Spanish Mortgage Application
In the UK, a mortgage or secured loan is given in the first instance after a successful assessment of an individual’s status. In Spain, it is based on the property with the individual demonstrating the ability to repay the mortgage. This means that it is possible to transfer the mortgage from owner to owner without redemption taking place. Agreement of a loan will take place once the property has been found and a Nota Simple obtained.
- Once you have decided on your property, a deposit will need to be paid to secure it,
- Set up your payment facility with properties247 to enable you to make payments needed as you travel through the purchase of your Spanish property
- You will need to have a Nota Simple for the property
- Your legal advisor should obtain your NIE number
- Complete our Mortgage application with supporting documents so you can receive an agreement in principle from the Lender
- Arrange for valuation of your proposed property purchase
- Upon satisfactory valuation get your mortgage offer letter from the Lender
- Set up your monthly payment schedule with Properties247
- Arrange transfer for the balance of any monies including legal costs
- Arrange for completion of your purchase, by attending in person or arrange for a power of Attorney so completion can take place in your absence
- The Notary will register the mortgage and release the funds to the beneficiary
Your purchase is complete.