Purchase an condo to lease with a mortgage with EVO (1/1)

Whats up everybody, I’ve used this discussion board quite a bit in my shopping for and promoting course of, and I needed to go away my expertise for anybody who’s .

That is the acquisition of an condo with tenants, a contract that’s in drive for an additional 3 years, in Barcelona. The tenants don’t wish to depart, even with compensation, so the method have to be performed with this specification.

One of many most important issues is the mortgage utility.
Openbank refused to course of the request, citing the entity’s inside insurance policies.
Banco Sabadell supplied a most time period of 12 years.
Others penalized +0.1% curiosity, or restricted the utmost time period to 25 years.

What’s the level if the proprietor as soon as purchased is free to lease? The scenario of those banks appears uncommon to me.

Thankfully with EVO there have been no issues. The administration has been good, comparatively quick, and I feel the circumstances are excellent. 2.65% fastened, with a most bonus of 0.2% for payroll and residential insurance coverage. It’s true that now we have a sure stage of revenue, nothing out of this world, and the mortgage was for lower than 50%
We additionally tried it with BBVA, and the circumstances have been excellent, however not so good as EVO.

For the remainder of the procedures, it should at all times be taken into consideration, the residential situation of the home should at all times seem: funding contract, analysisgross sales, dwelling insurance coverage, and so on.
The evaluation was larger than anticipated, as a result of in follow, with just a few nuances, they add the upcoming lease to the estimated value of the house.

I had learn some boards that mentioned that banks don’t give mortgages for rental flats, which is an unwritten rule within the banking sector, and this prompted me lots of concern. Nothing is farther from the reality!

I additionally consulted with the individuals at iahorro, though ultimately I did not want their companies, and so they advised me that solely 3 or 4 teams in Spain did it. Completely flawed too.
I hope this put up helps somebody going by way of the identical course of. I have never discovered too many points in boards or articles on the topic.

All one of the best,