25 May 2016 19:53:
Thats Sabadell for you.....although many banks now require a copy of a Nota Simple for a property to approve owing to the number of people asking for mortgages who then fail to go forward on a transaction. For all of our clients we do a study of their economic information provide a quote that is subject to supporting documentation - which is the closest you will get to an AIP in Spain. If there is a grey area we will collect and package the documents and submit to lender/s for a verbal agreement and proposed terms.
Furthermore we recommend to all clients that any deposits paid (even a simple 3000 Euro reservation fee) is paid only via their lawyer (ideally held in lawyers escrow) with a binding agreement that the deposit is paid subject to valuation and mortgage offer. A mortgage offer can be affected significantly by a valuation (subject to the type of property), especially in the case of rustic properties as bank valuations rarely meet the valuation of sale by vendor as they are deemed high risk by the banks. Some banks won't even lend on them at all. Thus if you have taken the correct precautions any monies paid should be secure.
Thread: spanish mortgages