How to Find a Mortgage for Property in Spain..

Property:Real-Estate

You’ve found your place in the sun, and now you need a mortgage. Buying property in Spain requires you to take some very specific steps, but if you pay attention to the details and protect yourself with good legal advice you’ll soon find yourself enjoying your new property.

Currency Considerations

The first decision for you to make is in what currency you will look for a mortgage. There are many lenders who underwrite loans for property abroad, but they vary a bit in what currency they prefer. Some lend in euros while others offer loans in sterling as well. In general, you should look for a mortgage in what ever currency you receive your income. This protects you from fluctuations in the international currency market.

Finding A Lender

It’s very important to find a lender that’s experienced in with dealing property purchases in Spain. There are many differences in Spain’s legal system that can catch you by surprise if you’re not working with an institution that understands the law. For example, in Spain a contract to purchase land becomes legally binding much earlier in the buying process than it does in the UK, so it pays to work closely with the lender as well as your lawyer. There are any number of lenders who can put together a mortgage package tailor made for your personal financial circumstances.

Spanish Mortgage Providers

As Spain’s popularity has exploded in recent years, so too have the Spanish mortgage providers developed specialized programs for helping buyers from abroad. For example, it is against the law for a bank in Spain to lend more than 80% of a property’s value if it’s being purchased by a foreigner. However, if you already own property in the UK then it’s possible to arrange an equity loan that will cover the remaining 20% value of the property in Spain plus any associated purchase/closing costs.

Other Lending And Financial Options

If you want even more help finding the perfect Spanish retreat property, there are other companies that offer an even wider range of services. Buyers can hire these entities as a personal agent to assist with nearly every conceivable task that comes with buying property in Spain. They can help you find a real estate agent, obtain a mortgage, deal with lawyers and banks, monitor property rental and maintenance agencies, and even bring you together with qualified interior design companies to help decorate your new place in the sun.

Summary

Spain is an extraordinarily beautiful place and has earned its popularity among foreigners looking for property to buy. You, too, can purchase your own private hideaway in Spain if you take the time to research your options and find a lending program that’s right for you.

Jamos - www.spaingolfproperty.co.uk/