Overseas Dreams is an established master agent and has very good relationships with all the Spanish banks, we regularly arrange for (English speaking) Spanish bank managers and mortgage brokers to contact our clients or meet in our office to help with mortgages applications. We can recommend the bank that is giving the best deals at that time and cutting out a private mortgage broker will save you up front fees. Banks are currently offering around 60-70% of the property value or purchase price, whichever is the lower (subject to status). Current interest rates vary between approx 2.5 to 3.5% depending on status and whether resident or non resident loan.
Please find below a list of required documents for applying for a Spanish mortgage:
1) Copy of Passports.
2) Copy of current Experian or similar Credit Report.
3) Last 6 months payslips, if employed.
4) Copies of your last 2 years audited accounts, if self employed.
5) Proof of any other income for you / your partner, if applicable (pension payments etc).
6) Copy of last 6 months bank statements showing above payslip payments.
7) Copy of P60’s (official yearly tax form) or equivalent for country.
Once the banks have the above paperwork they normally give an answer within a week and then move to valuation immediately.
If you would like some mortgage advice or to apply for a Spanish mortgage, contact us now or simply complete the contact form and one of our team will arrange for an English speaking bank manager / mortgage broker to contact you.