Independent Mortgage Adviser
We recommend that when searching for a mortgage here in Spain to use an independent adviser. The reason being is that they will not only search one bank for you but have access to the best mortgage lending rates at that particular time.
The majority of lenders will require for a non-resident you to have a minimum deposit of 30% then in addition you will need to have the buying costs on top of that as they will not lend on the costs of purchasing a property. Total approximately 42%.
Residents have a different rate and our mortgage adviser can go through this with you.
What will you need regarding documentation?
The same documentation will be required for all banks, payslips, credit score report, if you are self-employed the last 3 years accounts, proof of who you are, proof of where you currently live and you will also be asked about any existing liabilities.
What if the property you want is in another area of Spain?
As our mortgage advisers are independent it is irrelevant as to where you wish to buy as they can still help you.
What type of property can you get a mortgage on?
This will depend on the lender, if the property is off grid then it may limit who will lend on it so the more information you can supply about the property and location the better informed the adviser will be.
Do not delay if you want some friendly and professional advice then let us know.