Go Back   Expat Forum For People Moving Overseas And Living Abroad > Europe > Spain Expat Forum for Expats Living in Spain

Spain Expat Forum for Expats Living in Spain The Spain Expats forum is a dedicated community of people that have moved to Spain. This is the place for Expats to meet and discuss anything including the Spanish way of life, working in Spain, food and property in Spain.

What will I need to get a Spanish mortgage


Reply
 
LinkBack Thread Tools Search this Thread
  #1 (permalink)  
Old 12th May 2010, 07:45 AM
Senior Expat
 
Join Date: May 2010
Location: Malaga
Posts: 564
Rep Power: 749
donz has a reputation beyond reputedonz has a reputation beyond reputedonz has a reputation beyond reputedonz has a reputation beyond reputedonz has a reputation beyond reputedonz has a reputation beyond reputedonz has a reputation beyond reputedonz has a reputation beyond reputedonz has a reputation beyond reputedonz has a reputation beyond reputedonz has a reputation beyond repute
61 likes received
30 likes given

Users Flag! Originally from uk. Users Flag! Expat in spain.
Default What will I need to get a Spanish mortgage

Hi guys

Just trying to get myself in order before starting to think about attempting to get a mortgage for a property in Spain

There is Santander & Halifax in the UK who will do them but also I presume I can approach Spanish banks?

I presume first of all that I will need an NIE - how long will I need to arrange a 'flying' visit to Spain for to get this?

Also, on top of the purchase price is there anything else I need to budget for (apart from the obvious such as lawyer fees and moving fees) - the mortgage arrangement fee gets added to the mortgage.


Last edited by donz; 12th May 2010 at 07:46 AM. Reason: added a bit
Reply With Quote
  #2 (permalink)  
Old 12th May 2010, 08:51 AM
xabiachica's Avatar
Moderator
 
Join Date: Jun 2009
Location: Xŕbia/Jávea (so good they named it twice!) since 2003
Posts: 16,365
Rep Power: 111628
xabiachica has a reputation beyond reputexabiachica has a reputation beyond reputexabiachica has a reputation beyond reputexabiachica has a reputation beyond reputexabiachica has a reputation beyond reputexabiachica has a reputation beyond reputexabiachica has a reputation beyond reputexabiachica has a reputation beyond reputexabiachica has a reputation beyond reputexabiachica has a reputation beyond reputexabiachica has a reputation beyond repute
1627 likes received
795 likes given

Users Flag! Originally from england. Users Flag! Expat in spain.
Default

Quote:
Originally Posted by donz View Post
Hi guys

Just trying to get myself in order before starting to think about attempting to get a mortgage for a property in Spain

There is Santander & Halifax in the UK who will do them but also I presume I can approach Spanish banks?

I presume first of all that I will need an NIE - how long will I need to arrange a 'flying' visit to Spain for to get this?

Also, on top of the purchase price is there anything else I need to budget for (apart from the obvious such as lawyer fees and moving fees) - the mortgage arrangement fee gets added to the mortgage.
around here you'll need to be buying a repo directly from a bank

my OH knows a lot of estate agents of various nationalities & they all have recently reported the same problem

they have all shown properties to 'sure thing' (read 'loaded') clients recently who have approached various local banks for a mortgage - mostly 50% or less on 1 million + euro properties

every one of them has been refused - only to be approached directly by the banks a few weeks later with a guarantee of up to 90% mortgage - IF they buy a repo directly from the bank

__________________
SPANISH LESSONS & WRITTEN TRANSLATION SERVICE


moderators are people & have opinions & feelings too......& sometimes even a sense of humour

El que sabe no es el que todo lo sabe, sino el que sabe donde está lo que no sabe.
Reply With Quote
  #3 (permalink)  
Old 12th May 2010, 09:35 AM
Senior Expat
 
Join Date: May 2010
Location: Malaga
Posts: 564
Rep Power: 749
donz has a reputation beyond reputedonz has a reputation beyond reputedonz has a reputation beyond reputedonz has a reputation beyond reputedonz has a reputation beyond reputedonz has a reputation beyond reputedonz has a reputation beyond reputedonz has a reputation beyond reputedonz has a reputation beyond reputedonz has a reputation beyond reputedonz has a reputation beyond repute
61 likes received
30 likes given

Users Flag! Originally from uk. Users Flag! Expat in spain.
Default

really? the property we are looking at it not a repossession.....so you're saying we wouldn't get a mortgage from a Spanish bank?

Reply With Quote
  #4 (permalink)  
Old 12th May 2010, 09:37 AM
jojo's Avatar
Moderator
 
Join Date: Sep 2007
Location: Worthing UK/Benalmadena, Spain
Posts: 23,146
Rep Power: 347590
jojo has a reputation beyond reputejojo has a reputation beyond reputejojo has a reputation beyond reputejojo has a reputation beyond reputejojo has a reputation beyond reputejojo has a reputation beyond reputejojo has a reputation beyond reputejojo has a reputation beyond reputejojo has a reputation beyond reputejojo has a reputation beyond reputejojo has a reputation beyond repute
1312 likes received
1366 likes given

Users Flag! Originally from uk. Users Flag! Expat in spain.
Default

The criteria for ortgages has changed dramatically since the credit crunch, but is slowly changing again. A while ago, you needed to be a Spanish resident for two years before they would consider it, but I think they've relaxed that????

