Morocco

At a glance:

	Mortgage	Refinance	Equity Release	Buy to Let
Maximum Loan to value	70%	70%	N/A	N/A
Maximum Interest only period	0	0	N/A	N/A
Maximum Term	15 years	15 years	N/A	N/A
Maximum Age on completion	70	70	N/A	N/A
Average interest rates	6.5%	6.5%	N/A	N/A
Average monthly price per thousand	7.16	7.16	N/A	N/A

Process:
Mortgages in Morocco can be slow to arrange, with delays from notaries and land registries. Many banks are looking at the non resident market, but are slow to enter so competition is not great.

Approximate timelines (weekends not included):

1.	Approval in principle	Instant
2.	Final licences	Day 1
3.	Property registration details	Day 1
4.	Application (receipt of documents)	Day 1
5.	Power of attorney	Day 1
6.	Confirmation of approval in principle	Day 13
7.	Valuation	Day 26
8.	Formal offer	Day 30
9.	Arrange signing	Day 35
10.	Signing	Day 50
11.	Transfer of deeds	Day 50
12.	Payment to developer	Day 50
13.	Agency of service	Day 50
14.	First mortgage payment	Day 51
15.	Commission received	Day 71

Costs:

For guidance purposes, as costs vary from lender to lender:

Cost	Amount	Payable
Broker fees	800	Up front (refundable)
Application / bank fees	200	Up front
Valuation fee	500	Up front  (refundable)
Opening commissions	1.5% of loan amount	On signing
Registry / Notary fees	1% of purchase price	On signing
Agency of Service	120	Annually on signing date

Currencies:
Moroccan Mortgages are available in Dirhams

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