Applying
for a Bank Account
It
is necessary to have a Spanish Bank account to purchase a property in Spain .
There are several banks offering a english speaking service.
Applying
for a Mortgage
You
can choose to apply for a mortgage in Spain or from the UK. Mortgage rates in
Spain tend to be lower than those in the UK and are currently around 5,3 %. Applying
for a mortgage in Spain is a straight forward process, as in the UK. You will
need to prove that you have an income or sufficient funds to pay the mortgage.
The level of mortgage offered is directly dependent on your financial status and
also the declared value of the property that you wish to purchase. There are generally
two levels of mortgage offered, one for residents and one for non-residents. For
non-residents the mortgage offered is generally around 60% of the declared value,
for residents it is usually around 80% of the declared value of the property.
The
documents typically required by a bank are:
* Your DNI/NIE
* Your work contract
* Your last 3 paycheck stubs
*
Your latest income tax return
* Your pre-agreement with the seller
* Proof
that the property tax (IBI) on the house is paid up.
* Other mortgages or
loans that you may have
* Certificate from work authorities (vida laboral),
showing your past work history
* Records of your assets (bank/mutual fund
statements, etc.)
* Prenuptial agreements, if any
* Nonresidents: A certificate
of nonresidency
* If self-employed: Local tax on economic activities (IAE)
* If self-employed: VAT tax you paid for the last trimester and last year
