One of the most common enquiries that we receive is “What you will need to apply for a mortgage in Spain?”
The truth is, you don’t need to provide any more than you would do in your own country. In fact, the Spanish banks currently ask for a little less information than in other countries.
Here is a list of the documentation required, in order to apply for a mortgage in Spain, if you are a British resident.
- Passport or ID card, plus NIE
- Last 2 year’s P60 forms
- Last 3 month’s bank statements showing income
- Last 3 month’s payslips
- Experian Credit Report to prove that there is no UK borrowing – Go to www.experian.co.uk for this.
- Bank statement or similar showing funds available to use for the purchase. Typically, you need to prove that you have at least 30% of the purchase price. Some Spanish banks require more.
- Details of the selling agent and, if possible, the property information including the address.
Once we have received all of this information, we can begin to assess which banks will make you the best offer.
We take into consideration the amount of fee that the bank charges. In addition, as we are experienced mortgage brokers, we will know the usual length of time each bank takes to process the mortgage. Some banks take considerably longer than others, to process the mortgage.
We send an initial summary to several banks and select the one that comes back with the best proposal and then continue with a formal application.
Approval is usually obtained within a few days. After this, the valuation is arranged & we liaise with selling agent, bank & surveyor.
Generally speaking we obtain a lower rate of interest for our clients and a lower bank opening fee. These are anywhere between 1% and 2% and usually reduced to around 0.65% for our clients.
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