Are you planning to buy property in Costa Blanca Spain? If yes, the next will be the selection of process through which you will pay for the money. There are several options for financing the property you will be purchasing. There is a need to select the one that best suits your requirement. The mortgage is considered to be the most common option for financing the purchase. Here are all the details buying property in Costa Blanca Spain through mortgage:
Applying for the mortgage:
Applying for the mortgage in Costa Blanca Spain has almost the same procedure as in other countries. Previously, it was one of the most difficult processes to get a home or a property through mortgaging it. However, there is a big change in the procedures and laws due to which the process has become quite easy. If you are applying for a mortgage to buy a property in Costa Blanca Spain, you will have to deposit 30 to 40 percent of the actual amount of property.
On the other hand, the mortgage lender will require you to provide a proof that you will be able to pay back the loan. This will be done by providing proving your source of income. However, there are laws that a person has to pay back all the mortgage money within the time span of 30 years. It can also be before the date of retirement.
For getting the mortgage in Costa Blanca Spain, you need to provide following documents to the lender:
- A copy of passport
- A copy of national identity card
- A copy of the purchase contract
- A credit report that is updated
- Actual value of property (Approximate)
- Amount of rent received if the property is rented out
- A copy of the last three mortgages (if applicable)
All these are the requirements for the people who are the non-residents. For non-residents, the mortgage can be mixed, fixed or variable. However, the documents required for getting a mortgage as a resident of Spain are almost the same.
Steps for a Spanish mortgage:
- Step 1: You will provide all the necessary information to the lender. This will include all the documents that you should legally provide.
- Step 2: All the details will be verified by the lender. This will be done by comparing the information you provided with the criteria of the government.
- Step 3: The income and other details will be verified. This process will take some time for completion. You need to wait until the end.
- Step 4: After the verification of all the details, the deal of mortgage will be signed between the lender and the buyer at Spanish notary.