Spanish Mortgages to purchase your Spanish dream home

Have you ever thought about purchasing a property in Spain? More and more people are turning their dream of owning a Spanish property into a reality - and you could be one of them. If you need a Spanish mortgage to buy a property in Spain, talk to us...whether you:

Whatever your needs are, your major consideration will be what you can afford, which means that finding the right Spanish mortgage is an essential part of the process...and this is where Homebank's Spanish Mortgage advisors can help.

Read on for advice on how to get a Spanish mortgage and how to purchase the right Spanish property for you...

What Spanish mortgage can I afford?

The size of your Spanish Mortgage will affect where in Spain you want to buy your property, as well as the type of Spanish property you will buy. Take time to consider all the costs, after all, it is not only the purchase of the actual Spanish property that you have to think about... You also need to remember additional costs such as lawyers fees, taxes, removals, insurance and travel expenses. Our Spanish mortgage consultants can offer you a step by step guide to your entire Spanish mortgage costs, as well as assistance in working through your other costs.

Arranging a Spanish mortgage in principle (a mortgage that is agreed before you have found the property you want) is an excellent idea as it can save you a lot of time and worry once you have found your ideal property.

If you need a Spanish mortgage for your new property in Spain, you can either remortgage your own home or take out a new mortgage. If you remortgage your current home, your monthly repayments will be in sterling and your Spanish home will be secured against your UK home.

If you decide to take out a new mortgage, you can choose between a sterling mortgage and a euro mortgage. At Homebank Financial Services, we can guide you through this mortgage process and answer all your questions, as well as advise you on the most suitable Spanish mortgage for you.

Finding a good solicitor to help you deal with all the legal aspects of your Spanish purchase is crucial as you should never sign anything before your solicitor advises you to do so.

The Spanish House-Buying Process

Once you have found a Spanish property, you will need to put down a deposit. In Spain, this happens before any searches or surveys and is known as a 'preliminary contract'. The deposit can vary between 2% and 10% of the Spanish property price - because of this, it is important that you feel completely sure about the Spanish property you have chosen. It is also important that your solicitor checks and (possibly) adjusts this contract before you sign. A good solicitor will insist on 'get-out clauses', which offer you an escape route if problems arise due to search or planning results, or if anything goes wrong with your Spanish mortgage application.

It is also worth thinking about tax at this initial stage... In Spain you will be liable for property transfer tax or VAT plus stamp duty if the Spanish property is brand new. Your solicitor will be able to advise you of all the different taxes that you need to pay.

Buying Abroad - Top Tips

Never sign any contracts until you have asked your lawyer to study it first. If contracts are in a foreign language have them translated first.

Seek specialist advice from Lawyers, Architects and Surveyors

Be careful that any Spanish property that you want to purchase doesn't have any debt attached to it otherwise you may inherit that debt as well as the property! Ask your solicitor to check for any debts.

Try not to rush into things when looking for a property in Spain. It may be tempting to put a deposit down as soon as you have seen a property but it is always a wise idea to go away and think about it.

Ask about an 'opt-out clause' in the preliminary contract when arranging your Spanish mortgage - otherwise you could lose your deposit if things go wrong.

Make sure that you are aware of all the other costs that could be involved when buying a property in Spain. Ask your estate agent for a full list.

Open a bank account in Spain. Make sure that you receive a 'Certificate of Importation' when you do so as you need this for any money you bring in from your home country.

Think about setting up standing orders in a local bank so that you don't have to worry about bills and tax payment dates. In certain countries, failure to pay taxes can lead to court action and even taking your property! We can help with opening a Spanish bank account.

Consider all the other costs involved in buying a property in Spain before you go ahead...lawyers fees... taxes... insurance... these can all add up!

Arrange your Spanish mortgage finance in principle to save time and worry. Contact us to arrange a free, no obligation appointment to see how we can help you take the first steps to your new home in Spain

For all your Spanish mortgages enquiries please call us on freephone 0800 052 3604 or contact us with you Spanish mortgage requirements.