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All Spanish banks provide mortgages and are quite happy to do so. It pays to shop around for a mortgage as interest rates and terms vary considerably depending on the bank, the amount and the period of time. You can, of course get a mortgage from a UK Bank or Building Society but it is easier and quicker to use a Spanish source and or a Mortgage Broker.
Mortgages Fees
The fee for the evaluation is approximately 275 euros but obviously varies according to the size of the property. A search must also be made in the Land Register and a certificate issued for the corresponding entry to check on the possible existence of other mortgages or loans made against the property. If the home you are buying is still under construction, the builder may require the cost of the property to be paid in a series of payments. Most lenders can provide a mortgage that matches these requirements subject to certain safeguards.
Financial institutions will offer you a choice of repayment plans which usually include:
In general, you can expect to pay approximately 10 percent of the property
purchase price in associated taxes and fees.
Residents or Spanish buying their 1st home
Up to 80% of the taxation value of the property
Interest rate: Euribor + 1%
Opening Commission: 1%
Residents or Spanish buying a second home
Up to 80% of the taxation value of the property
Interest rate: Euribor + 1%
Opening Commission: 1% (Minimum €600)
Non-Residents who want to buy a second home
Under €100,000 no loans available
€100,001 - 650,000 Upto to 70% of the taxation value of the property
€650,001 - 1,600,000 Up to 50% of the taxation value of the property
Above 1,600,000 is to be studied on a case by case basis
Interest rate: 1st and subsequent years Euribor + 1%
Opening Commission: 1% (Minimum €600)
No cancellation fee on early redemption (minimum 10% of total mortgage)
Employees
1. Last 3 payslips
2. Last tax declaration (P60 if from the UK)
3. Filled out application forms
4. Photocopy of Passport
5. Copy of Titledeed from Property Register (Nota simple)
Selfemployed
1. Tax returns last two years
2. VAT and income tax returns
3. Balance sheets
4. Last 3 bank statements
5. Filled out application forms
6. Photocopy of Passport
7. Copy of Titledeed from Property Register (Nota simple)
At present there are many Banks and Financial Institutions throughout Europe, including the normal Spanish Banks, lending money for Residential and Commercial property purchase in Spain. All lenders will secure the loan on a property, either in your own country or on the Spanish property itself. Spanish banks and U.K. lenders arranging mortgages on Spanish property will lend a maximum of 80% of the purchase price to non-residents. Interest rates starting as low as 2.95% and Interest Only Mortgages and Capital and Interest Mortgages are available. Full quotations on request through CasaHipoteca S.L.
There are both advantages and disadvantages to arranging a mortgage in Spain instead of the U.K. With a Spanish mortgage you will incur higher set up charges compared to the U.K. and many of the current mortgage schemes that U.K. lenders enjoy are not yet available. Some of the advantages Spanish lenders have over their U.K. counterparts are lower interest rates and flexible lending criteria that are designed for quicker application and completion times. You will also find only a handful of U.K. lenders arranging mortgages directly on Spanish property in comparison to the Spanish Banking industry as a whole.
We highly recommended that you start the mortgage process prior to searching for your property. This can be arranged through CasaHipoteca S.L. in the comfort of your home where you will receive a detailed quotation of the costs and expenses associated with purchasing a Spanish property. You will also be advised on all U.K and Spanish lending options available to you, where your individual requirements will be met. Through CasaHipoteca you will obtain a “mortgage offer in principle” , so you do not waste any time looking for a property you cannot afford.
Buying an apartment on the beach, building the home of your dreams... whatever your plans, Solbank offers you tailored financing:
To help you make what may be the most important financial decision in your life , Solbank has published the Practical Home Buying Guide available at the Balearic Properties Offices in Majorca.
To resolve all your queries, to help you go through all the procedures, to find the best solution at every moment and to avoid you finding, as often happens, that you are faced with unexpected expenses.
Do your sums with the mortgage simulator that we offer you and find out the details of the approximate expenses for the purchase of your home.
For maximum specification of all the details of your particular case, ask us now to analyse your purchase operation , without any commitment on your part and completely free of charge.
Please contact us at :
Balearic Properties Majorca
Joan XXIII 90, 07470 Port de Pollensa
Phone: +34 971 86 77 00
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