CHOOSE MAJORCA FOR FIRST HOME, UK BUYERS ARE ADVISED
I must strongly disagree with the editorial stating that Majorca is the ideal place for UK first time buyers.
You need to look at the facts as to why so few first time buyers have been found locally. A typical first time buyer will probably be on a six month contract. They must plan to pay their annual costs on what they can earn in this time (with some help from four months dole money if they qualify i.e. paid into the system for two years).
The first time buyer may get an 80 percent mortgage (maximum) on their studio apartment costing (say) 125'000 euros. So they first need 25'000 euros savings for the balance. Add 11 percent in tax and expenses, the total cost of ownership is around 143'000 euros with 38'000 euros available in cash needed. Now add in the black money transfer (that nobody must speak of) and the up-front cash needed is practically impossible to raise for most first time buyers with all the normal costs of moving into a new home.
Then (British buyer) be aware, many banks will only give the money to Brits if they have lived and had a job here for three years! This is reality, kid yourselves at your peril! I would suggest that Majorcan first time buyers go to the UK as most cannot afford to be property owners here (unless their parents have a large bulge in the mattress).
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