{"id":18468,"date":"2022-01-17T19:32:40","date_gmt":"2022-01-17T19:32:40","guid":{"rendered":"https:\/\/immopascual.com\/?p=18468"},"modified":"2022-01-17T19:32:40","modified_gmt":"2022-01-17T19:32:40","slug":"mortgage-for-foreign-people","status":"publish","type":"post","link":"https:\/\/immopascual.com\/en\/mortgage-for-foreign-people\/","title":{"rendered":"MORTGAGE FOR FOREIGN PEOPLE"},"content":{"rendered":"<p>There is a lot of mortgage products available in \u00a0 \u00a0Spain , you can find\u00a0 a mortgage directly through\u00a0 your agency , with the bank or with a broker .<\/p>\n<p>Most of the banks are speaking English and you can find the documents in English<\/p>\n<p>To be prepared for you next purchase we have decided to give you some keys:<\/p>\n<p>How can I borrow ?<\/p>\n<p>It depends if you are or not resident<\/p>\n<p>If you are not resident:<\/p>\n<p>The first thing that you must know ist that you can obtain around 60-70 % of\u00a0 the price of the property , it means that you must have\u00a0 40 % of the price more 13 % for the fees .<\/p>\n<p>If you decide to be resident<\/p>\n<p>It can be as for Spanish people, around 80 %<\/p>\n<p>The lenders will decide after reviewing your personal and financial profile<\/p>\n<p>What documents will the bank ask for?<br \/>\nThe documents typically required by a bank are:<\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Your\u00a0.\u00a0 nie number (You must get apply for a NIE number before you can buy a property in Spain .)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Your contract of \u00a0employment<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Your last 3 payslips<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Your latest income tax return<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Your pre-agreement with the seller<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Proof that the\u00a0\u00a0\u00a0\u00a0 IBI\u00a0\u00a0 \u00a0on the house is paid up<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Details of other mortgages or loans that you may have<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>All property deeds, both in Spain and overseas<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Certificate from work authorities (<em>vida laboral<\/em>), showing your past work history<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Records of your current assets (bank\/mutual fund statements, etc.)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>non-residents: A certificate of non residency (form available from the bank)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>If self-employed:\u00a0\u00a0 LOCALED TAXES ON ECONOMICS<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>\u00a0If self-employed: Records of your assets during the last two years<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>If self-employed vat tax \u00a0you paid for the last quarter and last year<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>What\u00a0 kind of mortgage can I expect\u00a0 ?<\/p>\n<p>Most are variable-rate mortgages, but since the last years you can also find fixed-rate and interest \u00a0mortgages. In a variable-rate mortgage, repayments vary according to the\u00a0Euribor \u00a0the base rate set by the European Central Bank.\u00a0 A fixed rate will be\u00a0 in 2016 around 2.60 \/ 3.00 depending the bank , the guarantee that you can offer , your profile \u2026<\/p>\n<p>In addition to the price of the mortgage you must think that you will have to pay :<\/p>\n<p>Property Valuation Fee: Before granting a mortgage, a Spanish lender will require the property to be valued by one of their own appointed appraisers. The buyer is responsible for this fee.<\/p>\n<p>Mortgage Opening Fee: Many lenders charge a fixed fee of around 1% for setting up the mortgage.<\/p>\n<p>Mortgage Insurance: It is a legal requirement of Spanish mortgages that you obtain general house and contents insurance. Depending on your circumstances, you might also consider life and mortgage insurance.<\/p>\n<p>Mortgage Early Cancellation Fee: Buyers should be aware of this as it varies between lenders.<\/p>\n<p>It can be around 0.50 %<\/p>\n<p>Mortgage Notary Fee: the Notary must charge to register the mortgage<\/p>\n<p>Spanish Stamp Duty: (known as AJD) is a tax on mortgages which is paid to the government. It is calculated as a percentage of the mortgage.<\/p>\n<p>Deed Arrangement Fee: The lender employs a gestoria to arrange for the deeds to be correctly registered at the Land Registry. The buyer is responsible for the gestoria&#8217;s fee.\u00a0 He will pay the gestoria\u00a0 fee + land register fee directly to the gestoria and they will do all the job for completing the registration<\/p>\n<p>Pascual Associats can help you to manage the mortgage<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There is a lot of mortgage products available in \u00a0 \u00a0Spain , you can find\u00a0 a mortgage directly through\u00a0 your agency , with the bank or with a broker . Most of the banks are speaking English and you can find the documents in English To be prepared for you next purchase we have decided [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18440,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[25],"tags":[],"class_list":["post-18468","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/immopascual.com\/en\/wp-json\/wp\/v2\/posts\/18468","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/immopascual.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/immopascual.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/immopascual.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/immopascual.com\/en\/wp-json\/wp\/v2\/comments?post=18468"}],"version-history":[{"count":2,"href":"https:\/\/immopascual.com\/en\/wp-json\/wp\/v2\/posts\/18468\/revisions"}],"predecessor-version":[{"id":18470,"href":"https:\/\/immopascual.com\/en\/wp-json\/wp\/v2\/posts\/18468\/revisions\/18470"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/immopascual.com\/en\/wp-json\/wp\/v2\/media\/18440"}],"wp:attachment":[{"href":"https:\/\/immopascual.com\/en\/wp-json\/wp\/v2\/media?parent=18468"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/immopascual.com\/en\/wp-json\/wp\/v2\/categories?post=18468"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/immopascual.com\/en\/wp-json\/wp\/v2\/tags?post=18468"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}