Arranging a mortgage for your new home in Spain
You don't need to rob a bank to buy your house in Spain, nor do you need to
fight off a lot of bull either
Spanish Mortgages Explained by:
Cindy Kenny
Does the thought of negotiating a property deal in Spanish
bring you out in a cold sweat? The complexities of mortgages are confusing
enough; let alone considering a different language and legal system.
Never fear though, as there are experts who can guide you through the process
and do the negotiating on your behalf. Most will speak fluent English, and have
a thorough knowledge of the Spanish market and house-buying process. As it has
become more and more popular to buy abroad, the options have increased. You can
now take out a ‘Spanish mortgage’ with some of the high street banks and
building societies, specially aimed at those buying abroad.
Brokers
The mortgage system and broker system is very different from that of the UK.
When it comes to dealing with local bank managers and solicitors, a good broker
could make a world of difference, simplifying the process and making sure that
you clearly understand all the Spanish terms. Be aware that brokers in Spain are
not regulated – anyone can set up as one. You should look for one with an
office, and that is SL registered (similar to a limited company). You can also
request to see copies of certificates and qualifications. You will probably need
to set up a bank account in Spain, or a multi-currency account.
Law Professionals
You’ll need a qualified solicitor or lawyer, who is bilingual and experienced in
the legal process of buying in Spain. Anything that requires a signature or
payment should be checked with your solicitor first. If you are not going to be
resident in Spain, you’d do well to appoint a ‘fiscal representative’ to deal
with correspondence from the government while you’re away – your lawyer is an
ideal choice. You may choose to employ a ‘gestor’, a local who takes on the task
of legal form filler and can assist with permits, licences and importing
possessions, as well as financial matters. You may also want to consult a UK
professional, such as a financial advisor, to check on tax issues. This will be
particularly true if you intend to rent out your property.
Estate Agents
Officially registered, licensed estate agents can be your most useful contact
throughout the whole process – with a good local knowledge they can advise on
both finding and buying a property. The internet will provide a vast amount of
agents dealing in Spanish property – check that they are fluent English speakers
and fully licensed.
About the author
Joe Kenny writes for the UK Loans Store where you will
find information and reviews of the latest
loans
and offer more information on
secured loans and other loan topics available on site. Visit Today:
www.ukpersonalloanstore.co.uk
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