Immigrants Finding It Harder To Get A Mortgage

With the current financial ´crisis´in Spain, the banks are tightening their criteria for mortgage applicants and according to www.prestamoshipotecarios.com.es, immigrants are considered a much higher risk.

While the property market was strong, immigrants covered alot of the positions in the construction and tourism sector.  With those industries now hardest hit, banks are looking not only at their ability to pay, but at the likelihood they will have employment in the future to pay for the mortgage.  They consider that if immigrants can not find work in Spain, they are more likely to return to their home country, leaving their debts behind, which makes them a much higher risk.

This will have repercussions for many expats who depend exactly on those sectors.