Balearic Blog’s interview with Nicky Buchanan. Click here to read the article on their website.
Nicky will sort out the financial side of the deal for you
You have finally found your dream Mallorca property for sale and cannot wait for the deal to be completed so that you can move into your finca or villa for sale with pool for a well-earned and relaxing break! You now need the necessary cash to get the transaction sorted as soon as possible – the best person to turn to is Mallorca’s “first lady” for any issues relating to mortgages, Nicky Buchanan.
Nicky will advise with regards to all possible options and you will be delighted just how efficiently and swiftly she will present you with your tailor-made mortgage solution. Appointing Nicky means you are placing the finance for the purchase of your perfect country property or penthouse apartment for sale in most competent hands!
Hi Nicky, we would like to know a little more about you:
Nicky: I have been living here permanently since 2009, almost 6 years. I lived in Puerto Andratx for 5 years and have been living on the Paseo Maritimo in Palma for just over a year, the views of the Bay of Palma, the super yachts and cruise ships are spectacular & Palma as a city is always interesting, plus it is convenient for work as I can be anywhere on the island pretty quickly. My heart is really in Puerto Andratx though…!
I have three grown up children, one of my daughters lives here on the island.
Where are you originally from?
I’m from Edinburgh, Scotland.
What first attracted you to Mallorca and why did you choose to settle here?
I owned a holiday apartment in Puerto Andratx from 2005 & decided to spend 6 months here in 2009 – but I have not left!
Where and when was Mallorca Mortgage Consultancy founded?
I was a finance broker for 15 years working in the UK, mostly with commercial funding. I happened to know several estate agents in Mallorca on a social basis, and when I moved here in 2009, they asked me if I could help them with their clients as well. The answer was no initially, but then I decided to go and speak to the banks here to find out who they wanted to lend to, what type of Mallorca properties for sale they would accept as security, what the lending criteria would be, and suddenly I had a business.
Can you describe a typical MMC client?
There is no typical client, that’s one of the things that keeps this job interesting. My speciality, given my background, is with self employed clients from the UK, however I now work with many different nationalities and profiles.
How easy is it to obtain a mortgage on Mallorca these days?
I would not say that it is particularly easy, and the way that the application is presented is extremely important. I try to keep my client’s applications as simple as possible so that I ensure a quick approval from the lender. There are no interest only options available now, therefore the monthly repayments are higher since capital is being paid off from day one, this makes the calculations for clients “affordability” even more crucial, as the full mortgage amount must be paid off over the term of the loan.
How generous are Spanish banks and which criteria must an applicant fulfill?
I would not call the banks generous, they do have more of an appetite to lend now than they did a couple of years ago, however they are still cautious about the clients they will lend to. Generally speaking, the client requires to have a deposit amount of minimum 30% of the purchase price of the Mallorca property for sale, plus must also have further funds to cover the taxes and expenses involved in the purchase – I usually suggest that they allow 13% to cover these. The criteria that a client needs to meet varies from bank to bank; I keep on top of these so that I know where best to place a client for the best result to suit his or her requirements.
Do you only organize mortgages on Mallorca?
I occasionally arrange mortgages on the mainland and in the other Balearic Islands; however Mallorca is “my patch” so to speak.
Have you seen the property market picking up on Mallorca this year?
There has definitely been an upturn in the market this year, both in the number of cases I have worked on and also the amount that the clients are buying for.
Which was for you the top business area this year?
The two top areas in 2014 have been the Pollensa/Puerto Pollensa area and inland to Campanet and also the Calvia area, which takes in Santa Ponsa, Puerto Portals etc.
Which property type was your business no. 1 (villa/apartment/country house for sale)
50/50 split between apartments and country houses I would say. There is a very strong market for apartments for sale in the Santa Catalina and Old Town areas of Palma, I always have clients buying there.
What do you enjoy most about working at MMC and how would you describe a typical day?
Having the privilege of working on this lovely island and seeing so much of it is a big plus. A typical day will involve speaking with several lenders, possibly meeting with one or two banks or clients as well; some clients I never even meet, we work through the whole mortgage process by phone and email, therefore I don’t physically have face to face meetings with them all. I will spend a good couple of hours a day on the phone, and a further 3 or 4 hours working on emails and processing information received from clients. I try to be as flexible as possible so that if I receive a call from an agent asking me can I meet a client that day, usually I can do so.
How do you feel that the island has evolved since the company first started?
Over the past 5 or 6 years I have seen a notable increase in the number of both Scandinavian and Russian buyers coming to the island. In terms of the island itself, over the past year or so in particular I see an increase in the number of new high quality restaurants in various places, surely a strong signal that money is coming back to Mallorca – as well as the fact that there are many new Mallorca properties for sale being built this year, far more than over the past 5 or 6 years. Take Cala Llamp in Puerto Andratx as an example, there must be at least a dozen new villas for sale being built there, none of which will cost less than about 4 million.
3 absolute favourite places on Mallorca?
Puerto Andratx has to be my number 1, sitting enjoying a sundowner watching the fishing boats come in is always wonderful. The beach at Camp de Mar is a big favourite with the youngest members of my family, it is busy enough to have good facilities but quiet enough that there is plenty of space for everyone. Mercat Olivar in the centre of Palma close to Placa Espanya- this is a great place to buy fresh fruit & veg, stop for tapas, and also has a fabulous fish hall where you can sit & enjoy fresh sushi; even if you are not shopping for food, it is a great place to wander round, there is so much to see.
To find out how Nicky can help you with buying a property in Mallorca please contact her by any of the ways listed below