Financial Help

When buying a property in Spain, there is the likelihood that a mortgage will be required to assist in the purvhase and the way the Spanis mortgages work is very different to that of other European countries including the United Kingdom.

 

The method of calculating affordability is different and so is the lending critera. Different banks lend a different % of LTV or purchase price and it is for this reason that Complete Spanish Property utilises the services of two companies who specialise in Spanish mortgsges. They have great relationships with the banks and can occassionally source better mortgage products than can be found on the open market.

 

They offer impartial advice linked to your specific property purchase and work with you every step of the way from informing you of what documentation is required to present a file to the bank to running through the mortgage terms and conditions prior to completion.

 

Each bank differs from their requirements when requesting income information but a general requirement is the following:

 

Last P60

Last 6 months wage-slips

Last 6 months bank statements

Current credit report

 

for self-smployed people they require the last 3 years accounts, last 6 months bank statements and a current credit report.

 

The mortgage brokers will advise you on life and contents insurance, what the interest rate will be and the repayments. They also provide a service of looking at your income requirements and informing you of the amount which the banks would lend based on your criteria, allowing you to refine the search for a property based on those figures.