How to get a mortgage in Spain?
You want to buy a property in Spain, que bueno! But how do you get a Spanish mortgage To finance your property purchase? Pedro explains exactly how to get a mortgage in Spain in this step-by-step plan!
So what can you expect if you want a mortgage in Spain? Pedro has put together a handy roadmap of the process of getting a Spanish mortgage. You can find it below:
Roadmap for obtaining a mortgage in Spain
In this handy guide, you will find in which 8 steps you can realise a mortgage in Spain!
1. Do a funding check
It is wise to quickly check (online) whether a property in Spain is actually for you at the moment. Via handy calculators (such as our personal contribution calculator), you will immediately know whether you meet the hardest criteria, or whether you need to save some more!
2. Request a full mortgage calculation
Before you go house-hunting in Spain, it is wise to get your bearings. What is your maximum financing with a Spanish bank? And do you possibly have surplus value that you can use? And what is the purpose of your purchase? For example, do you want to rent it out, or are you going to emigrate? It is important that you are well prepared.
Through holapedro you can easily calculate your financing options. Based on your data, you can immediately request a mortgage indication from Pedro. With this information he will send you, you can go house-hunting in Spain with peace of mind and financial backing!
Calculate your maximum mortgage in Spain
Through holapedro, you do a customised calculation through AI to find out your maximum financing. We test you on all possible variables and you will receive a smart mortgage simulation. You will receive your mortgage report within 20 minutes.
3. Select your mortgage broker or adviser
If the outcome of your calculation is positive and you would like to start a mortgage application, Pedro will introduce you to its affiliated mortgage partners. They will be happy to help you with your further application and are ready to answer your questions and negotiate with the bank. Would you rather talk to the bank yourself? That's no problem either, but keep in mind that the process can be quite complex in Spain!
4. File collection
You are an unknown foreigner applying for financing in Spain. The Spanish bank therefore requests quite a few documents. Check which documents you need to provide in Spain! Through Pedro's partners, you will receive an invitation to send you the documents securely. Once the file is complete, the mortgage partner can check your file and present it to the Spanish bank!
5. Negotiating with the Spanish bank
From here, you enter the most exciting part of the process! Armed with a good file and good conditions because of Pedro and the mortgage partners' long-standing collaborations with Spanish banks, you can do the final negotiations. Satisfied? Then you arrange the signature at the bank.
6. Valuation of the Spanish property (collateral)
Once you agree to the bank's offer, the bank will open a bank account for you. You do not need to come to the Spanish bank in person for this, you can arrange this remotely. This is followed by the valuation of the Spanish property. An important part of the process, as the bank partly provides the final financing based on the value of your Spanish property purchase!
7. Passing the Spanish property and issuing mortgage
All parties (notary, bank, buyer, seller) will choose a desired passing date together. The most common situation is for the house and mortgage to pass at the same time. On this date, everyone will have to be present, although you can authorise a lawyer on your behalf. From the final signature, you can start enjoying your Spanish dream home or making returns on your Spanish investment property!
Does this sound good? Then start your mortgage calculation!
Calculate your maximum mortgage in Spain
Through holapedro, you can perform a customised calculation via AI to find out your maximum financing. We test you on all possible variables and you will receive a sophisticated mortgage simulation. This way, you will know your mortgage options in Spain within 20 minutes!
Or rather first ?
How much will my monthly expenses be in Spain?
Want to know more about mortgages in Spain?
What is the maximum mortgage financing in Spain?
How much is your maximum financing for a purchase in Spain. You can read here how the amount of financing in Spain through banks is established and how to calculate it yourself!
