Apply for a mortgage in Spain

Mortgage Management.

Doing the right steps:

If you decide to buy a property or initiate any procedure related to the Real Estate Market, you shall consider many variables, especially if such transaction is performed in a different country with a very different legislation. One of the first variables that you should consider are the place, the price and the type of property you wish to buy. Once these aspects are decided, you should run a check on the selected property, in order to avoid frauds, in which case the help and guidance of a group of experts in Real Estate Law could be helpful. If every aspect related to the property to be bought is pursuant to the law, the following step is to make an offer for the property and decide how the payment of it is going to be fulfilled for this information shall appear in the purchase and sale agreement.

Our Law Firm can provide you all the legal guidance you need when buying a property in Spain for we have years of experience dealing with conveyance process. We understand how important it is for you to count with a reliable professional to help you throughout the entire process. As a Law Firm our goal is to support you in every step; therefore, our legal representation for conveyance process will even cover the help when issuing your mortgage in Spain.

Spanish Mortgage:

If you are evaluating the possibility of financing your property purchase in Spain, you should know that our Law Firm can help you to successfully achieve a mortgage adapted to your needs. Probably one of the first steps to be done in this regard is to make sure that the property is catalogue as available to be granted a mortgage as certain properties are not. Once this is done, we will give you an overlook of the different banks granting mortgages, for Spanish financial institutions offer different products, services and are strictly regulated in terms of transparency and clients’ protection.

Now that Spain is opening to foreign investors, financial institutions are looking for a way to facilitate the purchase of properties for foreigners. With our guidance, you will find the right financial institution for you, especially if you will hold a Non-resident status, in which case we can represent you before the corresponding bank in order to get the possibility of borrowing around 70% of the property value and get a fair interest rate for a length of time up to 25 years–especially considering that you may not find a fixed-rate mortgage, but a variable one which may change with the time pursuant to the base rate of the Euribor.

Requirements to issue a mortgage in Spanish.

When issuing a mortgage in Spain generally you will be required to submit the following documents so the financial institution can evaluate your profile prior granting you the loan.

– Mortgage application form

– Supporting documentation confirming if the person requesting the mortgage has other open loans or mortgages on his/her homeland. For instance, you may issue a copy of a personal Credit Rating Report.

– A document issued by your bank where it is outlined your account movements over the last 6 months, whether the account is current or savings.

– Copy of your valid passport or travelling document and your NIE and NIF.

– Supporting document where it is clearly stated that you are a Non Resident.

– Supporting documentation in relation to your tax status, such as your Tax return certificate (incomings, tax retention, etc.) of the country where you reside permanently.

If you are employed by a third party, you shall provide:

– Copy of at least the 3 last monthly salary slips.

– A document stating that you are currently employed detailing your position, annual income, for how long have you been traveling with that company, etc. This is normally issued by your employers Human Resources Department.

On the other hand, if you are a self-employed you shall submit as well a Copy of your personal annual Tax Authority/ Return Forms where it is detailed your annual gross and net income and other payments.

Remember that we will represent you and guide you over the purchase of your property and the right mortgage selection according to your needs and profile. By hiring us, you will skip unnecessary visits to our country and will have someone local who helps you to fully understand the legislation of the country to which you will be linked once you acquire your home.

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