Direct Listing

Mortgages

Mortgages in Spain:

For bank owned properties:
Some banks are offering mortgage conditions of up to 100 % loans for Residents and up to 90% loan to the purchase price for Nonresidents (final approval depends on meeting banks underwriting guidelines) but only for their bank own repossessed properties All with the security and guarantees that this bank stands for.
For all other properties the banks in Spain loans up to 60-70 % of the purchase price

Mortgage conditions:

In the moment spanish banks are offering interest rates between 2,5 % - 3,5 %, depending on individual income 
of the applicant.
1.-2. year the interest rate can be fixed, than Euribor + 0,7 % or on request
- up to 30 year, depending on the age of the applicant
- up to the age of 75
- if someone wants to cancel the mortgage before ending, the
spanish banks takes only 0,5 - 1 % fees of outstanding amount.

Here are the fees and taxes by buying a property in Spain:

- 8 % transfer tax of the signed purchase price

- 1 % lawyers fees, if someone requires a lawyer (from the purchase price)

- 600-1000 Euros for the notary fees

- 400-600 Euros for the registry fees

By taking a mortgage:

- all the fees and taxes like above

- 600-1000 Euros for the notary fees (for signing the mortgage/hypothek)

- 400-700 Euros for a solicitor, who cares in the name of the bank, that all the fees and taxes will be paid (required by the bank)

- 0,5 % mortgage tax of the mortgage amount (required by the province of Malaga)

- 0,5 % mortgage tax of the mortgage amount (required by the Junta de Andalucia)

- 0,5- 1 % of opening the mortgage (fees required from the bank)of the mortgage amount

- some banks requires insurance for the property (payment in advance between 1-5 year, could be 2000-3500 Euros)

 

Required documents:

passport copy (if NIE number has to be applied for, than the copy has to be appostilled)
For employees:
last 6 payslips
P60 of the last 2 years
bank statements, of the last 6 months, which shows the income
employees contract
bank reference
credit report (can be applied for online by applicant)

For self employed applicants:

tax return of the last 2 years
bank statements of the last 6 months
bank reference
credit report (can be applied for online by applicant)