Best
Spanish Mortgage Rates and Property Loans.
We're a UK
based International Mortgage Broker specialising in helping
home buyers secure Spanish mortgages and property loans from
the UK. When it comes to securing a Spanish Mortgage we only
use specialist advisors who have direct access with Spanish
banks and property loan companies. We ensure our clients
receive expert advice and have access to the best
Spanish mortgage rates to finance their home in Spain.
Spanish
Mortgage lending criteria and rates.
Spanish Mortgages for property in Spain are
normally available for up to 80 percent of the purchase
price. This generally means you’ll need to find a 20 percent
deposit and be able to prove your income. Self certification
mortgages in Spain are not normally available.
Spanish Mortgages are available over 5-40 years and lenders
will not normally take into account rental income when
calculating an applicants level of borrowing. As with UK
mortgages, borrowing
limits are typically based on your gross income and on your
ability to repay the loan once regular outgoings are taken
into account. Lending criteria & rates vary between mortgage
companies, please see below for an indication of
mortgage products currently available.
Mortgage Checklist &
Decision in Principal.
To help you prepare for the mortgage application itself
we've put together a checklist of paperwork we'll need when we
submit your application to the lender, please follow the link
below. For a decision in principal please complete our
secure
e-form
and we'll get back to you
within 48hrs.
Overseas Mortgages are not regulated by the FSA or
arranged via Sesame Ltd.
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The Buying Process
for property in Spain. |
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Do not miss!
For a limited time,
Barclays are offering an excellent guide packed with
essential home buying information. The guide is designed to be a key reference point
and contains details of the buying process, handy buying tips,
property hotspots & options for financing your home. Simply
follow the link below to receive a copy!
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register for your free copy >> |
| Lending criteria &
rates.
Please see the table below for
lending criteria and rates for mortgages in Spain.
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The process for buying a Spanish
property.
When you have found a property and secured a mortgage, the
next step is to make a verbal offer through your agent. Once
a price is agreed you should appoint an English speaking
solicitor to formalise the
agreement.
Your solicitor will obtain from the property registry
documents which identify the registered owner and provide
details of outstanding finance or embargos on the property
and whether all the correct titles deeds are in place..
For property in a community, it is important to ask for
receipts for community charges and if possible ask the
president for copies of notes from recent meetings to help
identify any serious problems.
The exchange of contracts would normally take place a couple
of weeks after the formal acceptance of an offer. The
contract would set out all the agreed terms and set a date
for completion. The buyer now pays a 10% deposit.
The balance of the purchase price will be payable when the
vendor & purchaser sign the definitive property contract
equivalent to the Deeds of the property. Your Solicitor will
now arrange payment of taxes and fees, and register your
title deed at the property registry.
Legal costs for buying property in
Spain.
The Notary fees are fixed by law and are based on a
sliding scale. A registry fee is also payable on
completion.
Spanish
Estate Agent’s Fees
Like the UK the buyer does not
have to pay estate agent fees, but laws of property
disclosure may not be as strict as they are here. It is
worth noting that an estate agent in Spain acts on behalf of
the seller and is paid from commission once the property has
been sold. If you sell your Spanish property you will need
to pay estate agents fees.
Property Tax in Spain.
For new properties VAT of 7% and stamp duty of 0.5% is
payable on completion. For second hand properties a transfer tax of 6 – 7%
(Impuesto de Transmisiones Patrimoniales or ITP) is payable
on completion along with a municipal tax called "Plusvalía
municipal".
If you've already found a property or need to start things moving quickly, you
can download our pre-qualification form now, sign and fax it
back to us, and we'll take care of the rest!
This information is for guidance only and does not constitute
regulated financial advice. We strongly urge you to take
appropriate legal and taxation advice before purchasing any
property. Overseas mortgages are not regulated
by the FSA.
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