“As a non-resident, providing you have proof of income and solid credit history, you will be able to secure a mortgage for the purchase of a property in Spain post-Brexit. … So, while it might appear that not much will change, what does change could have a profound effect when trying to get approved for a mortgage.”
Can a UK resident get a mortgage in Spain?
There are no UK lenders offering mortgages in Spain. Some Foreign Banks based in Luxembourg, Monaco and Switzerland may consider the property in Spain, but their minimum purchase price is € 2 million and minimum loan €1 million.
How do expats get a mortgage in Spain?
Let’s now dive into each of the 6 steps you will need to follow in order to get a mortgage in Spain as an expat:
- Prepare and submit the required documents. …
- Receive a mortgage pre-offer. …
- Open a bank account. …
- Compare and accept the offer. …
- Agree with the offer. …
- Mortgage completion.
Which UK banks offer Spanish mortgages?
Banco Bilbao Vizcaya Argentaria (BBVA) is one of the few banks offering mortgages to UK borrowers purchasing properties in the UK and Spain. Please note the minimum mortgage is €200,000. Impressively, if you are buying a Spanish property, the bank offers mortgages in Pound Sterling or Euros.
How do I get a mortgage in Spain?
Documents to apply for a Spanish mortgage
- NIE number.
- Proof of employment or income.
- A pre-agreement with the seller.
- Proof that the property tax is paid to date.
- Details of your current debts and mortgages.
- Copies of all your existing property deeds (in Spain and elsewhere)
- Records of your current assets.
Will property prices fall in Spain after Brexit?
The bottom line is that Spanish property is still very affordable compared to the UK, so Brexit isn’t likely to slow demand too much. … The spending power of Brits looking to invest in Spain has decreased slightly with the fluctuating value of the pound after Brexit and COVID-19.
What are the pitfalls of buying property in Spain?
5 common pitfalls when buying a property in Spain
- Not having your registrations in place before the buying process. …
- Insufficient property research. …
- Not accounting for all of the costs involved in buying a house. …
- Not understanding your contract(s) …
- No preparation for future fees.
Do I need a Spanish bank account to buy a property in Spain?
If you are planning to buy a property in Spain, you will need a Spanish bank account to pay utilities, local taxes and mortgage payments. … Once the mortgage is approved, the bank will open your bank account without you having to travel to Spain in person and waste valuable time and money.
Is it hard to get a mortgage in Spain?
Spain has a very competitive mortgage market and as a result, there’s plenty to choose from when it comes to loans. However, non-residents buying Spanish property with a mortgage have more limited access to loan types and conditions.
How much deposit do I need to buy a house in Spain?
Banks in Spain generally finance 80% of the value of the property you wish to purchase (if the property will be used as your main residence), meaning that you need to have 20% of the property value in order to pay a deposit.
Can I get a mortgage in Spain after Brexit?
You still have a right to buy property in Spain after Brexit
Anyone who can pay the purchase price is able to purchase property in Spain. Brexit has not changed that. Many people from all corners of the world buy and own property across Spain.
How long does it take to get a Spanish mortgage?
How long does it take to get a mortgage in Spain, from first contact to having the funds available, assuming I’ve already found a property to buy? To obtain the Spanish bank’s agreement is takes typically around 4 to 6 weeks.
How much can I borrow for a Spanish mortgage?
For residents of Spain, mortgages can go up to as much as 80% of the purchase price or valuation figure. However, for those purchasing a Spanish property from overseas, the maximum amount you can look to borrow is 70%.
How much does a house in Spain cost?
In July 2020, a new house in Spain would cost around 2.472 thousand euros per square meter built.
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Can foreigners get a mortgage in Spain?
Can foreigners get a mortgage in Spain? Yes, foreigners can get a mortgage up to 70% of the Value of a property.
How much should I offer on a house in Spain?
Your starting offer will depend upon many factors such as the state of the market, what you know of the vendor, and the price and characteristics of the property in question. An offer of 20% below the asking price is a very different thing when the asking price is 200,000 Euros to when it is 1 million Euros.