Bank Accounts and Mortgages
If you visit the area to view any property through us we can assist you in opening a bank account or applying for a mortgage should you require one. This is a totally free service offered to our clients in order to make their house purchase as stress and trouble free as possible. Below is a brief outline of what is required of you for both opening an account and applying for a mortgage, so remember to bring these when you visit.
Mortgages
If you require a mortgage to finance the purchase of your Spanish home a mortgage from a Spanish bank is relatively easy and pain free with a simple application form and the minimum of credit checks. With most banks in Spain your financial affairs in the UK will not be looked into and no credit checks will be made; nor will your UK bank or building society be contacted. Mortgages of up to 70% LTV are readily available although it is usually less if the property is described as 'Rustica' in the land registry.
We also work closely with an independent financial company with offices in the UK and Spain called Chesterton Grant Europa. They will search through for the best deal for you and can offer Spanish mortgages of up to 80% with a simple online application and initial enquiry form. Once the application has been submitted you will receive an answer, in principle, within 72 hours allowing you to make an informed decision on whether to purchase the property.
The documents that you need to bring with you if you intend applying for a mortgage during your visit are;
- P60 or equivalent.
- 3 most recent payslips.
- Last tax return, or audited accounts if self employed.
- Passport or certified copy.
If you choose to apply for a mortgage through a Spanish bank we will help you to apply and accompany you to the bank if you would like us to. We will also help you to apply online for a mortgage at our office while you are in Spain to receive a quick answer, with the rest of the paperwork sent to your UK address or email.
You can also apply for a mortgage in the UK with your current lender using the equity in your home to fund the purchase of a holiday home in Spain or take out a separate mortgage. It would be an idea to get an idea of how much you can borrow before visiting so that you know what your budget will be. Generally mortgages in Spain are cheaper than in the UK, but it will always depend on an individuals circumstance's as to which is the best deal.
Bank Accounts
Once you have decided to buy a property in Spain you will need to open a Bank account to be able to set up direct debits for your utility bills and local taxes. The account can be opened using your UK or Spanish address for statement to be sent to and all that is needed is your passport.
There are a number of UK based banks with branches along the Costa Blanca, but there are also some Spanish banks that are specialising in foreign customer accounts that have staff and websites to access your account in English from anywhere in the world. If you want us to we will visit the bank with you to open an account during your visit.
Further Information
http://www.solbank.com
http://www.cam.es