Whether as an investment or as a second home, many foreigners decide to invest in Spain, and that is that obtaining a mortgage in our country has many advantages. In addition to having low costs and the flexibility offered, it is one of the decisive factors in making the decision.
✔ No initial charges: In 2019, a new mortgage law entered into force, which established that the affected banks are responsible for paying the installation costs related to the mortgage.
✔ Low interest rates: Spain has one of the lowest tax rates in the entire European Union. What makes it an ideal place to get financing.
✔ Pay with your currency: You can make your mortgage payments in euros or in your own currency. The interest rate established will be fixed throughout the mortgage and will be decided at the time of signing.
The bank will need you to present a type of documentation, especially in each case, where you can find out your financial situation.
When the bank knows your financial situation, you will be in a position to make an offer, this offer in some cases is not the best you can get.
Opening a bank account in the bank where you formalize the mortgage will be mandatory, from here the funds of the monthly amortization will be withdrawn.
Evaluate and compare this offer with that of other banks, trying to obtain the best conditions. It is at this point of vital importance to know the background of the sector, and to have legal advice in order to obtain the best offer.
When you already know all your options, it’s time to decide. A tip is to be cautious and choose the best alternative with calm and good advice. The result of a good investment will depend on this moment.
This moment is when everything is formalized, in Spain the mortgage is signed in front of a Notary. You must be present at this time, although there is the possibility of granting powers to a lawyer if you could not come.
It is mandatory to take out various types of insurance related to the property and the owner of the property; these insurances are contracted before obtaining the mortgage.