Spanish Mortgages Explained

Spanish Mortgages Explained
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.
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.

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