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How to get a Mortgage in Spain

The property market in Spain has been particularly buoyant since 2018. Homes have increased in value at an annual rate of approximately 5.6%. Spain welcomes investors from abroad, so if you’re a foreigner hoping to purchase property in Spain through a mortgage, you should find it easier than ever. In 2019, Spain introduced new legislation that released buyers from the responsibility of paying stamp duty, notary and registration fees. Instead, these fees are now paid by the banks.

Mortgage Fees for a Buyer

As a buyer, the only fees you’ll have are a valuation fee and an arrangement fee. The valuation fee costs between 300 and 500 euros. It enables the bank to value the property. An arrangement fee covers the administration costs of setting up your mortgage. It’s usually charged at approximately 1.5% of the property’s value, but it can sometimes be a fixed price. It’s even possible to find banks who may be willing not to charge these fees.

Low Interest Rates

Low interest rate

Picture from https://www.freepik.es/

The bank won’t recoup these losses by adding them to the interest rate of your mortgage. Spain currently has lower interest rates than at any time in the last three decades. With a variable mortgage, you might pay an interest rate of between 1.43% and 3%. A fixed rate mortgage’s interest rate could be 2.4% to 3%.

Choose your Currency

Choose your currency

Picture from https://www.freepik.es/

If you’re a foreigner purchasing property in Spain, you’re allowed to use your own currency. You can use euros instead, but you don’t have to decide until you actually sign the mortgage contract. The exchange rate at the time of signing the deeds stays fixed for the duration of the mortgage.

Beneficial Loan-to-Value

The loan-to-value (LTV) is the amount of money you can borrow. It’s based on a percentage of what the bank assesses the property’s value to be. As a foreigner, you can usually expect to borrow 60% or 70%. However, if you have been living in Spain and paying Spanish taxes for at least two years, you may be able to get a mortgage of 80% which is the same as Spanish nationals. You might even be granted a mortgage of 100% if you decide to purchase a property that’s been repossessed.

Different Types of Mortgage

Spain has a much simpler structure for mortgages than many countries, including the United Kingdom. There are three different mortgages, and they’re all available to residents and foreigners. There’s a fixed rate mortgage which usually has an interest rate of between 2% and 4%. A variable mortgage with compound interest is adjusted through EURIBOR, a rating which is set by a panel of banks. Being granted a variable mortgage often depends on your credit rating. The third mortgage combines both versions.

Length of Mortgage

Length of mortgage

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Spanish residents often acquire a mortgage of up to forty years. As a foreigner, you can usually expect your mortgage to last between five and twenty years. You must also ensure that the mortgage is cleared before you reach the age of seventy-five.

Paying Spanish Taxes

Paying spanish taxes

Picture from https://www.freepik.es/

As a foreigner, you’ll have to pay an annual tax on your Spanish property. The exact amount often depends on where your property is located, but it’s usually up to 2% of its current value. If you decide to sell your Spanish home, you’ll be liable for a capital gains tax of between 19% and 21% of the selling price. However, various reductions are included in the taxes, such as mortgage interest, leasing fees, repairs and general maintenance. There’s also a depreciation reduction allowed that’s worth up to 3% of what you paid for the property.

Before Applying for a Mortgage

If you want to purchase property in Spain, with or without a mortgage, you have to apply for a Número de Identificación de Extranjerosan (NIE). It’s a simple identification number that all foreigners must have for financial or legal matters. A similar document is the National Insurance Number of the United Kingdom. If you’re still in your own country, you can start the process by contacting the Spanish Consulate. If you’re already in Spain, you can simply apply for an NIE at any police station.

How to Apply for an NIE

How to apply for NIE

Picture from https://www.freepik.es/

You’ll need to fill in an EX-15 form which you can obtain from the police station or Spanish Consulate. You’ll also need your original passport and copies of its pages. Two photographs that are of passport size should be included along with documents that outline why you’re applying for an NIE. In addition, you’ll need to pay 9 to 12 euros to cover the cost of submitting a 790 tax form.

Documents Required for Mortgage Application

When you have received your NIE document, you can proceed with your property purchase or mortgage application. You’ll need several other documents to prove your identity, income and any outstanding debts:

Identity and Income

  • NIE Number
  • Passport
  • Most recent tax return
  • Employed: contract of employment and at least three pay cheques
  • Self-employed: three or more tax declarations
  • Credit rating from your own country
  • Marriage certificate or similar (only if appropriate)

Property and Assets

  • Information about additional loans
  • Documents to prove assets, debts or both
  • Proof that taxes on any other properties are fully paid
  • Copies of deeds relating to other properties in any country
  • Purchase agreement you have with the seller

Your documents have to be presented in Spanish, so it’s worth having them professionally translated to avoid any errors that could affect their validity. An Apostille or official certificate can be included to prove that the documents are genuine. It’s best to include a detailed list of all the documents you are submitting to help the bank process them. Keep a copy for yourself so that you can check they have all been returned.

