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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.

Even if your current income would not be enough to cover repayments, we may still be able to find you a mortgage. Some institutions will lend on the basis that the purchased property will yield additional income e.g. you intend to rent out your new property for several months of the year.

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

For self employed applicants

Mortgages with no proof of income

Commercial Mortgages

If you are looking for a mortgage to buy a business, you will need to supply the following:

The maximum loan available varies. It is normally 50% of the purchase price, but in some cases you can get up to 70% if an easily saleable asset is provided as security.

100% Mortgages

Beware of companies advertising 100% mortgages. Spanish law does not allow 100% loans. It is technically possible to get a loan equal to the total amount to be paid on new developments where the projected value of the asset on completion will be considerably higher than the purchase price.

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.