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Tuesday, April 24, 2007
kez74
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I know it has probaly already been covered somewhere on the forum.but since i dont have time to read them all...i will ask...........how easy is it to get a mortgage in Spain...do you have to provide information on your previous credit history or do they do all the normal checks themselves as our banks do. I assume that it all works in the same way that i does in the uk.....if buying a new build i assume that the company will sort out the mortgage....but what about buying resale through a Spanish estate agent??? Sorry if i've got you treading old ground again.
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24 Apr 2007 1:06 PM
Lauryc
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Ours was easy through a Spanish agent on a resale.
We're self employed and the bank just needed our 3 year's accounts and latest tax return to prove the accounts were true. 
They also did a valuation on the property.
Laury
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24 Apr 2007 1:19 PM
kez74
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I have been looking it up on the internet and it just seems a little to straight forward..three last wage slips and 6 months bank statements.....god here in the Uk they want to know everything....i am suprised they dont want to know the colour of your underwear!!!!!!
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24 Apr 2007 1:37 PM
sharonw
Apartamento
I'm in Coin, Malaga
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Hi Kez,
To answer your 2 posts:
Al lot of the banks will not carry out a credit check if up to 70% LTV. If over 70% LTV then some banks will require you to supply an Experian / Equifax report, some banks will automatically carry out a credit check and some banks will require you to sign a form authorising them to carry out a credit search on you.
it is not compulsory to take out the developers mortgage on a new build, indeed they tend not to be competitve and may not fit your criteria. Mortgages for resales can be obtained through the many banks here or through a reputable broker (I would suggest not the one posted on a recent thread!!) A lot of agents tend to take you to 'their bank' and again you may not fit the criteria and it could end up being a timewasting exercise!
A handful of banks have adopted a 'low doc' policy, infact I deal with a lender who does not require a P60 / Tax return and at 80% LTV
Hope above helps!
Regards
Sharon
sharon@tmasspain.com
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24 Apr 2007 1:44 PM
Smiley
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Depends on the lender how you want the mortgage to work and what you want to borrow and existing UK commitments. Lenders here work on net income after tax not gross as per the UK. Loan to value ratios will go as high as 80% of value as long as that doesnt exceed 90% of purchase price (generally - although we do have some situations where a lender will advance 100% of PP if the case fits). Rule of thumb is that the monthly mortgage payment in Spain added to your existing UK obligations should not exceed 35% of net disposable monthly income. Credit card payments are assessed at 5% of the balance. Generally if self employed need most recent tax return and 3 months bank statements and accountants reference and passport - if employed 3 motnhs payslips and P60 and 3 months bank statements and passport. There are some variations according to lender and some require a copy of your UK credit file and some will do a UK search to confirm loans etc. In every instance you cannot complete withiout the NIE certificate. Dont be fooled by what it says on the net - it can be a lot more complex here and there is nothing like the choice of products you get in the UK.
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24 Apr 2007 1:54 PM
JeansSis
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Listen to Smiley, Kerri, as he knows his onions, being in that business. I was just about to give you his details so I'm pleased he came on.
Have a good day,
Janice
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