Financing and Costs
So you have found a property you wish to purchase.
In addition to the agreed purchase price, there will be a further 10% administration cost and approx 1.5% for the Notary and Land Registry charges. The latter needs to be paid at the Notaries office on the day of signing the Escritura or within 30 days.
If you have a Mortgage there will be a further 1.5% for making this document.
So to purchase your dream property, you have several options
1) In accordance with Money regulations, the proceeds to buy a property and to pay taxes must be paid through your Bank account. Prior to your Notary appointment, a list of Bankers Drafts or bank transfers etc will be issued to you by your Lawyer or Gestor, and these Drafts should be taken to your Notary appointment. Information on where the money has come from ie Bank accounts will also be required.
2) Mortgage According to status. If you are buying your first property and you are a Spanish Resident they will lend you between 70 - 80% of the lowest value according to the Bank valuation or sale price. For non-residents, it can be as low as 50 - 60%
DOCUMENTS REQUIRED TO OBTAIN A MORTGAGE FOR SPANISH RESIDENTS
NIE and Passport
6 months wage slips (if applicable).
Last 2 years tax declaration
Proof of other assets (if applicable)
IF YOU ALREADY HAVE A MORTGAGE
6 months mortgage payment slips
Proof of outstanding amount and monthly payments
Non-residents must also provide a letter of recommendation from your Bank and if you are self-employed you need proof of solvency.
If you would like to chat with one of our Mortgage Consultants, please contacts us and we will be pleased to assist.
Heather@imsmortgages.com 952 459 745 Mention our name as I am sure they would like to know where the lead came from.