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Estate Agents Spain - Mortgage Information

                                        
 


Mortgage Information

www.estateagentsespana.com has teamed up with leading mortgage brokers to help you find the perfect mortgage. We may even be able to help if you have been turned down for a mortgage before.

You can get a quote by filling in the form on our mortgage enquiry page. You may want to read on to get details of our service and some useful information on getting a mortgage.

How we operate

Our service to you is completely free. If you decide to arrange your mortgage through us, the brokers will pay us a referral fee. We guarantee that this fee is not charged to you. We also guarantee that the brokers do not charge you a fee for their services (except the application fee which must be paid when a formal application is made. But remember, using our service you will know in advance that your application will be accepted if the details you have provided are accurate). Our brokers are paid by the lending institution.

Why use our brokers

Many people are not aware that different lenders target different types of clients. Some lenders target higher-risk type clients, others use strict vetting and will only offer a mortgage to those who pass the vetting procedure.

If you approach a lender directly you probably will not know whether you fit into their ideal customer category. You may provide them with too little information or too much information, resulting in them declining your application. This refusal may then be posted with credit checking agencies which in turn makes it more difficult to get a loan offer from another institution.

Based on the information you provide, our brokers will know from experience which lenders will look most favourably on your application. This can save you considerable time, money and most of all will not cause credit rating problems.

How does our broker get paid?

Virtually all lenders charge the borrower an arrangement fee. This fee is normally applied whether you arrange the mortgage directly or via a broker. The lender pays the broker a percentage of the arrangement fee, so nothing is added on to your overall costs.

Some brokers charge a fee in advance. We guarantee that ours will not do this. Once our brokers have found a lender who is willing to offer you a mortgage you have to pay a small fee to proceed with the application. Apart from this application fee our brokers do not charge you anything.

How can I find out if I qualify for a mortgage?

Different lenders apply different rules in deciding whether to lend. In general, most lenders are concerned with your ability to meet the monthly repayments. Complete our mortgage enquiry form accurately and honestly and we can tell you if you will be able to get a mortgage.

Following the credit crunch, lenders apply more stringent conditions. While every case is judged on its own merits, you will find it virtually impossible to get a mortgage for more then 70% of the property value. The bigger the deposit you can pay, the better your chances.

Another key criterion is your disposable income (the income you have left after all existing debt repayments and your cost of living outgoings have been deducted). Generally, your borrowing limit will be based on repayments of between 30% and 50% of your disposable income, regardless of how much deposit you can pay.

We treat each application individually, so please complete our no obligation mortgage enquiry form.

What documents will I need?

The following documents are normally required for the different types of application.

For employed applicants

  • Copy(ies) of your passport(s)
  • Last 3 months pay slips
  • Last P60
  • Letter from employer confirming annual salary and length of service
  • Bank reference letter
  • Last 3 months bank statements
  • Breakdown of your assets and liabilities and monthly committment to borrowings
  • NIE number (obtainable in Spain and not needed until nearer loan issue)

For self employed applicants

  • Copy(ies) of your passport(s)
  • Previous years tax return
  • Last 3 years accounts
  • Letter from accountant confirming your profit figure and that taxes are paid up to date
  • Last 3 months bank statements
  • Bank reference letter
  • Breakdown of your assets and liabilities and the monthly commitment to borrowings
  • NIE number (obtainable in Spain and not needed until nearer loan issue)

Bear in mind that the requirements outlined are a general guideline. By completing our mortgage enquiry form, we can tell you whether or not your application is likely to be successful.