Mortgages

Banks will usually loan up to 70% of the purchase price or valuation of the property.

More and more people buying property in Spain consider taking out a mortgage with a Spanish bank to finance their purchase in this country. This is not only for expatriates or people moving to Spain, but also property investors, regular visitors to Spain etc. Getting a mortgage with a Spanish bank does have certain important advantages - low interest rates, favourable write off conditions, easier for taxpayers to sort taxes out, no expensive bank commissions caused by international bank transactions etc.

Mortgages can be taken out over any number of years up to a maximum of 30, dependent on age. Mortgages are usually on a repayment method only and some banks will offer an interest only period.

The paperwork that you would be required to show to get a mortgage would be your last P60 plus six payslips and 3 recent bank statements if you are employed, or two years accounts if you are self-employed.

Generally you will need to add about 10% to the cost of the property if buying without a mortgage for all other expenses and about 12% of the property price if buying with a mortgage. This would cover all registration costs, notary fees, solicitor fees, utility connections etc.

If you are buying to live in Spain then a Spanish mortgage is generally the best option. However, if you are buying a holiday home in Spain and you have equity in your home in UK then it may be easier to get equity release from your UK property to pay in cash for your Spanish holiday home.

Money Exchange

Whether you are transferring the large sum to pay for your new property or whether you wish to transfer smaller amounts from home such as your pension at regular or irregular intervals – everyone wants to get the best rates of exchange and usually that isn’t by going via your normal bank account.

GLOBAL has a wealth of experience in dealing with clients requiring foreign currency for purchasing a property abroad or those migrating to another country. They understand the importance of a fast and efficient service, which guarantees that all payments are made on time and are provided by a friendly but professional currency specialist.

GLOBAL provides:

• For more information click on the Global Exchange logo on the home page.