Finances and Mortgages
Our links with other agents along the coast mean that we can show you virtually every available property in the area.
Thankfully you should not need to visit thousands of them!
Our expert consultants will have narrowed the search down and will be eager to show you those properties that best match your requirements.
We recommend that you look at a selection of properties to make comparisons to ensure that when you make your decision it is the right one. We want to select the best property that we can within your budget ensuring you find your dream home.
It is important to select the mortgage or financing that is right for you, taking into consideration your personal circumstances.
You may prefer to raise capital in your home country before arriving in Spain. Many buyers have significant equity in their existing homes, & may choose to fund their Spanish property by increasing their existing mortgage or opening up the equity with another lender.
Alternatively, you may want a Spanish mortgage. Generally, although terms & conditions differ from lender to lender, as a non-resident you will usually be able to borrow up to 50-70% of the value of your property, repayable over 10-20 years depending on your age.
The interest rates are based on the European Inter-Bank lending rate, and all payments are in Euros.
Most Spanish mortgages are traditional repayment mortgages.
Costs/arrangement fees involved are approximately 0.5% - 1.75% of the amount borrowed, this amount is normally charged by the bank. Also, there will be additional costs at the Notary and land registry on the amount borrowed This again has to be budgeted for at the outset.
The normal criteria for obtaining a Spanish mortgage are as follows:
- Proof of Income for the last 3 months (i.e. your last 3 payslips)
- Your last 2 year's P60
- If you are self-employed – your last 2 years of certified accounts & the last tax return and a letter from your accountant, stating the name of your company, sector in which you operate, your registration details, confirmation of turnover and corporate profits of the last 2 years, together with your salary dividends and bonuses
- An Experian Credit Check & Credit Score for every person on the mortgage
- 6 – 12 months of bank statements – showing income & expenditure
- Last 2 mortgage statements or if renting, your lease contract with 2 rental payment receipts.
- The % borrowing has to be no more than 40% of net monthly income over the 2 countries
- Be younger than 65
- Be in a state of good health
- Proof of Source of Funds for the Deposit
- Proof of Address (utility bill/medical card etc.) in your native country
- Proof of Employment - either a letter from your employer stating the type of contract you have, your position, your annual salary and the length of time you have been with the company OR your contract of employment stating all the above.
Casa Consultants works closely with a number of banks here in the Costa Blanca. It is part of our service to introduce you to these professionals during your visit, so that you can discuss your options. Please remember also to bring with you for opening the bank account, proof of your home address (a utility bill with your name) and proof of income.