If you are currently thinking of buying a property in Spain then there is a possibility you might need a Spanish mortgage from a foreign bank to do so.
Buying a property abroad and indeed, getting a foreign mortgage may feel like a daunting and stressful task. However, it does not need to be providing you do your research first.
In the past the norm in Spain has been to get a variable rate mortgage. However in recent years long term fixed rate mortgages have become much more common. The amount you can borrow from a Spanish mortgage lender will of course depend on your unique personal circumstances. However, the average tends to be around 60-70% of the property value over 25-30 years for non-residents. This may be higher for those who work and reside in Spain, paying Spanish taxes.
We would recommend that researching and sourcing your Spanish mortgage be the first thing you do on your journey to becoming a Spanish property owner. Too many times we have seen the heartbreak experienced when you find the property of your dreams only to lose it due to not having the funding in place in time. When you travel to Spain to view properties you ideally want to be in a position where you know what you can afford and have the funding ready to make an offer should you find your dream home. We guarantee you will have a much more relaxed and enjoyable trip safe in the knowledge that your funding is already secured.
At Movehappy, we will do the hard work for you and be with you throughout every step of your journey buying a new home in Spain, including obtaining a Spanish mortgage. We work alongside international mortgage brokers and would always recommend this as the best route to take for a number of reasons.
We find that most of our clients make the assumption that the mortgage process and costs associated in Spain are the same or similar as they are at home wherever that may be. However this is not usually the case. A professional international mortgage broker will have experience in the Spanish property market as well as the UK and other countries worldwide. They will understand the property laws, regulations and taxes and how they differ.
International mortgage brokers will have bilingual staff who are also experts meaning you don’t have to worry about any language barriers. Especially when it comes to potentially complicated terminology which may not translate easily.
Not only will an international mortgage broker have the knowledge and experience to best help you but they will have well established professional relationships. This along with the volume of mortgages they secure means they are much more likely to have access to better deals than if you were to approach a lender directly.
Their professional position allows them to make demands of lenders that an individual could not. For example, some lenders may insist an individual sign up for costly insurance products which are in fact unnecessary. A professional would have the required knowledge and position to negotiate and strip out such products. This could save you thousands!
Getting a Spanish mortgage doesnt need to be a stressful or difficult experience. When you buy a property with Movehappy we will be with you from beginning to end and beyond with our dedicated aftersales team.
If you would like to receive further information on getting a Spanish mortgage then please complete the form below. We are always more than happy to help with this or any other questions you may have.
Please do contact us at Movehappy to introduce you to the finance team. Please also feel free to contact us with any additional questions you may have about mortgages, places to buy in Spain or anything else at all. We are always here to help and we look forward to hearing from you.