Mortgages in Spain
First 4 Property Spain will assist you through the Spanish Mortgage Process if a Spanish mortgage is required. We work with many banks and brokers to get you the best Spanish mortgage possible. Below you will see the general guidelines that are required to work through the Spanish mortgage process.
Spanish Mortgage Products:
- Standard 10-30 year mortgages
- Interest-only mortgages up to 10 years
- Flexible Interest only mortgages with various terms depending on banks.
Properties for Sale Costa del Sol
- Beachfront Properties for Sale
- Frontline Golf Properties for Sale
- Bargain Properties for Sale
- Brand New Properties for Sale
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- Buying a Property in Spain
- Buying New Developments
- Buying Properties
- Casa Banderas La Cala
- Lar Bay Benalmadena
- Mortgages in Spain
- Selling your Property in Spain
Requirements for Employed Applicant
Application
Photo copy of Passport
Photo copy of NIE number
Last 3 months pay slips
Last 3 months bank statements
P-60 Tax return
Proof of other income (ex. Rental contracts)
Bank reference
Employers reference
Credit report
Requirement for Self Employed Applicant
Application
Photo copy of Passport
Photo copy of NIE number
Tax returns for 2 years
Charter accountant letter to verify income
Last three months personal and business bank statements
Bank reference
Credit report
THE COMPLETION PROCESS will take 4-6 weeks depending on the need for a Spanish mortgage. When all is approved you or your attorney will go to the local Notary to take title and complete the sale.
THE COST of the purchase of Spanish Property will vary depending on whether you are paying cash or using a Spanish mortgage. The fees are listed below:
8% IVA (VAT)
1% Stamp duty
1% legal fees
Notary Fees
Spanish Mortgage Cost
1% Bank set up fee
1%-1.42 % Stamp duty on mortgage amount
Valuation fee
Notary fee
1% Arrangement fee
The normal fees and taxes for a cash purchase will be less than 10% and for a mortgage will be up to 12.5% .
A Spanish Lawyer is recommended
Getting an English speaking lawyer is imperative and should not be overlooked. The lawyer will check to make sure the property is legal, the debts if any registered to the property are being cleared from the sale proceeds.
They also control the flow of money through client accounts, organizes the connection of services, and if they have power of attorney can sign at the notary to complete on your behalf. We can recommend a trusted and completely independent English speaking lawyer to take you through the purchase of your Spanish property.