If you are thinking of buying a house very soon, maybe your best option is to obtain a mortgage in Mallorca, but how do you do that?
Today we’ll tell you! Stay and find out how to get your mortgage in Mallorca with these simple steps.
Don’t stop reading!
Steps to follow to get a mortgage in Mallorca
Although you don’t need financing, obtaining a mortgage in Mallorca brings you many advantages thanks to its low market interest, tax advantages and the possibility of differentiating your property.
– Get a real estate consultant
The first and the best thing you can do is to get a real estate consultant in Mallorca to help you with the mortgage process.
They know a lot about the Spanish real estate sector and, without any doubt, they can advise you with all the paperwork you need, as well as facilitate and expedite the process.
In addition, they can also help you get the option with better conditions and give you a good offer.
– Have patience and dedication
You must have enough time and dedication to the process to determine which option best suits your needs and circumstances.
There are many types of mortgages available in terms of payment conditions, costs and interests.
– Collect the documents
After having an initial conversation with your real estate consultant and having determined exactly what your mortgage needs are, they will give you a list of all the documents that you must send to the bank and you can choose the mortgage.
If you are Spanish resident, you won’t have problems to obtain all the documents.
Then the bank will review your financial and debt history, to confirm with an appraiser if you are eligible to obtain a mortgage.
– Evaluation by the bank
Once you have submitted the applications to the bank and delivered all the respective papers, they will carry out a risk assessment. Checking your financial solvency and if you are a good candidate to receive the mortgage.
To finally confirm the approval of the mortgage, subject to the official valuation of the property that has been agreed upon.
Generally, Spanish banks grant a maximum of 70% of the lower of the two amounts.
That is, the purchase price and the appraisal.
The rest of the conditions will depend on the personal and economic situation of each client, in addition to vary depending on the bank.
– Property valuation
An official appraiser will visit the property and perform an appraisal, where, according to the result of its observation, the bank will be able to issue the most suitable mortgage offer.
– What happens if I’m not a Spanish resident?
If you want to opt for a mortgage and buy your property in Spain, but you are not a resident, you must request a Spanish identification number, better known as NIE.
– Complete the process and obtain your mortgage
Once the entire process is completed, the day of the sale, the mortgage must be available as well as with sufficient funds to cover all expenses.
Only the deeds are legally signed and that’s it.
Visit Mallorca and don’t hesitate to call us if you need help with any real estate process 😉