Getting a mortgage
The banks are currently offering around 60-70% of the value or purchase price whichever is the lower (subject to status). Current interest rates vary between approx 2.5 to 3.5% depending on status and whether resident or non resident loan. We have very good relationships with the banks and can introduce you directly to the best local English speaking bank managers, saving you the up front costs of a private mortgage broker.
Please find below a list of required documents for applying for a Spanish mortgage:
- Copy of Passports.
- Copy of current Experian or similar Credit Report.
- Last 6 months payslips, if employed.
- Copies of your last 2 years audited accounts, if self employed.
- Proof of any other income for you / your partner, if applicable (pension payments etc).
- Copy of last 6 months bank statements showing above payslip payments.
- Copy of P60’s (official yearly tax form) or equivalent for country.
Once the banks have the above paperwork they normally give an answer within a week and then move to valuation immediately.
For more information on buying or selling property on the Costa del Sol, contact Peter or any of his team on Tel: (0034) 951 551 444 or email: info@OverseasDreams.com