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Mortgage & Buying Process |
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The Buying Process
When you arrive in Spain, you will already undertaken many steps towards finding your ‘affordable dream home’. You will probably have already chosen your ideal location, type of property and also discussed your specific requirements with one of our experienced sales team.
With all this in mind, it is important to maintain an open mind once you arrive and begin your inspection visit – we have access to thousands of properties in Spain and you may well decide upon a different property than your original choice.
Our experienced sales people will assist you in finding the perfect home, taking into consideration all your specific requirements and matching them with a chosen few properties for you to consider, all within your own budget. |
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Once we have helped you find your affordable dream home, a small deposit is all that is required to reserve the property, fix the price and to ensure that your new property is taken off the market whilst you take the next steps in the buying process. |
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Mortgage
When buying an off plan property it is possible that the developer will offer you a mortgage for your property with favourable terms and conditions.
However, there are alternative ways of financing your purchase, such as;
- An alternative Spanish mortgage with a different bank/lender
- A UK mortgage
- An equity release on your UK proper
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Your sales representative will be able to introduce you to an experienced mortgage adviser that can assist you with your decision and ensure that you choose the most suitable form of financing, taking into consideration various factors including your personal circumstances, your age, the deposit you have available, the amount of capital you need to raise etc. |
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The terms and conditions of mortgages differ depending on the specific lender. However, all lenders will require some form of proof of income (P60, Annual accounts, copies of Income tax returns etc.) and a deposit varying from 10% to 40% of the value of the property.
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Finding a Lawyer
The next step in the buying process will be to appoint a lawyer. We will be able to recommend an experienced, English speaking lawyer that will be able to assist you with your purchase and take away any fears you may still have with regards to buying a property in a foreign country.
Your lawyers will undertake all the necessary due diligence and checks on your chosen property and safeguard your investment.
Additional Costs
In total we recommend that you budget for an additional 10-12% of the purchase price to complete your purchase, this amount will include 7% IVA (Spanish VAT), Mortgage fees, Solicitors fees and Notarial fees.
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