What will I need to get a Spanish mortgage

[donz]

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.

[xabiachica]

Originally Posted by donz

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

[donz]

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?

[jojo]

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

[xabiachica]

Originally Posted by donz

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

[owdoggy]

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




Doggy

[gus-lopez]

Originally Posted by xabiachica

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.