Finance

From transfering your sterling to Spain to arranging a Spanish mortgage - there is lots of financial planning which you need to do to make your purchase run as smoothly as possible.

Mortgages

If you are serious about buying a property in Spain then you should start arranging your Spanish mortgage before you do anything else. We strongly recommend you arrange your mortgage finance ‘in principal’ before agreeing to purchase any property, or before signing any contracts and paying over a deposit.

The advantages of arranging your Spanish mortgage at the start of your property search are as follows:
•By taking steps to arrange your Spanish mortgage at the start you will have a better idea of how much you can spend on your Spanish property and can work out the likely future financial implications of your purchase.
•Having your Spanish mortgage in place reduces the risk of you loosing a Spanish property that it has cost you so much to find, and means one less source of anxiety and pressure when you are trying to finalise a Spanish property purchase.
•Forward planning helps you clarify the advantages and disadvantages of taking out a mortgage in Spain and make the best decision as to how much, if at all, to borrow.
•A Decision in Principal can be obtained very quickly, giving you confidence to purchase, more purchasing power and peace of mind.
•Arranging your Spanish mortgage in good time allows you to find the mortgage in Spain that best suits your requirements and will stop you overpaying.

If you leave it too late, and have to arrange your Spanish mortgage in a rush and under pressure, it is likely that you will get an expensive Spanish mortgage that does suit your needs. It is very important to obtain the right mortgage for you from the outset as Re mortgaging in Spain is very costly.

Ther are various ways for you to arrange your mortage.  You can remorgage in the UK and purchase your Spanish property with cash, you can obtain up to 70% for purchases in Spain from some UK banks (eg Lloyds), you can use one of the myriad of mortgage brokers which advertise in Spain or you can visit a local Spanish bank and try to obtain a mortgage directly through them. 

We offer a service in which we assess your financial situation, select the best mortgage from our panel of lenders, organise a valuation and liaise between you, the vendor, the bank and the lawyer. Keeping you informed all the way through. If you are interested please visit our services page.

NIE Numbers

If you intend to purchase a property in Spain now or later you must have an NIE Number. An NIE number (Foreign Identification Number/ numero de identificacion de extranjero) is a necessity in all fiscal or legal matters in Spain including the purchase of property. These identification numbers are used to track individual's financial and official activities in Spain. Your number is personal to you: It is not transferable and neither does it expire.

You can not apply on-line or via post for this.  It must be obtained by visiting a local police station to submit your application and then you must wait at least a month to receive the NIE certificate. 


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