Many guides about purchasing property in Spain assume that potential buyers actually have the money ready, but if you are considering buying property in Spain because you live and work here, or because you simply want to invest in real estate in Spain, a good advise is to get the mortgage with a Spanish Bank. Whether you want to buy a finca in Spain, a holiday apartment on Tenerife or a new home in Spain, taking out a Spanish mortgage may be the right solution for you
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As buying property is getting very habitual tendency among Spanish citizens due Spanish mentality (preference of buying property than to pay a rent), the volume of mortgages is high compared with other European countries, and that is also reflected in the banking system where they competition is fierce. An important advice is not to accept the first offer. Ask for a copy of one bank's offer and then take it to a different bank to see if they can improve the offer because normally they will.
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An important step to get a mortgage is to show a proof payment availability or means test (i.e. wage slips from the last 3 months and bank statements of the last 6 months or, if you are self-employed, proofs of your last 3 years taxes payment (with an auditor's stamp) and copies of your last 12 month's business bank statements and your last 6 months personal bank statements).. Below you can find some documents necessary to apply for mortgages in Spain depending if you are resident or not.
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When you are not a legal resident, it is very habitual to be asked for an aval. This thing another person normally settled in Spain who agrees to pay in the event of you being unable to. Another necessary document is called NIE (Nmero de identificacin de extranjeros) which is like an ID number everyone needs (residents and non-residents) in order to make any commercial operation (buying-selling-renting) of property in Spain
Perhaps the most useful tool available to a prospective buyer is the ability to pre-qualify for a mortgage, before the property hunt begins. This means that the borrower is absolutely clear about how much he can afford, and shortens the process once he does actually find a property.
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The mortgage market in Spain is not as especial as in other countries. The most of Spanish mortgages are simple capital and interest repayment mortgages. However, over the last years a greater range of products have come onto the market, including interest-only mortgages, fixed rate mortgages and even self-cert mortgages.
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