Mortgages

MoroccanBargains.com can assist in arranging mortgages for most clients. Mortgages are subject to status and approval, and cannot be guaranteed; however those with a good credit history and provable income will have a good chance of acceptance. The basic terms are:

Off Plan: We can provide an offer in principal that will give the client peace of mind in knowing that when his property is ready, mortgage will be in place. (Subject to status)

Re-sale: We offer resale mortgage at 70% to purchase price at a rate around 6.32% for a maximum of 25 years. There is no interest only period in Morocco but lenders can offer deffered payment for up to 12 months.

Re-finance: Some of our Spanish lenders are developing a product based on re-financing your actual Spanish or UK property in order to free some funds to purchase your Moroccan property.

Purchasing as a Company: This option is available.

Purchasing as Moroccan National: This is an option for the Moroccan nationals who live abroad. Even as non-residents they will be able to get a 100% mortgage to purchase price.

To summarize, the terms and conditions to apply for a Moroccan Mortgage are as follows:

Level of loan up to 70% of the declared purchase price
An interest rate of between 6.32 to 7.05%
There is no maximum limit of borrowing as long as it does not exceed the 40% limit of level of debts
A mortgage term of up to 25 years
An age limit of 65/70 years old
A possible deferred payment period between 3 to 12 months subject to status
An applicant can have more than one mortgage with the same bank.
Documents required will be (original copies required):
Certified copies of applicants passports
Proof of earnings - 3 latest payslips, renting incomes, etc
A declaration of debts - Experian report from www.experian.com sent to applicant home address
P60 / Tax return(s)
Purchase contract of the property
Latest 3 bank statements of your current bank account Bank reference letter
Property survey

(The above is for illustration purposes only, interest rates and other factors may change over time)