Can you get a mortgage here in Spain?
If you plan to buy property in Spain, read our guide to see what Spanish mortgages are available to expats and how to apply. If you are holidaymakers searching for properties for a short trip away, as well as those who want to set up a permanent residence in this unique destination. The property market on the Costa del Sol, Spain, has been on a steady rise since last Century. The improvement of the region has added value to the property market and this has subsequently increased the demand for high quality real estate of all types and sizes to suit the different buyers who wish to invest their money in real estate.
What term can you expect for a mortgage in Spain?
In Spain the banks are financing up to 70% of the real estate price or the valuation. Maximum terms for a Spanish Mortgages range from between 20 to 30 years. Discover all of the advantages we offer you when applying for a mortgage.
These are the documents needed to the bank when applying for a mortgage in Spain:
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1. A completed application for a mortgage.
2. ID card.
3. NIE number of the person applying for the loan.
4. Employment contract.
5. Tax declaration for the last two years.
6. Last 3 payment slips.
7. Account statement for the last 6 months.
8. Information from Credit Information Bureau.
9. Detailed information on existing credit obligations.
10. Completed declaration regarding owned assets and liabilities.
11.Information on the accumulated funds that the client intends to spend on the purchase of real estate.
After receiving such a set of documents and the aforementioned documents regarding the property, the bank has around 10 and 14 days to issue a credit decision.
The amazing combination of climate, lifestyle, food and easy connections with the rest of Europe makes the Costa del Sol a winner!
Spain has gone from being one of the most expensive countries in the Eurozone to get a mortgage, to one of the cheapest in the space of a few years. Property sales in Marbella have been increasing year on year since 2012. The luxury property market in Marbella has weathered the storm well. This is due to an huge demand and a relatively small amount of stock of villas over two million euros in the best areas and the demand from high net worth international buyers. Due to the lack of supply and increasing demand for these properties, most of the luxury Villas For Sale in Marbella are now starting to increase in price. This confidence and demand is filtering down to the lower priced properties and we expect more growth in prices this year. Why does Marbella and the Costa del Sol make a smart Investment? The Daily Telegraph ranked Marbella as one of the world’s 20 best places to invest in property. It’s a tourist hotspot, with record numbers tourist arriving. This means higher buyer demand, plus excellent rental income potential. Overseas buyers love Costa del Sol property and they often have more disposable income and are interested in the more expensive properties in the sector.
In the Malaga province, around 50% of purchases are made with mortgages, showing the importance of cash buyers from abroad. It’s safe – Given all the uncertainty in the world and the global economy. Spain and particularly the Costa del Sol is thought to be a safe place to live and holiday, plus with a growing economy as a safe place to invest your money. New Developments are starting to be built again and the quality is much higher than before, with excellent standards and a lower building density. Investment Options There are many options for a property investor on the Costa del Sol Resales – Take a traditional Spanish-owned property with original features, add a touch of vision, redevelopment, new furniture and you can turn it into a stunning property, which will appeal to more overseas buyers and therefore command a higher price. New Build Developments – There are many developments which have been repossessed by the bank. These apartments and townhouses are being sold off at highly competitive prices and with amazing mortgage deals and depending on the location these can be excellent opportunities. You need to be sure that they are in desirable areas and that enough have already been sold, that the community will eventually be full and therefore the facilities will be able to be maintained. Off-Plan – We are seeing some excellent new off-plan developments being launched at the moment, with high specifications in good areas. They can represent excellent value for money. Buy-to-let Properties For Sale in Marbella and the Costa del Sol, the rental market is buoyant and there is a high demand for quality long term rental properties. In addition there is a very profitable holiday rental market during Easter and summer and to a lesser extent in spring and September. There is also a strong golf tourism market between October and March for off-peak bookings. Renting out your property short or long term will generate a steady return on investment whilst the property market continues to recover and your property increases in value.
LuxuryForSale.Properties Assists Clients To find The Most Appropriate Form Of Finance, to get the best mortgages and property offers from the banks in Spain.
