Mortgages and buying process
For bank owned properties:
One bank is offering mortgage conditions of up to 100 % loans for Residents and Non-Residents on purchase price, few banks again on valuation (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. In generell most banks mortgages their properties and all other properties up to 70% on purchase price for Non-Residents (Non-Tax-Residents).
This are the conditions for properties in Urbanisations. There are only 2 banks in Spain, which are willing to mortgage Finca, which are Rustic properties and up to 60-70% on purchase price.
STEPS TO BUY A HOME
1 – SEARCH FOR YOUR PROPERTY
you can see all the homes that form part of the real estate portfolio.
2 – CONTACT US FOR INFORMATION
If you’re interested in any of our properties or wish to chat with us about possible areas and property options, feel free to contact us. You can do so by:
a) Filling out the Contact form on our website,
b) Calling us on 0034 952797402 or 00 34 677 966 074 in Spain, where we will be pleased to assist you Monday to Friday, 9 am to 8 pm (Spanish time).
3 – VISIT THE PROPERTY
If you are finally interested in visiting properties, the Sales Department will then contact you to make an appointment.
If we are unable to contact you by phone we will send you an email. A property advisor will organise your visit to see the properties and will be available to pick you up in your hotel or at the airport of your arrival.
4 – FORMALISE THE OPERATION
Steps to follow:
4.1- PRESENT THE PURCHASE REQUEST
If you are interested in buying one of our properties, you should fill out the Purchase request form.
Once the request to buy is approved by the bank, a reservation is paid and the receipt of the payment along with a signed reservation contract is returned to the property advisor.
4.2 – SIGN THE CONTRACT
Once the Purchase request has been accepted, you will have to formalise the operation within 15 days of its acceptance by signing the corresponding contract, and pay 10% of the price plus taxes (minus the reservation ). This payment will be carried out by depositing the money into the stipulated account and a direct debit payment method is also available.
4.3 – REQUEST YOUR NIE (IDENTIFICATION NUMBER FOR FOREIGNERS)
You need a NIE to buy your home in Spain and you can request it in any police station. A property advisor can assist you in requesting your NIE.
An NIE Number is a tax identification number to be used in Spain. Prior to purchasing a property, selling a property, obtaining a mortgage, starting up a business or working in Spain, it is a requirement by law that every individual possess an NIE Number.
To request the NIE you need to present the following:
- Two passport photos
- Original passport and a photocopy
- NIE application form (obtained in Spain)
4.4 – REQUEST YOUR MORTGAGE (IF REQUIERED)
The property can be financed by the bank and we offer you the mortgage with special conditions and up to 90% loan to value (final approval depends on meeting the banks underwriting guidelines).
If you need financing, you should hand in a Mortgage application along with the Purchaserequest including all the paperwork needed to study the operation.
5 – SIGNING OF DEEDS
The bank will contact you to schedule the deed signing before a notary when the remaining Money is due are paid and the keys to the property are handed over.
The bank works with various companies which offer services to help you and to make your purchase / rent process a little less stressful:
- Service administrators (for help with utility connections)
- Decoration and furnishings
- and builders work, refurbishments any kind, if required