Mortgage Spain – What do you need to know?
In 2023, property purchases in Spain with a Spanish mortgage have increased significantly, including for holiday properties or by non-residents of Spain for tax purposes, and German citizens are in the lead.
A 3-step process applies to a mortgage in Spain
- Binding offer from the bank (FEIN)
- Consideration period of 10 days
- Notarial instructions 24 hours before the notarial purchase date of the property and the simultaneous mortgage order date
SERVICE: Use our full settlement service in Spain in German: property purchase + mortgage preparation.
What do you need to know when taking out a Spanish mortgage?
The mortgage-lending bank must give it to you
ESIS: European Standard Mortgage Information Sheet
FIAE: Spanish standard data sheet
Mortgage costs
Insurance conditions for building insurance
Fixed interest rate or variable interest rate
Free choice of notary and lawyer
Before you take out a Spanish mortgage, you must have received the worst case interest rate development as a risk warning for variable interest rates, as well as the term of the loan, capital installments, interest rates, interest reductions when purchasing ancillary products (life insurance, credit cards, etc.) and foreclosure if the mortgage repayment is not made Residual debt relief.
Important points of a mortgage are the total costs until the end of the term and the costs of repayment before the end of the term.
The bank must cover all costs and taxes when creating a mortgage and can only charge the mortgagee for the valuation report.
However, some banks charge opening fees.
A mortgage can be an option when buying new or used property. When buying a new property, the developer’s mortgage can be taken over in a simplified manner, as part of the so-called subrogation.
TIP: When signing a purchase agreement for a new property, make sure that the mortgage is not to be taken over!
SERVICE: Use our purchase contract control service as part of our property purchase service package to purchase a property in Spain with legal certainty.
Interesting locations for buying property are the region of Barcelona, Sitges and Girona, Figueres, and on
Majorca: Porto Cristo, Cala D’Or, Cala Bona, Capdepera, Campos, Sa Rapita, Ses Salines.
Gran Canaria: Mogan, Playa Ingles, Telde
Teneriffa: Adeje, Arona, Los Cristianos
Fuerteventura: Corralejos, La Oliva, Tindaya, Pajara
Valencia: Alicante, Javea, Denia
Andalusian: Estepona, Cadiz; Casares Playa (Malaga), Mijas Golf (Malaga), Istan (Malaga), Nueva Andalucia (Marbella)
We are personally at your disposal for every property purchase in Spain with legal and tax support, estate and inheritance tax advice before the property purchase and application for the tourist rental license with long-term tax support after the property purchase in Spain.
2023-11-12 13:32:01
#Mortgage #Spain
