Mortgages

HOW DO I OBTAIN A MORTGAGE IN SPAIN?

The documents typically required by a bank are:

• Your DNI/NIE
• Your work contract
• Your last 3 paycheck stubs
• Your latest income tax return
• Your pre-agreement with the seller
• Proof that the property tax (IBI) on the house is paid up.
• Other mortgages or loans that you may have
• All property titles, both in Spain and overseas
• Certificate from work authorities (vida laboral), showing your past work history
• Records of your assets (bank/mutual fund statements, etc.)
• Prenuptial agreements, if any
• Nonresidents: A certificate of nonresidency (form available from the bank)
• If self-employed: Local tax on economic activities (IAE)
• If self-employed: VAT tax you paid for the last trimester and last year

If you get a mortgage, you will become acquainted with an appraiser (tasador). The bank requires an appraiser to ensure that their loan to you is safe. You will need to pay for the appraiser’s work, usually between 300-500 euros. Note that the tasador by law is a licensed architect, so even if you don’t need a mortgage, but have doubts about the structural integrity of the house, you might want to hire an appraiser.

If you require advise or would like to apply for a mortgage or just make a general enquiry on your suitability for a mortgage please email info@spanserv.com

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