Finding the right mortgage in Spain is a relatively simple process for UK residents, thanks to the wide range of products available on the market and highly attractive interest rates. There is no requirement for UK citizens to get a visa to mortgage a Spanish property but, much like the process in the UK, you will need to provide certain documentation, including proof of income, bank statements, ID and all current property deeds. Before applying for a mortgage, a Spanish NIE number is also required, which is obtained from the Spanish consulate, embassy or police station.
The process of getting a mortgage from a Spanish or UK lender is very similar, with the most significant difference being the need for a NIE number, translator for documents and potentially the need for a local adviser when taking out a Spanish mortgage. Whichever lender option you choose, you can save a substantial amount on international payment fees for your mortgage by using companies that specialise in overseas money transfers.
This makes them up to eight times cheaper than banks, who typically inflate the exchange rate on top of any transfer fees they charge. This is outside of any additional transfer fees. Regulated by the Financial Conduct Authority, you can be assured that your money is stored and sent securely, maintaining bank-level security. The majority of Spanish mortgage rates are calculated by adding the Euribor European Interbank Offered Rate together with a bank margin.
These variable rate mortgages will see a marginal interest rate of 1. Outside of the main mortgage costs, buyers should budget for bank, legal and administrative fees such as document translation, for example. To help you plan and manage your overseas mortgage repayments, you could look to open an overseas Euro account.
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This way you can convert your pounds when the rates are favourable and hold the currency until payments are needed. This can help make managing your payments much easier and you will always receive the mid-market exchange rate, helping you save significant amounts on transfer fees. Property taxes of 1 to 2pc are levied in Spain and even non-residents of the country must pay Spanish income tax and other taxes on assets they own in the country.
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