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Here You have basic information for getting a Mortgage in Spain.

FINANCIAL CONDITIONS

  • Loans up to 70 % of the valuation/purchase price (the lowest value).
  • Mortgage term 25 years  (age limit 70 years)
  • The variable interest is can be as low as 2,25 %  
  • Mortgage opening fee 1%
  • Early redemption 1% (from capital paid off).
  • House/Life insurance to be contracted with the lending bank
  • The mortgages conditions will depend on your incomes, debts and value of the purchase.

REQUIRED DOCUMENTS

  • Passport and NIE number.
  • Personal details (full address, civil status, number of children under 18, contact details, telephone and email address).
  • Professional details (profession, current position, name of the company your work for, what the company does, how long, and any extra information you can provide)
  • Last 3 pay slips
  • Bank statements ( last 3 months that shows pay slips and mortgages payments )
  • Credit report (report that shows, all mortgages and loans in your residence country)
  • Latest full year official , income tax declaration, wages payslips…etc.

PROPERTY Being purchased information

  • Property purchase contract.
  • Land Registration property details.
  • Payments receipts( Last Ibi )

 

All the above is given as a guide and is correct at the above date. All cases are treated individually and on there own merit. This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Understanding the buying process and the costs of buying your Spanish home

The process for buying Spanish property is uncomplicated, so if you take some time to understand the order in which things happen, and the additional costs before you start of the process of buying a property, hopefully you'll be able to avoid any unexpected expenses.

When preparing your budget for the purchase of a property in Spain, it´s important to consider the total expenditure that will be needed to secure your new home and when you will be expected to pay.

Once you have found your perfect property in Spain and negotiated the sale price with the estate agent, you will be required to sign a reservation contract. This commits both buyer and seller to complete the sale. You will be asked to pay a reservation deposit to secure the property at the price agreed between you and the seller. This, depending on the agreed base from 3.000 € up to 10% of the purchase price and will be deducted from the final sale price upon completion.

The Número de Identidad de Extranjero (NIE)

If you have not done so already, you will need to apply for a Spanish fiscal identification number known as an NIE. You cannot buy a property in Spain without an NIE, and we can apply for an NIE on your behalf even if you are not physically present in Spain.

If a property is to be registered jointly, each person will require their own NIE.

You will also need a bank account in Spain. Applying for a bank account is relatively straightforward and requiring only your residential address, your tax ID from the country you pay tax, and a valid passport to prove your identity.

You will need to appoint a Spanish lawyer who specialises in conveyancing work. Your advisor will work on your behalf to ensure that the essential paperwork is in order, that there are no debts secured on the property, that all appropriate permissions are present, and that everything is in place to allow the sale to proceed without complications either now or in the future.

 

The costs of appointing an advisor to administer your property purchase in Spain varies, but expect to pay around 1.500€

Your advisor will arrange a date for completion of the sale that is suited to both buyer and seller. This meeting usually takes place around 4-6 weeks after the purchase price has been agreed, but it can be sooner or later depending on the individual circumstances of the sale.

The meeting will be arranged at a Notary´s office with both buyer and seller or, their representative present. In case you are not able to travel and assist the notary appointment, it is advisable to provide a power of attorney to your lawyer  who will then represent and act in your behalf.

It is at this point that you will be asked to provide the remaining funds to cover the purchase price of the property, either in the form of an electronic bank transfer or in bank draft. In either case, the funds must be transferred in Euro´s and usually payment in other currencies cannot be accepted.

As a buyer, you will need to pay a purchase tax called IPT, or Transfer tax. This is paid to the Spanish Tax Office (Agencia Tributaria) subsequent to completion and amounts to 10% of the property´s purchase price in Valencia region and 8% in Murcia. Other regions in Spain vary from 5% to 10% of the purchase price.

Notary

Notary is a registered legal representative of the Spanish government and operates independently of your interests.

The Notary oversees the completion transaction between you and the seller, ensures that the balance of the purchase price and taxes are paid in full, and manages the signing of the deeds (the escritura). Notary fees vary depending on the purchase price of the property, but typically cost from €700 to €1,200.

Once the contract has been concluded the Notary registers your property with the Spanish Land Registry (Registro Catastral) in the new owners name(s). There is a fee payable for registration which is generally half the cost of the fee charged by the Notary.

As a rule of thumb, allow an additional 12-15% above the agreed purchase price to cover additional expenses associated with the purchase of a property in Spain.

  • Conveyancing costs, approximately €1200 plus tax
  • Obtaining an NIE, around €100 per person
  • Property Transfer tax, 10% of the agreed purchase price in Alicante region and 8% for Murcia
  • Notary fees, from €700 to €1,200
  • Property registration fees, about half the cost of Notary fees

Costs will differ for new build properties as first registration costs 1.5-2% depending on region, and if you intend to apply for a mortgage you will incur some additional costs.

Welcome to the LiveMedCoast Spanish Property web site.
We are here to help finding your dream home in Spain as enjoyable and effortless as possible.....

You can search for properties, learn about the culture and regions and read about the services we offer. Enjoy browsing our web site, and we look forward to speaking with you soon.

As a family run company, we strive to offer a different service for people seeking to buy their dream home in Costa Calida and Costa Blanca South .Our clients say our service is more relaxed, more helpful and without the pressure they were so keen to avoid. At LiveMedCoast our service is personal and professional, with many years experience and expertise.

We offer truly independent advice on a comprehensive selection of areas and properties, both new and resale. We listen first and advise second. We have no pre-conceived ideas of which area or property is right for you. Only by listening to your requirements and discussing your ideas, can we truly make the right recommendations. In fact, choice is key to the service we provide; choice of area, choice of location, choice of property, choice of payment schedules.

We don’t just stop at making the right recommendations either; we can introduce you to the best local lawyer and bank, assist with mortgages, furniture, schools and medical facilities, and provide complete after-sales support. Above all, we provide complete peace of mind throughout the entire purchase process.

Anthony Duggan