to have a permanent job, with a steady income.
    And being able to offer payable credits or possessing a certain assets

The Pros and Cons of 100% Mortages

At first glance, this type of mortgage looks very attractive, but it must bare in mind that it also may have some disadvantages. The best thing is that they offer you the possibility of buying a home without having any kind of savings. On the contrary, also the indebtedness will be greater as it will require you to assume certain expenses such as higher interest or in case of hiring a broker to pay fees.

Currently, very few financial institutions offer this type of financing openly. Another thing to keep in mind is that you will have to offer some type of asset, although there are banks that do not require asset to be able to opt for the 100% mortgage as long as you have a very profile, they could be willing to negotiate.

Now knowing that there are this type of mortgages and you are seriously thinking about buying a house in the area of Torrevieja, Orihuela Costa, Estepona, Marbella, Manilva, etc. at Elisa Properties we offer a wide variety of housing tfor you to choose from.

Do not hesitate to contact us for more information! We are delighted to be able to help you find your drem home in Sunny Spain!