Applying for a Mortgage

ntPicture from https://www.freepik.es/

Once you’ve assembled your documents, the process of applying for a mortgage is very easy. Simply submit your documents and completed list. Once the bank has processed the information, you’ll be given a mortgage offer. The next step is to open a bank account so that the monthly repayments can be withdrawn. You can apply for other mortgage offers then accept the one that appears to be the most suitable. As part of the process, you also have to insure the property. Once the mortgage paperwork has been completed, you’ll need to have it legally verified by a notary or legal professional. However, you can appoint a lawyer to act on your behalf.

https://www.magna-estates.com/how-to-get-a-mortgage-in-spain.html

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Veronica Lopez, la asesora en real estate- inmobiliaria elegida por todos

Es una enamorada del mercado inmobiliario y su evolución, de las nuevas tecnologías y lo que ellas aportan al marketing inmobiliario y sobre todo de las redes sociales. «Hasta ahora» socia de DomainCoast y directora de gestión y venta de activos, gestiona y comercializa miles de activos inmobiliarios adjudicados de todo tipo, propiedades de varios fondos de inversión y que están repartidos por toda la Costa del Sol- Marbella- España. Su secreto la constancia.

BG- ¿Cómo ve el mercado inmobiliario en la Costa del sol- Marbella- España actualmente en el contexto de esta pandemia mundial, y sobre todo en cuanto al turismo?

R- Yo creo que en principio habrá una pequeña recisión (que no será permanente) pero si será notable, la diferencia es que el turismo prefiere alquilar un inmueble grande donde juntar a su familia y no tener que compartir piscina comunitaria por ejemplo… El turismo –personalmente- no me preocupa, quien tiene dinero para viajar tomara los recaudos con necesidad. Si digo que en la Costa del sol afecto muchísimo, ¡ha habido pedidas tremendas desde semana santa! Las consecuencias a corto plazo son las que tendremos este verano (en unas semanas) pero estoy convencida que volveremos a la normalidad pronto.

BG- ¿Cuál es el elemento más importante en tu negocio, el negocio inmobiliario y de turismo en Costa del sol- Marbella- España?

R- Sin duda, ¡teléfono móvil y todo lo que sea on line! En mis negocios se ha notado menos respecto a otros lugares con destino turístico en España. Con los clientes que nosotros trabajamos tienen un poder adquisitivo alto, el intento de negociación se puede dar sí, pero menos que en otros lugares donde no hay tanta solvencia económica. En Marbella por cantidad de dinero en negociación mediana, no se lo piensa. Si se negocian  pero siempre se llega a un acuerdo ya que quien quiere comprar, compra.

BG- ¿Cuál es la mayor oportunidad para tu negocio a día de hoy?

Para mi negocio a día de hoy, seria fusionar el sector inmobiliario con el mundo de los eventos y dar un servicio de vuelos, viajes, turismo y servicios de lujo. Que le puedas dar al turista un servicio completo desde que llega hasta que se marcha.

BG-  Hasta ahora, ¿quién o qué ha sido la mayor influencia en tu carrera?

La mayor influencia, el boca el boca y el que te conozcan sobretodo en las redes sociales (un buen marketing). En mi casa también siempre me apoyaron y acompañaron, además tengo un padre notario con un trayectoria de más de 30 años siempre me dio la seguridad y garantía en este negocio.

BG- ¿Cuál es tu objetivo personal?

R- ¡Tener un chiringuito en playa! Un ático atrás, tener a la familia junta y ¡disfrutar todos los días del año de ver a la gente, mi gente!. Frente al mar tomando el sol. 

BG- ¿Cree que van a seguir los embargos bancarios en Costa del sol- Marbella- España en este contexto de pandemia?

R- Si por supuesto eso siempre. Es un negocio en auje.

BG- ¿Qué consejo le darías a alguien que quiere vender su casa?

R- Primero que mire las necesidades que tiene y el porqué de venderla (porque así el gestor que le va asesorar) podrá entender la urgencia o no de esa venta o no venta, porque si no después te vuelves loco.

BG- ¿Qué consejo le darías a alguien que quiere comprar una casa en la Costa del sol?

R- Lo primero que se fije en un inmueble que ya esté construido, solamente modificar para ajustar la necesidad. ¿Por qué? Porque la concesión de licencias aquí por parte del ayuntamiento pueden tardar años.

BG- ¿Cuáles son tus expectativas para el próximo año en cuanto al mercado de bienes inmuebles de Costa del sol- Marbella- España?

R- Poder fusionar mi negocio inmobiliario con el nuevo lanzamiento de la compañía americana de viajes, eso es fundamental. ¡MWR LIFE & DOMAINCOAST!

BG- ¿Se puede decir que has crecido profesionalmente en este sector?

R- Siempre se puede seguir aprendiendo y mejorar, es un trabajo de presión continua y de superación diaria donde no tiene cabida el cansancio. Si me gustaría jubilarme siendo arrendadora de mis propios inmuebles.

BG- ¿Que sientes al saber que eres una de las personas que ayuda a la Costa del sol y a Marbella a convertirse en el paraíso de lujo que es ahora, y así seguir convirtiéndose en la leyenda que es hoy en día?

R- Se siente muy gratificante todo, un trabajo muy fácil de amar si realmente te gusta lo que haces.

BG- ¿Malas experiencias?

R- Todos los días, porque cuando estas en contacto permanente con personas de diferentes mundos es así…

Ella siempre escucha al cliente, pero también se atreve a ofrecerle lo que es mejor para él y la verdad no se equivoca nunca. Ya le ha pasado que le dicen “Vero quiero esto” y luego le muestra lo que ella piensa que es mejor para ellos y se deciden por el consejo que les ofrecí.

https://www.bgmagazine.com.ar/inicio/noticia/101.html?fbclid=IwAR2PgqY71TYBn4igL3HxuwUK_flNq7AO7NeLYYdQtv5Sc98QvyYg9qni-AY