Buying a Property
IF YOU ARE THINKING OF BUYING A NEW HOME...
You are sure to have many questions. There are a variety of Spanish banks offering Mortgages to Non-Spanish Nationals up to 70% loan to value and for non EU tax Residents for up to 60% of the purchase price or valuation (the lower of the two) with a Repayment period of up to 30 years and with age restrictions of up to 75 years as a maximum.
At lmpressive Property we work with you to find you the best deal.
- The Bank will require the following documentation.
- Latest P60
- Last 3 months pay slips
- Copy of Credit file (Experian)
- Last 6 months bank statements
- Company accounts for self-employed applicants
- Employers reference for employed applicants.
- Latest Self-Assessment (SA1O0) or partnership return
- 1- 3 Certified accounts
- Copy of Credit file
- Last 6 months Bank Statements
- Copy of Passport
Types of loans
Most Spanish loans are variable trackers, tracking the 12 month Euribor. Each Bank charges a margin above the Euribor which remains static for the lifetime of the loan and review the rate against the published 12 month Euribor normally once a year on the anniversary of completion.
Some fixed rates are available but fixed rates are not a standard offering in Spain. Interest only is not available in Spain, all loans are on a repayment basis.
We work with an International Mortgage specialist who will advise you of the best rates at the time. Full Budget assessment and mortgage financial approvals provided. No costs involved.
We work with several Currency exchange companies based in the UK.
- Currency Index, see our website banner for further information
- Currencies Direct located in the UK and who have a Moraira office to help you through the procedure.