The Martin Case

When the construction of an apartment takes longer..

Interest rates rose rapidly

Martin C. purchased a newly built apartment in Spain. Construction was significantly delayed. This caused problems with the mortgage, as a mortgage offer in Spain is typically valid for only two months. Meanwhile, interest rates were rising, so it was our task to keep the favorable conditions available for as long as possible.

• If it all takes longer than expected and hoped
• The same conditions in the quote for a year and a half.
• Clear advice, quick response and very helpful

Challenge

A mortgage offer is only valid for 2 months.

A mortgage offer in Spain is valid for only two months by default. Normally, this is not a problem if the apartment or house is available. In this case, construction was significantly delayed, meaning it took a year and a half longer for the apartment to actually become available.

“We were looking for a solution because interest rates were rising. That would mean a higher interest rate every few months, making the financing of our apartment much more expensive,” says Martin.

Solution

In contact for a year and a half and constantly renewing

Interest rates were rising, and it was uncertain whether the financing would be secured at much higher interest rates.

That made the situation extra complicated. Martin had received a good offer, with a competitive interest rate.

We asked our bank for a similar proposal, and we succeeded. Next, it was up to us to stay in close contact with both Martin and the bank for a year and a half. Only in this way did the apartment remain the Spanish dream he wanted to realize.

We called Martin regularly, both to explain what we had agreed with the bank and to reassure them. As interest rates continued to rise, we had to negotiate more and more to keep the conditions favorable, and thus keep the apartment affordable.

Result

A nice proposal and his apartment in Canet de Berenquer

The result is one to be proud of. Martin is particularly pleased with the clear advice, the quick response, and our helpfulness. He says: “Definitely recommended!”

Patrick and his team arranged a good mortgage for us as entrepreneurs. The construction was significantly delayed, but everything was completed properly.

We are pleased that we were able to arrange this with the Spanish bank with which we have the best contacts. This required intensive contact, particularly to maintain the terms of the proposal. Ultimately, this worked out well, despite rising interest rates. That kept the apartment affordable for Martin.