Mortgage management in Spain

If you are looking forward to acquire a property or land in Spain in order to live temporarily or permanently in our country, or even to set up a business, you should count with Real Estate Solicitors experts on the Spanish Real Estate Market and the current legislation to avoid problems or pitfalls in the future. Depending on your personal and financial circumstances, you should consider that based on the cost of the property or land you may need to seek financing to fulfill the conveyance procedure.

As part of our services to assist you throughout the entire process of acquisition of the property, we offer guidance and assessment aimed to successfully get your mortgage in Spain. Our bilingual staff manage this tipe of procedures for our international clients on a daily basis, thus they are fully aware of the obstacles that a person may find when dealing with certain administrative process out of their country, especially if the person doesn’t speak fluently the language where the property is located. Considering all the above mentioned, we have prepared different services to help you dealing with different Spanish financial entities, whether private or public, according to your needs, time and budget.

What are the steps to request a mortgage in Spain?

Once you have evaluated your possibilities, budget and have reached to a decision about which property you wish to buy, soon after you should look for the best financial institution that fits your necessities to issue your mortgage. You must never forget that banks or any other financial institutions take their time upon the submission of the documents to decide whether or not granting the mortgages, plus there are very specific documents that you must submit to avoid any denial.

Our Real Estate solicitors can guide you over the benefits of issuing your mortgages or loan in Spain, plus they will manage everything for you, so you just need to sign the documents. Below, we point some major benefits of issuing your mortgages with a Spanish Financial Institution:

-Lower Interest Rates.

-Facilities to complete your annual tax payment.

-Avoid high bank commission rates as result of international bank transfer. Plus, international transfers tend to take a specific amount of time to be achieved.

-Financing up to 70% of the value of the property you wish to buy.

– From 10 to 20 years to pay back your mortgage or loan.

Our solicitors can find on your behalf the best financial entity for you because our purpose is to make the process easier on this matter. For instance, we generally contact or look for those banks with offices around the world, good customer service area and online banking, with bilingual staff, and competitive interest rates. Plus, it is important to find a bank that offer special services and/or have experience working with non-resident property buyers.

Documents to be submitted when issuing a mortgage with a Spanish bank.

Each bank has its own criteria to evaluate the capacity of payment of a client in relation to mortgages; nonetheless, generally you are going to be requested to submit the following documents:

  • Foreign Identification Number or NIE.

  • Passport copy.

  • A Bank Account Balance duly signed by the Manager of the Office located in your country of regular residency. Such account must be at your name.

  • Your contract of employment, if you are currently working.

  • Last income tax return declaration.

  • Documentation proving the origins of your income, if different from payroll.

  • Earning Money contract between the person requesting the mortgage and the seller of the property.

Requesting a mortgage means an economical compromise for many years, thus it is advisable to find the best financial institution and the best conditions in order to avoid stressful situations in the future. Our Real Estate solicitors will help you in every step, write us or call us to speak with an expert on this matter.