As a result of the UK’s decision to withdraw from the EU Spanish Property Buyers having been asking us how it will affect them and especially whether mortgage finance will still be available from the Spanish Banks.
As we have already reported it would appear that Brexit is having little effect on the Spanish property market, especially here in Marbella where the level of sales and activity in the last week has been at much the same level as it has been in the previous weeks.
We have now had contact with our preferred mortgage providers Mortgage Direct SL who confirm that they have been canvassing the Spanish banks from whom they source mortgage finance and have been advised unequivocally that it is business as usual when it comes to providing mortgage finance for foreign buyers including the British whether they be resident or Non Resident in Spain.
The only real, immediate impact for the British buyers has been the drop in the value of the pound although exchange rates vary and the pound has only moved by just under 10% during the week. The Bank of England has already said that it shore up the pound should it prove necessary but generally it is thought that the rates will start to level out.
For anybody with concerns about the interest rates you can be assured that the European Central Bank has confirmed that it is ready to deal with any impact on the financial markets and banking system as a result of Brexit. It was already anticipated and confirmed that interests rates would remain low for the foreseeable future.
Mortgage Direct have also come to the same conclusion as us with regard to the sustainability of the market and the fact that British buyers will continue buying although the next few years are likely to interesting from a political and economy point of view. The general feeling is that the purchase of a home in the sun is a lifestyle decision undertaken by those who can afford to do it and that situation is unlikely to change even in the current circumstances.
If you are thikning og buy property in the Marbella area we should be delighted to talk to you about the market. Please just give us a call on (0034) 952 90 52 00 or send an e-mail to . If you include your telephone number we shall be sure to call you back.
