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If
you have not already arranged for a mortgage to fund
your new property in Spain, we can take you to a
selection of banks and brokers during your visit to
obtain mortgage quotations. You will need to provide
specific information about your financial status and
income etc. Banks or Brokers will also run credit
checks with credit agencies in your home country,
such as Experian in UK.
You can consider
equity release from your UK property to fund the deposit or
even the entire purchase. You should seek advice from your IFA (Independent Financial Advisor) as there are
circumstances relating to inheritance tax and capital gains
tax and currency fluctuations where it may be better to have a
Euro mortgage on your
Spanish property than to own it outright !! It is prudent to
use the services of an IFA who is authorised to advise on
European property tax and investment scenarios.
Before
considering the offer of a mortgage the bank or lender will require
to see and verify the following documents:
-
Experian Type Credit Report
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Passport / Residence permit / Spanish Identity Card
of applicants.
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Tax Declaration (P60) for the last financial year.
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2 latest salary slips (employed workers).
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Proof of other income, last 3 years accounts (if
self employed).
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Declaration deed for new building from developer
(new building) or property deeds of the current
owner (resale property).
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Private sale-purchase contract or letter containing
offer.
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Proof of income tax payments made during the current
financial year and declaration of assets and 3
previous years accounts (in the
case of self-employed or independent professionals).
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N.I.E. (Foreign Resident’s Spanish Tax Registration
Number)
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