Financing is key in these difficult times

Mortgage loans for purchasing property in Spain are available from national and international banks. Banks require a valuation of the property to be carried out by an independent surveyor, appointed by the bank, prior to offering mortgage facilities.

There are virtually no exchange controls in Spain, which means that whether resident or not, you are free to obtain a loan or mortgage against your property in any currency and from any bank in the world. Spanish banks are quite willing to lend to non-resident purchasers of Real Estate and offer competitive rates the period of the loan will depend upon age but can extend to 20 years and the amount borrowed may be between 70% to 80% of the bank valuation of the property for non residents. Normally the penalty for early cancellation is approx. 0,5% of the capital amortized.

The documentation to be presented for a mortgage application, changes if the person who asks is employed or self employed.

If employed the needed documents are:

1. Last three pay slips
2. Last tax return
3. Bank reference to include telephone, fax number, account number.
4. Last three statements of your bank account.
5. Statements of current assets and liabilities.
6. Letter from employer stating length of employment and salary, etc.
7. Credit report.

If self employed the needed documents are:

1. Passport
2. Tax Return
3. Profit & Loss accounts for return
4. Balance sheet to date
5. Last 3 months personal & business bank statements
6. Bank reference*
7. Accountants reference*
8. Credit report*

* required for 80% borrowing

If you are interested in loans or mortgages for your new apartment, villa or townhouse on the Costa del Sol, then please fill in the contact form on your left hand side and Properties Spain will make the necessary arrangements to get you the best loan or mortgage.