Can I raise money to finance the deposit for an off-plan property?
A mortgage in Spain can only be set up once the property has been completed and registered with the local land registry office. You cannot, therefore, raise the amount for the deposit, at the initial stage, through a loan on that property. Normally, individuals will raise this deposit by either cash they already have or be releasing equity on existing property they own in the UK. However, as the loan on completion can be based on the final valuation, some of this cost may be recouped on completion.
