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Phone:UK (0044)208 123 7872 Tel: ES (0034) 951 272 114 Fax: ES (0034) 952 896 843 |
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Why use a brokerage? As independent mortgage brokers, we have access to every Spanish mortgage lender, many of which have specialist schemes and special deals. We can provide guidance on the legal and technical aspects of property purchases in Spain and offer our legal team to protect your investment and ensure of no foul play. How much can I borrow? There are considerable differences between lending in Spain and raising finance in the UK. Whilst the UK system applies 3 times your gross income, the Spanish view is based on your ability to repay the loan. Most European banks lend on the basis that your total monthly repayments (Capital & Interest) should not exceed 35% of your net monthly disposable income. Many clients find that they cannot match up to the strict Spanish lending criteria. Due to our flexibility, we are often able to help our clients with this issue and if you need any assistance please do not hesitate to contact us. Generally, if the valuation of the property is high enough we can arrange a Spanish mortgage of up to 112% of the value of the property. This is done so the costs can be included into the mortgage. How much will it cost? As a general guide, the cost associated with a purchase of a previously occupied property equates to approximately 10% of its value. The cost associated with New Build property is approximately 12.5%. Generally, we would advise you to add 12.5% to ensure all costs can be met. How long will it take? Each individual case is different. However, as a general guide the time from mortgage application to the funds arriving to you typically range from 2 to 6 weeks although it is sensible to allow for 6 weeks to ensure a smooth process. Can I have a buy to let mortgage? Buy to let mortgages are not available as a specific product in the Spanish market at the present time. However, mortgages can be arranged that allow rental of the property and this income can be taken into account on a very limited basis when working out how much you can borrow. However, it is advisable to base your loan on your yearly income. Can I have a self certification mortgage? At the current time we can achieve up to 40% self certification mortgages. However, there are only a very few select banks which will approve this. This can also be used when applying for a re-mortgage or a top up mortgage. What documents do I need? As a basic guideline, the following documents are needed in order to verify your income:
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