Spanish BRIDGING LOANS AND Development Finance
Are you looking for specialist funding to purchase or refinance a property in Spain?
Yourspanishmortgage.co.uk has access to lenders offering entrepreneurs and small and medium-sized enterprises specialist finance all over the UK and Spain.
They provide bridging, refurbishment, development, business and trade loans. Funding is available for a broad range of sectors, including real estate, financial services, manufacturing, agri-food, hospitality and healthcare.
With their flexible, efficient and competitive approach to lending, these firms help small businesses grow and prosper. They make secured credit more flexible, accessible and efficient for a wide range of businesses.
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Frequently Asked Questions
Can I get funding to build my own Spanish home?
Spanish lenders can provide self-build mortgages. They typically expect the plot to be purchased with cash or a loan, after that they can fund up to 100% of the construction costs, with the funds being released in stages.
Is there a minimum or maximum Spanish mortgage loan amount?
The minimum mortgage amount is normally €100,000 euros with no maximum loan size.
How much deposit do you need for a Spanish mortgage?
Non Spanish resident buyers will need a 30% deposit, so 70% of the purchase price.
Costs and fees will normally be between 8% and 14% of the purchase price.
What sort of Spanish property can I purchase? and can I let the property out?
Spanish mortgage lenders prefer urban properties designed for residential use but they can also provide funding for rustic homes and investment properties .
You will typically be allowed to let properties while you are not staying at the property. Some lenders offering Spanish buy-to-let mortgages.
Do I need to have found a property to get a mortgage in principle?
No.
A huge number of buyers lose properties because they do not have the finance in place.
It is important to get a mortgage in principle in place before you submit an offer to buy a Spanish property.
Is buying a property in Spain safe?
Spain has a very secure property purchase system using 'seller reservation agreements'.
Once you decide to buy a property and a price is agreed you will have to enter into an ARRAS contract. You typically put down a 10% deposit and agree to complete within two months. Unlike the UK system, if the seller pulls out, they have give you double the ARRAS amount back.
All property completions are done through a Spanish notary and sent to the registry. This process is even safer when you take a mortgage because the lender will ensure the property is legal and properly registered and that it values up. The banks legal agents will also double check the property is correctly registered and all costs are settled.
In short, the banks oversee the security of the transaction between the buyer and seller.
Which documents do I need to provide for a Spanish mortgage?
Spanish banks would typically ask for the following information as part of the mortgage process:
•Completed mortgage application form – some lenders can use forms you have completed for another bank.
•Passports and NIE’s if available.
•Work contract, last P60 or equivalent and last three payslips if employed. Last three years complete person tax returns and last three years company accounts if self-employed.
•Copy of tenancy agreement of any buy-to-let properties, or portfolio excel if numerous.
•Last six months' bank statements showing any income received and mortgages, loans or rent paid. Last six moths statements of savings and assets, also excel statement of assets and liabilities if numerous.
•Copy of credit report showing current mortgages and loans. Or statements from the lender where doesn’t appear in report.
•Advert and nota simple of property looking at and the property reservation agreement if completed.
How long does the process normally take to buy in Spain?
Our specialists can get mortgages agreed very quickly.
Once the mortgage application is submitted a decision in principle normally comes back within a few days. The property valuation often takes a week.
Once the mortgage and property is approved, the formal mortgage is offered and it needs to be signed digitally.
The property can then be uploaded to the notary service which then starts the legal cooling off period in Spain which lasts for ten days.
After the ten days, completion can happen at the notary providing the 'transparency act' (a type of mortgage quiz) has been signed with the notary at least a day before completion of the purchase.
What Our Customers Say
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