Arranging A Mortgage In Morocco

dk67

we have paid 10% deposit on a new property in Essaouira. We already have a bank account in Morocco as I am Moroccan but have lived in UK 30 years.

does anyone know what documents are needed? I also heard there is an incentive for expats of a 100% mortgage. Anyone else heard this?

i have flights booked but cannot get through to anyone to arrange an appointment to apply for a mortgage on the days i am back in Morocco. anyone had experience of just walking in and applying?

my bank is BMCE

thanks all

moroccobound

Mortgages are arranged usually first with a bank manger who fills in the necessary forms and collects the necessary documents before sending the file to Casablanca where a committee makes the decision.

As long as one puts down at least 30%, one has a better chance of obtaining a mortgage than would otherwise. It is uncommon that a bank will give a mortgage with less down and I certainly never heard of a 100% mortgage being given.

Being a non resident, Moroccan citizen or not, the bank will have different criteria than for a resident.

No matter what one thinks of Morocco and it's potential for capital gains, it is still a third world country and as such the granting of a mortgage (or as it is known in Morocco, a credit) is not as advanced as in Europe or the USA. Considering all the problems with sub-primes, maybe that is a good thing.

If you are still interested in pursuing this, try Attijariwafa bank as they are more liberal in the granting of residential mortgages than most other banks.

allnewmorocco

i recomend a spanish mortgage broker offering ex pat loans in Morocco but its a very slow process