Introduction

Purchasing a property in Spain with a mortgage can be a daunting prospect for many, unsure about the system and how everything works.

From taxation to deposits, everything is different, and add the language barrier can cause stress levels to hit the roof.
emortgages are here to help you through the whole process.

From explaining the products on offer, completing the mortgage application, collating the documentation, to presenting everything to the bank.

All of our advisers come from a financial services background and are CEMAP qualified, and with over 50 years combined experience in the mortgage and property sector you couldn't be in safer hands.

Spanish property market

The property market in Spain has moved a long way from the days following the credit crunch.

The market is now strong and growing at a sustainable rate, and banks have also eased some of the stringent Today's measures introduced after the credit crunch.

You will still need a large deposit and normally a lender will be prepared to lend between 60 and 70% percent of the property value. However it is still possible to increase this to 80% if you know the market.

Some Banks will also offer a higher loan to value on their own properties, La Caixa for example will offer up to 100%  for Spanish residents and 90% for non residents on its repossessed homes

At first glance the process of purchasing a new home in Spain is similar in many ways to the U.K. However when you look a little deeper, many things differ greatly.

THE PROCESS

The first stage is to check how much you can borrow and the term to ensure that the property Once you have found the property that you wish to purchase, you will be required to place a deposit in order to remove it from the market. Normally at the initial stage this would be in the region of 5000 euro although this is not a fixed amount and can vary. ​At this point we begin the application for your mortgage, and will provide you a list of requirements, such as wage slips bank statements etc. 

our solicitor will then proceed to do various checks on the property that you are wishing to purchase to ensure everything is legal and all outstanding debts are cleared prior to purchase.

They will arrange to get a Nota Simple, which is effectively a credit check on the property, and will show all registered outstanding debts such as Mortgages or Legal Charges.

Once these initial checks are complete they will normally forward the deposit to the sellers solicitor.

A contract would then be drawn up and signed by both parties. (If you were to withdraw after this point breaching the contract, your deposit would be lost, however if the seller withdraws they would have to return double the amount paid)

 With bank properties this does not normally apply, the banks are normally a little more flexible when it comes to returning deposits, and will always refund, if for example your mortgage has been declined by them.

Applying for a mortgage is always stressful, but we are here to help. We have a mixture of Spanish and British staff, and fully trained mortgage consultants.

We will explain in plain English what is required and ensure that your mortgage is placed with the lender that is right for you.
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We will package the mortgage to ensure that the lender has all of the documents require to make a quick decision.

​We will discuss rates and extra discounts that can be taken if you take additional products with the lender.