Mortgages

For self-employed mortgage applicants:

• your latest income tax returns, where applicable
• copies of your accounts for the last 2 – 3 years
• a report from a Chartered Accountant confirming your personal income from business activities
• a copy of your passport or residence permit if you are a resident
• copies of your personal bank account statements

For retired applicants:

• Last three pension slips
• Tax return from last two tax years.
• Bank statements for the last three months.
• Reference letter from bank.

It is important to remember that in Spain a mortgage is attached to the property rather than the person and is registered on the title deed (Escritura Pública) at the Property Registry (Registro de la Propiedad). If you are buying off plan the developer may have a mortgage already in place on the property and you simply take over the responsibility for paying it on completion. Obviously the lender will want to check your financial status before agreeing to this.

The fees for arranging a mortgage usually come to about 3% of the amount you borrow, but this will be lower if you are taking over the developer’s existing mortgage. These fees include the bank’s commission, and stamp duty as well as fees paid to your lawyer, the Notary and the Property Registry.

If you need further information on mortgages talk to a member of our team, who can explain and guide you through the best options available to you.

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