If you are planning to buy a Villa or Apartment in Spain, as an investment, holiday home or permanent residence, we can save you money on mortgages, currency exchange and home insurance.
Do not obtain a mortgage through the builder or agent, without receiving independent quotations. The costs can be inflated and there are significant and unavoidable charges if you change mortgage providers during the period of the mortgage.
If you need a mortgage for your Spanish property purchase, we recommend that you get approach a number of lenders and obtain an agreement in principle of the amount you are able to borrow, in advance of placing any deposit on a house. This avoids any heartaches later and, with a guaranteed mortgage you will be in a good bargaining position with the seller.
Be sure that you have the funds available for all the stage payments - you can lose your home and deposit paid if you fail to make all the required payments on time.
We recommend that you also budget for an additional 10-12% of the purchase price for the closing costs including IVA (Spanish VAT ), Notary Fees, Land Registration, Legal Fees, Tax and Bank Charges.
Spanish Banks typically will only lend upto 70% of the property value and they are becoming much more conservative with their lending policies and their valuations.
In Spain, whilst most of the banks offer mortgages to ex-pats, each will have different lending rules and to obtain the most competitive solution for your personal requirements it is essential to use the services of a specialist broker and we recommend UK Mortgages Abroad.
Buying a home overseas can sometimes be a complicated process - different language and local customs can complicate it further.
With UK Mortgages Abroad the purchase of your home will become as easy and trouble-free as possible!
Take out a mortgage or re-mortgage via ourselves in the safest way and without any unpleasant surprises.