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The mortgage in Spain

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The mortgage in Spain

One of the major issues associated with buying property in Spain, is a mortgage lending. we as responsible attitude to the verification of financial documents to the buyer and cooperate only with those banks that offer the most favorable terms for our clients.

Currently, banks are offering mortgages of up to 50% of the appraised value of the secondary housing, 60% for primary and up to 80% on real estate collateral, depending on the location of the object and its price.

Getting credit - it's quite time-consuming process that involves several stages:

  1. Obtaining financial records from a client
  2. Legalization of Documents (the official translation of the Spanish translator)
  3. Preparation of a complete set of documents and submitting them to the bank
  4. Valuation real estate
  5. Confirmation of the bank loan amount and loan terms
  6. The signature of the contracted one of credit with the notary

The standard set of documents provided by the buyer, include *:

  • Personal Income Tax Help for the previous and current year
  • certificate of employment, indicating the positions, experience and a monthly salary
  • A certificate from the national bureau of credit histories
  • a bank statement from their bank of the active accounts and use them.

* The Bank may request additional documentation to verify the solvency of the buyer.

Assessment of the property done by an independent expert and takes up to 2 weeks, the cost estimate depends on the value of the property (approximately 0.1% of value)

Deciding on a loan (or reject) the new housing and second-hand takes up to 1 month and on secured objects up to 2 months.

Period of loan depends on the age of the buyer, and is designed typically for 15-25 years, the quota for the month includes bank interest and capital repayment. To date, the average rate on loans to 3-3,5% pa

The rate is recalculated annually based on interbank lending rates Euribor.

Commission fee for opening the loan today is 1,5-2% of the loan.

According to the law of Spain, for the early repayment of the loan you would pay an additional 0.5% of the amount repaid in the first five years after the opening credits, and 0.25% after five years.

On all matters relating to mortgage lending, we can go to any office. Our specialists are always happy to help.

 

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