How To Get a 50 Year, 100% LTV, Euribor + 0.35%, Two Year Grace Period Mortgage

...Just live in Spain. With millions of Option ARM mortgages still coming due in the next two years in the US, the Fed's ongoing push to drop mortgage rates has only made the problem worse, and instead of people refinancing out of adjustable rate mortgages into fixed, with the opportunity cost being so little, if any, the whammy of rising interest rates on home values upon Option ARM expiration will only exacerbate the triple dip in home prices once the ARM cliff hits some time in 2012/2013. Yet it seems that this final recourse to extend and pretend the housing bubble is only now coming (a tad too little too late) to those European countries which are already bankrupt and will do anything and everything to prevent reality from appearing. Behold the BBK Euribor+0.35% 5 Year Option ARM 50 year mortgage with an LTV of up to 100% (but only if you can be enslaved early on: the mortgage is only open for people 18-35). And just in case you can't actually afford Euribor+ 0.35%, that's factored in too: you have the option of not paying for years.

Details of the BBK "young mortgage" offer:

From Euribor + 0.35 (*) and 50-year term for young people between 18 and 35 years (35 inclusive). Funding adapt to your needs. bbk always offers housing finance solution that best suits your desires.


Acquisition of residence


You choose your terms with the advice at all times by our team of professionals

  • fixed rate period up to 5 years of your choice
  • funding of up to 100% of the value of your home
  • flexibility in payment
  • you can pay your fees monthly (indicating the day of the month you prefer)
  • the repayment system that best suits your needs
  • and if you need a break in the early years, we will let you you amortize later on. No amount necessariy to be paid during the early years.


maximum amount: up to 100% of assessed valuation
maximum rate: up to 100% of assessed valuation
term to 50 years depending on your current age
depreciation system: constant or increasing share share


study group: from 0.00% (*)
origination fee: from 0.00% (*)
(*) Offer detailed and personalized consultation at any of our offices


Legal documentation

  • taxation

It is unclear if making any money would disqualify one from this mortgage. Then again with well over 40% of the Spanish under-25 population unemployed, w don't think finding qualified NINJA applicants will be an issue. 

And just in case anyone finds the conditions in the above mortgage offer too Draconian, here is Banco Caiza Geral with an offer for a 45 year mortgage with a 2 year grace period. After all, there are iPadi to be purchased and millions of Chinese workers to be made richer.

Euribor + 0.55%
APR 2.3726% *
Period of up to 45 years

0% Commission to Study

  • 0.20% Commission Opening

Termination fee

  • 0% for partial repayments.
  • 0.50% the first 5 years of the loan and the remaining 0.25%, if full repayment.

Up to 2 year grace period

And the main prequalifying condition for the above offer:

  • At least 3 bills and hire a credit or debit card carrying with it a minimum monthly payment of 10 €.

And one wonders why Erik Nielsen is so confident the European bubble will go on.

At least Spain has conclusively shown to America how to get HAMP to work once and for all: just let people never pay ever again. Done and done. After all the taxpayers will be more than happy to always foot the bill.

With Geoffrey Batt