What I would do is line up to view some properties (it'll give you a feel for prices), but also arrange to visit some banks and see what they have to say, as Xabiachica says, a lot of banks hold reposessions and I'm sure would be only too happy to "sell" one of them to someone with the right credentials LOL

Jo xxx

__________________
Reply With Quote
  #5 (permalink)  
Old 12th May 2010, 11:53 AM
xabiachica's Avatar
Moderator
 
Join Date: Jun 2009
Location: Xŕbia/Jávea (so good they named it twice!) since 2003
Posts: 16,365
Rep Power: 111628
xabiachica has a reputation beyond reputexabiachica has a reputation beyond reputexabiachica has a reputation beyond reputexabiachica has a reputation beyond reputexabiachica has a reputation beyond reputexabiachica has a reputation beyond reputexabiachica has a reputation beyond reputexabiachica has a reputation beyond reputexabiachica has a reputation beyond reputexabiachica has a reputation beyond reputexabiachica has a reputation beyond repute
1627 likes received
795 likes given

Users Flag! Originally from england. Users Flag! Expat in spain.
Default

Quote:
Originally Posted by donz View Post
really? the property we are looking at it not a repossession.....so you're saying we wouldn't get a mortgage from a Spanish bank?
I don't know if it's all banks, or if it's all over Spain

but it's what is happening with several banks in my town

__________________
SPANISH LESSONS & WRITTEN TRANSLATION SERVICE


moderators are people & have opinions & feelings too......& sometimes even a sense of humour

El que sabe no es el que todo lo sabe, sino el que sabe donde está lo que no sabe.
Reply With Quote
  #6 (permalink)  
Old 12th May 2010, 12:09 PM
owdoggy's Avatar
Senior Expat
 
Join Date: Jul 2008
Location: Almeria
Posts: 789
Rep Power: 9083
owdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond repute
97 likes received
11 likes given

Users Flag! Originally from england. Users Flag! Expat in spain.
Default

If I were you I would go & see a (recommended) mortgage broker in the area you're thinking of.




Doggy

Reply With Quote
  #7 (permalink)  
Old 13th May 2010, 12:06 PM
gus-lopez's Avatar
Senior Expat
 
Join Date: Jan 2010
Location: Lorca, Murcia,Spain
Posts: 2,627
Rep Power: 23443
gus-lopez has a reputation beyond reputegus-lopez has a reputation beyond reputegus-lopez has a reputation beyond reputegus-lopez has a reputation beyond reputegus-lopez has a reputation beyond reputegus-lopez has a reputation beyond reputegus-lopez has a reputation beyond reputegus-lopez has a reputation beyond reputegus-lopez has a reputation beyond reputegus-lopez has a reputation beyond reputegus-lopez has a reputation beyond repute
240 likes received
256 likes given

Users Flag! Originally from england. Users Flag! Expat in spain.
Default

Quote:
Originally Posted by xabiachica View Post
I don't know if it's all banks, or if it's all over Spain

but it's what is happening with several banks in my town
Yep, it's exactly the same here with one or two of the 'cajas' who lent stupidly & are now inundated with repo's.

__________________
Todos con Lorca .
Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Spanish mortgage debt charged against UK property Beachcomber Spain Expat Forum for Expats Living in Spain 59 1st December 2010 05:38 PM
Need a mortgage but amount too small for a French mortgage!! rachelba France Expat Forum for Expats Living in France 2 28th April 2010 10:37 AM
Real estate sector “bankrupt” says Spanish Mortgage Association adiep Spain Expat Forum for Expats Living in Spain 31 31st January 2010 10:07 AM
Mortgage; richie3487 Spain Expat Forum for Expats Living in Spain 16 5th August 2009 01:26 PM
getting a spanish mortgage while paid by UK company markjd Spain Expat Forum for Expats Living in Spain 30 14th October 2008 05:51 PM

LEGAL NOTICE
By using this Website, you agree to abide by our Terms and Conditions (the "Terms"). This notice does not replace our Terms, which you must read in full as they contain important information. You must not post any defamatory, unlawful or undesirable content, or any content copied from a third party, on the Website. You must not copy material from the Website except in accordance with the Terms. This Website gives users an opportunity to share information only and is not intended to contain any advice which you should rely upon. It does not replace the need to take professional or other advice. We have no liability to you or any other person in respect of any content on this Website.
FORUM PARTNERS

ExpatForum.com is owned and operated by the MoveForward.com Limited group.

Retiring Overseas Guides | Moving Overseas Guides | Cost of Living | Health Care Guides


All times are GMT. The time now is 05:05 AM.

Contact Us - Expat Forum - Archive - Top

Powered by vBulletin®
Copyright ©2000 - 2013, vBulletin Solutions, Inc.
Search Engine Friendly URLs by vBSEO