We arrange your no-savings mortgage in Málaga free if you buy with us
We'll get you the best no-savings mortgage on the market in Málaga, tailored to your circumstances and needs. Our advisors will negotiate with every bank on your behalf to guarantee you the best terms.
Request your free financial advice and one of our advisors will carry out a personalised study of your profile and explain in detail the steps and requirements for getting a no-savings mortgage in Málaga.
We'll give you all the information you need about no-savings mortgages and answer all your questions. We'll assign you a personal advisor who will manage your no-savings mortgage directly and keep you informed of the status of your application at all times.
We want buying your new home to be a pleasant process, without surprises and with every guarantee. That's why at Valoracasa Estate Agents Málaga we arrange mortgages free of charge for our buying clients who request it.
Our goal is to give you a comprehensive service to all your needs while buying your home and help in every way we can, with a personal, transparent service.
How do you get a mortgage with no savings?
Once we have all the documents needed to process a mortgage and know what you need, we submit your mortgage to every bank that suits your profile. Our advisors will screen the market for the best terms. We'll present several offers so you can choose the one you like best and that suits your needs.
Save time and money with our mortgage management service and leave it to the professionals.
Steps to get a mortgage with no savings
Here are the four steps to get you the best no-savings mortgage on the market:
- Financial advice to assess your needs and profile.
- Submit the mortgage to the banks we've screened beforehand.
- Negotiate with the banks every term of the mortgages to secure you the best.
- We present all the offers so you can choose your mortgage tailored to you.
Free financial advice
Shall we talk about your mortgage?
We find the best mortgage for you and arrange it free if you buy with Valoracasa.
Get a no-savings mortgage in Málaga
Book your appointment with our finance department now and find out, at no cost or obligation, all the requirements and conditions you need to get a no-savings mortgage. Our advisor will negotiate directly with the banks to get you a no-deposit mortgage on the terms you need:
- Term.
- Interest rate.
- Purchase costs.
- Mortgage costs.
- Tie-ins.
- Repayment.
- Borrowing capacity.
Requirements for a mortgage with no savings in Málaga
The requirements for a no-savings mortgage are tougher than for any other mortgage, as the lender takes on more risk. That's why most banks reject this type of mortgage and never finance more than 100%, so clients have to cover the purchase costs, which can range from 10% to 15% depending on various factors.
No-savings mortgages with a guarantor
Some banks ask for a guarantor as extra security when the client applies for a mortgage of more than 80% of the purchase price. In these cases they may require the guarantor to provide, as well as their payslip, an unencumbered property as real security for the extra amount requested. If the borrower defaults, the guarantor will be liable with all their assets.
Even with a guarantor offering double security, many lenders flatly refuse to grant a mortgage with no savings.
No-savings mortgage without a guarantor
As a rule, banks don't grant mortgages for more than 100% of the purchase price, even if the client has a guarantor and outstanding circumstances.
The most you can hope for is a 100% mortgage, and it will depend on your particular circumstances. The profiles that find it easiest to get a mortgage like this are civil servants, certain professional groups and employees earning over €2,500 a month.
A guarantor certainly makes it easier to get a larger mortgage, especially if the guarantor provides double security, that is, also guarantees it with an unencumbered home they own.
What is clear is that it's almost impossible to get a mortgage with no savings and no guarantor.
No-savings mortgage: what is it and how does it work?
No-savings mortgage in Málaga: what is it? How does it work? Advantages and disadvantages. Which banks offer no-savings mortgages? Which is the best? How do you apply for a mixed-rate mortgage?
The no-savings mortgage is one of the most sought-after among home buyers who lack the savings or deposit to put in.
Prices are rising faster than wages and people are losing purchasing power and the ability to save. As banks don't usually finance more than 80%, clients have to put in around 30% of the value to cover the difference and the costs.
A no-savings mortgage is one where the bank lends the client the full amount needed to buy a home. The mortgage would have to cover both the purchase price and the purchase costs.
Most banks refuse to grant this type of mortgage, as it carries a very high risk and, in the event of repossession, the home wouldn't cover the full debt.
The most a client can apply for, always depending on their circumstances, is 100% of the purchase price, with the client paying the purchase costs.
If the client can't cover the costs, they can apply for a personal loan.
Advantages and disadvantages of a no-savings mortgage
Like all mortgages, the no-savings mortgage has its advantages and disadvantages compared with other mortgages.
Advantages:
- No deposit needed: the bank finances the full amount.
Disadvantages:
- Interest rate: no-savings mortgages are more expensive and have a higher interest rate. In general they have worse terms.
- Tie-ins: the bank usually requires the client to take out more tie-ins with a no-savings mortgage than with others.
- Expenses: the mortgage costs paid by the client depend on the amount requested, so the more the bank lends you, the higher the costs you'll pay.
As we've been explaining, a no-savings mortgage is almost impossible to get whatever your profile, so you'll always need to put money towards the purchase.
No-deposit mortgages Málaga
If you're considering buying a house or a flat, you should know that banks will normally lend you a maximum of 80% of the cost of the property you want. This means you'll need enough savings to pay the 20% deposit, plus another 10% for the costs of completing the purchase (taxes, notary, land registry and gestoría).
For example, if you want to buy a home valued at 200,000 euros and apply for a mortgage to finance it, you'll need around 63,000 euros saved.
If, as the INE states, only 41.1% of Spanish households save money at the end of the month, you may not have the resources needed for an initial outlay of that size either.
