How to Apply for a Mortgage in Spain
A step-by-step guide to applying for a Spanish Mortgage
1) Once you have decided on a property, you’ll need to sign the Contrato de Compraventa and transfer the initial deposit to secure the property. Mortgages in Spain has a free currency transfer service (provided by Manor Finance, a subsidiary of Global Currency Exchange Network).
2) Your appointed legal representative or estate agent will need to obtain a NIE number for you.
3) You’ll also need to obtain a Nota Simple from the land registry.
4) Your completed mortgage application will need to be submitted to BIM with required supporting documentation in order to obtain financial approval.
5) Upon receipt of a positive valuation report from the bank’s appointed surveyor, you’ll obtain full approval for your mortgage application. The lender will send you a Mortgage Offer Letter, confirming the terms & conditions of the mortgage.
6) We recommend you set up an International Regular Payment Plan with Manor Finance to cover your monthly mortgage repayments and utility bills etc. This will allow you peace of mind by ensuring your payments are always met without you having to physically make a transfer each month.
7) The purchase price balance and legal fees will need to be transferred to your Notaire using Manor Finance.
8) Finally, you’ll need to attend the mortgage completion at the Notary’s office. If you’re not able to be present, you’ll need to arrange a Power of Attorney to do this on your behalf. The Notario will register your mortgage and release the funds to the designated beneficiary.