HOW TO PROCEED WITH A SPANISH MORTGAGE
HAVING REVIEWED THE MORTGAGE SCHEMES, THE NEXT QUESTION IS HOW TO PROCEED FROM HERE?
If you have just started your search and are still looking for a property, the next step is to ensure that the Spanish mortgage product you want is available to you, based on your financial situation .
By completing and returning the basic application form and the following documents, we will be in a position to confirm that the Spanish mortgage will be achievable:-
An up-to-date bank statement from your main account.
A salary slip, and a p60 OR a copy of your most recent personal tax return.
On the form please state the source of your capital contribution to the purchase.
Once we receive these documents from you, we will be able to approach one of our Spanish banking contacts to confirm that the required Spanish mortgage will be forthcoming, (subject to final underwriting, satisfactory valuation and life assurance).
IF YOU HAVE MADE AN OFFER AND ARE AWAITING THE SPANISH PURCHASE CONTRACT, we can submit your mortgage application, to your chosen Spanish bank , on receipt of the application form and copies of the following :-
The Spanish purchase contract- Contrato de Compra-Venta, once available , (which should include the mortgage clause, if possible, prior to payment of your holding deposit)P60s ( 3 years) and 3 months recent payslips (if you are salaried)OR 3 years personal tax returns and profit Loss accounts (if you are self–employed)
A pension slip, if you are in receipt of a pension
3 months recent bank statements from all personal bank accountsCopy passport(s), birth certificate(s) and marriage certificate
A recent mortgage statement (in relation to your main residence) to illustrate your minimum monthly payment and capital balance, OR a copy of your rental agreement, if you are a tenantAll personal loan agreements and a recent credit card statement
A recent utility bill which is less than 3 months old
Evidence of the source of your cash contribution to the purchase (this can take the form of a statement from a savings account, an investment policy or a sales agreement- if it is coming from the sale of an asset, etc)
If the property needs work to bring it up to a habitable state (by this the bank means it should be sound structurally, with electricity and plumbing for the installation of a bathroom and kitchen), written estimates from Spanish builders will be required. Please check with us that the bank can move forward based on the property that you wish to purchase, should essential works need carrying out to make it habitable.