It's true that applying for a mortgage with no savings considerably reduces your chances of getting it. However, some banks are willing to lend you more than 80%, and up to 100% in certain circumstances.
We hope you enjoyed this blog on No-Savings Mortgages in Málaga.
Contact
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What is the best no-savings mortgage on the market?
- ING mortgage
- OpenBank mortgage
- Triodos Bank mortgage
- Bankinter mortgage
- ING mortgage
- OpenBank mortgage
- Triodos Bank mortgage
- Bankinter mortgage
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How do you apply for the best mixed-rate mortgage in Málaga?
Not many lenders offer mixed-rate mortgages, but it's important to shop around and compare before choosing.
At Valoracasa Estate Agents we want to help you get the best mixed-rate mortgage in Málaga, which is why our mortgage department is at your service:
- Free preliminary advice: our advisor will study your real chances of getting a mixed-rate mortgage and tell you the interest rate, monthly repayment and tie-ins.
- Free mortgage processing: if you buy your new home with us, we'll get you the best mixed-rate mortgage completely free.
Not many lenders offer mixed-rate mortgages, but it's important to shop around and compare before choosing.
At Valoracasa Estate Agents we want to help you get the best mixed-rate mortgage in Málaga, which is why our mortgage department is at your service:
- Free preliminary advice: our advisor will study your real chances of getting a mixed-rate mortgage and tell you the interest rate, monthly repayment and tie-ins.
- Free mortgage processing: if you buy your new home with us, we'll get you the best mixed-rate mortgage completely free.
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What can I do if I have no savings to apply for a mortgage?
- Get 100%
- Take out a personal loan for the costs
Any solution we look for to get a mortgage with no savings will mean greater effort and worse terms. That's without counting how hard it is to get a mortgage of this kind.
- Get 100%
- Take out a personal loan for the costs
Any solution we look for to get a mortgage with no savings will mean greater effort and worse terms. That's without counting how hard it is to get a mortgage of this kind.
-
How do you get a no-deposit mortgage in Málaga?
As banks take on more risk when granting a mortgage with no savings, they'll ask for a solvent profile to guarantee you'll repay the loan. That means job stability, length of service in your job, a high salary and a permanent contract.
Many lenders don't openly say they have room to approve this kind of financing in specific cases. So, if your financial situation is very good, negotiate directly with the bank to get a 90% or even 100% mortgage. Even if you have no savings, you'll have a better chance if you provide additional security, such as a second property. If they accept your application, ask for the contract to include a clause releasing that guarantee once the debt is 80% of the mortgage value.
Some client profiles are looked on favourably by banks, permanent civil servants, for example, because they have great job stability. If that's you, you'll find it easier to get higher financing to buy a house with no savings.
Some lenders also offer to cover more than 80% of the purchase of a house for young people under 35 with a stable job and enough income to make the repayments comfortably.
As banks take on more risk when granting a mortgage with no savings, they'll ask for a solvent profile to guarantee you'll repay the loan. That means job stability, length of service in your job, a high salary and a permanent contract.
Many lenders don't openly say they have room to approve this kind of financing in specific cases. So, if your financial situation is very good, negotiate directly with the bank to get a 90% or even 100% mortgage. Even if you have no savings, you'll have a better chance if you provide additional security, such as a second property. If they accept your application, ask for the contract to include a clause releasing that guarantee once the debt is 80% of the mortgage value.
Some client profiles are looked on favourably by banks, permanent civil servants, for example, because they have great job stability. If that's you, you'll find it easier to get higher financing to buy a house with no savings.
Some lenders also offer to cover more than 80% of the purchase of a house for young people under 35 with a stable job and enough income to make the repayments comfortably.
-
How do you apply for a mortgage with no savings?
When you apply for a mortgage, banks will require an official agency to inspect the property to establish its "real" market value. This is known as a valuation. The valuation may or may not match the purchase price, which is the price you pay an estate agent or private seller for the house (although in practice they don't usually differ much).
Most commonly, banks finance up to 80% of the lower of the valuation or the purchase price. However, some lenders offer financing based solely on 80% of the valuation. This can be very advantageous if you have no savings and the purchase price turns out to be lower than the valuation: the loan will cover more of the house purchase. The lender may be open to negotiating a mortgage at 90% of the purchase price, or even up to 100%.
For example, imagine you want to buy a house costing 200,000 euros. Normally, a bank would grant you a 160,000-euro mortgage to buy it. However, if the home is valued at 225,000 euros and the lender finances 80% of the valuation, they'll probably lend you 180,000 euros, which is 90% of the purchase price.
When you apply for a mortgage, banks will require an official agency to inspect the property to establish its "real" market value. This is known as a valuation. The valuation may or may not match the purchase price, which is the price you pay an estate agent or private seller for the house (although in practice they don't usually differ much).
Most commonly, banks finance up to 80% of the lower of the valuation or the purchase price. However, some lenders offer financing based solely on 80% of the valuation. This can be very advantageous if you have no savings and the purchase price turns out to be lower than the valuation: the loan will cover more of the house purchase. The lender may be open to negotiating a mortgage at 90% of the purchase price, or even up to 100%.
For example, imagine you want to buy a house costing 200,000 euros. Normally, a bank would grant you a 160,000-euro mortgage to buy it. However, if the home is valued at 225,000 euros and the lender finances 80% of the valuation, they'll probably lend you 180,000 euros, which is 90% of the purchase price.
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