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How do I obtain a Spanish mortgage?

Posted: Tue Aug 28, 2018 7:50pm
16 replies328 views7 members subscribed
Burnie

Posts: 58

11 helpful points

Joined: 28 Aug 2018

Hi, my husband and I are looking to buy a holiday home in Pto.de Mazarron and have been to view three properties whilst holidaying this month. This gave us a better idea of our priorities (which completely surprised us!) 

We’ve searched the estate agent sites since returning to the UK and have found plenty of properties we’d like to view in the near future. However, as a teacher I’m restricted to when I can fly out.

Are we correct in thinking our next step is to set up a mortgage with a Spanish bank? If so, how do we do this? Can anyone give me ‘an idiot’s guide’?!

Finally, I have been told we need to get an NIE number - I can I do this from the UK? Some sites say this needs to be obtained independently, others say the estate agents do this for us.

Many thanks in advance!

Burnie

Bhamoggy

Posted: Tue Aug 28, 2018 11:32pm

Bhamoggy

Helpful member

Posts: 160

122 helpful points

Location: Camposol

Joined: 22 Jan 2018

Posted: Tue Aug 28, 2018 11:32pm

No idea about mortgages. Someone else will no doubt be able to help. We were cash buyers. 

We used PALs solicitors in the port and did everything from the U.K. thru them and they got our NIE etc. 

Maybe send Tanya Westlake an email and she’ll be happy to give you guidance. 

[email protected]

Good luck. 

Burnie

Posted: Wed Aug 29, 2018 12:18am

Burnie

Original Poster

Posts: 58

11 helpful points

Joined: 28 Aug 2018

Posted: Wed Aug 29, 2018 12:18am

Thank you, I’ll contact Tanya this week. 

Since posting this, I have found ‘Bank in Spain’ a mortgage broker who finds the best mortgage deals according to our financial paperwork. Has anyone tried this approach? I daren’t give my details out to just anyone! 

Roland

Posted: Wed Aug 29, 2018 9:26am

Roland

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Posts: 3519

2581 helpful points

Location: Camposol

Joined: 23 Feb 2018

Posted: Wed Aug 29, 2018 9:26am

I would caution against getting a Spanish mortgage fraught with all sorts of problems.

Why not get an equity release loan against your UK property, if you have one that is ??

rma44

Posted: Wed Aug 29, 2018 1:42pm

rma44

Helpful member

Posts: 709

406 helpful points

Joined: 2 Mar 2016

Posted: Wed Aug 29, 2018 1:42pm

Equity release? This is usually considered the 'last resort' method of getting a loan, and can be very expensive in the long run. I have no experience of mortgages abroad, but I would think it best to stay with the Spanish Banks.

I would NOT recommend PALS, they got everything wrong for me!

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Bhamoggy

Posted: Wed Aug 29, 2018 2:46pm

Bhamoggy

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Posts: 160

122 helpful points

Location: Camposol

Joined: 22 Jan 2018

Posted: Wed Aug 29, 2018 2:46pm

Oh really. I know so many people that’s used PALs and they were superb.  

eduardo3332

Posted: Wed Aug 29, 2018 6:27pm

eduardo3332

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Posts: 1570

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Joined: 21 Jan 2016

Posted: Wed Aug 29, 2018 6:27pm

Burnie wrote on Tue Aug 28, 2018 7:50pm:

Hi, my husband and I are looking to buy a holiday home in Pto.de Mazarron and have been to view three properties whilst holidaying this month. This gave us a better idea of our priorities (which completely surprised us!) 

We’ve searched the estate agent sites since returning to the UK and have found plenty of properties we’d like to view in the near future. However, as a teacher I’m restricted to when I can fly out....

...

Are we correct in thinking our next step is to set up a mortgage with a Spanish bank? If so, how do we do this? Can anyone give me ‘an idiot’s guide’?!

Finally, I have been told we need to get an NIE number - I can I do this from the UK? Some sites say this needs to be obtained independently, others say the estate agents do this for us.

Many thanks in advance!

Burnie

Hi Burnie

When I was involved with inspection trips and selling properties in Spain, I would always take prospective buyers to a bank to open and account and let the manager explain how a mortgage works here.

It is actually quite a simple process you just need to find your property see which bank is offering the best interest rate and period of time you require ( I believe they will offer a mortgage up to the age 75) and then have  all your documents ready.

You will need an NIE number, then of course proof of income, normally 6 months wage slips, P45, bank statements showing your outgoings and any other information to support your case.

Banks are normally very happy to help you with a mortgage.

I hope this is of some help to you.

Good luck with your search and future purchase.

Kind regards

Ed

rma44

Posted: Wed Aug 29, 2018 7:33pm

rma44

Helpful member

Posts: 709

406 helpful points

Joined: 2 Mar 2016

Posted: Wed Aug 29, 2018 7:33pm

Bhamoggy wrote on Wed Aug 29, 2018 2:46pm:

Oh really. I know so many people that’s used PALs and they were superb.  

Yes really! I guess some people are satisfied but I have used two solicitors in Spain including Pals. The first was Spanish and was very competent and professional, Pals was a bit of a nightmare! I had to check every detail and get them to put it right. You don't want that when you are buying or selling a house........anywhere!

Burnie

Posted: Wed Aug 29, 2018 9:56pm

Burnie

Original Poster

Posts: 58

11 helpful points

Joined: 28 Aug 2018

Posted: Wed Aug 29, 2018 9:56pm

eduardo3332 wrote on Wed Aug 29, 2018 6:27pm:

Hi Burnie

When I was involved with inspection trips and selling properties in Spain, I would always take prospective buyers to a bank to open and account and let the manager explain how a mortgage works here.

It is actually quite a simple process you just need to find your property see which bank is offering the best interest rate and period of time you require ( I believe they will offer a mortgage up to the age 75) and then have  all your documents ready.

You will need an NIE number, then of course proof of income, normally 6 months wage slips, P45, bank statements showing your outgoings and any other information to support your case.

Banks are normally very happy to help you with a mortgage.

I hope this is of some help to you.

Good luck with your search and future purchase.

Kind regards

Ed

Thank you all, this is great advice - very helpful to have experienced insight.

Jan1961

Posted: Thu Aug 30, 2018 2:50pm

Jan1961

Helpful member

Posts: 238

97 helpful points

Location: Sucina

Joined: 1 Jul 2017

Posted: Thu Aug 30, 2018 2:50pm

Burnie wrote on Tue Aug 28, 2018 7:50pm:

Hi, my husband and I are looking to buy a holiday home in Pto.de Mazarron and have been to view three properties whilst holidaying this month. This gave us a better idea of our priorities (which completely surprised us!) 

We’ve searched the estate agent sites since returning to the UK and have found plenty of properties we’d like to view in the near future. However, as a teacher I’m restricted to when I can fly out....

...

Are we correct in thinking our next step is to set up a mortgage with a Spanish bank? If so, how do we do this? Can anyone give me ‘an idiot’s guide’?!

Finally, I have been told we need to get an NIE number - I can I do this from the UK? Some sites say this needs to be obtained independently, others say the estate agents do this for us.

Many thanks in advance!

Burnie

We got a UK Mortgage had this in place Ready.Placed a bid on Apartment through Murcia Invest through Auction.Used Dawn Bell Pals Solictors in Mazzaron which I found very Good.Arranged for a Notary in UK in our Area to have Power Attorney.Everything done Online so didnt need to go to Spain.Everything went through just couple days before our Summer Holidays.We met estate Agents at the Bank in Los Alcazares to open Bank Account on Monday where he handed keys to us there then.

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