Applying for home loan - how fast is the process

Last activity 05 April 2016 by adrscib

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tempuraMember21 March 2016 09:51:13

Hello, im concidering to buy an apt for myself after living here in couple of years.

I have 10% down payment ready, how easy and quick s it to get a mortgage?

Im banking with BOV currently, but one of my friends was asked 30% downpayment there?

Then they went to HSBC and got the loan w 10% downpayment.

I have been banking w BOV for 2 years, and dont want to change the banks... Is it commont that they will ask for 30% downpayment?

F0xgl0veMalta Expert21 March 2016 10:03:17

1974

I would suggest you think again, to buy here means that if you ever want to move you will have problems selling.
If you have a 90% mortgage it would be even harder as you would not be able to reduce your selling price by enough to attract a buyer unless you are very, very lucky.

Ray

adrscibNew member04 April 2016 22:48:55

If you are a foreigner, the major banks will ask for 30% deposit and that you are at least 5 years residing in Malta with a good track record. I have had this experience to various clients of mine. Unfortunately after the crisis the banks don't risk it. Or else you need to find a Maltese person to act as your surety.

tempuraMember05 April 2016 04:39:41

contacted HSBC, 10 % and 2 years was enough for them for loan.

adrscibNew member05 April 2016 05:33:17

Great then I would simply go for it because you found the right guy - good luck In your purchase

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