Information

Once you have decided to buy a property in Spain then you should start arranging your Spanish mortgage as a priority. Deferring the financial side of your Spanish property purchase until the end could leave you frustrated and disappointed. If you leave it too late, and have to arrange your Spanish mortgage in a rush and under pressure, it is likely that you will get an expensive and inflexible Spanish mortgage. It is very important to obtain the right mortgage for you from the outset as Re mortgaging in Spain is very costly.

The advantages of arranging your Spanish mortgage at the start of your property search are as follows:

• Forward planning helps you clarify the advantages and disadvantages of taking out a mortgage in Spain and make the best decision as to how much, if at all, to borrow.

• A Decision in Principal can be obtained very quickly, giving you confidence to purchase, more purchasing power and peace of mind.

• Arranging your Spanish mortgage in good time allows you to find the mortgage in Spain that best suits your requirements and avoid overpaying.

• By taking steps to arrange your Spanish mortgage at the start you will have a better idea of how much you can spend on your Spanish property and can work out the likely future financial implications of your purchase.

Having your Spanish mortgage in place reduces the risks of you loosing a Spanish property that it has cost you so much to find, and means one less source of anxiety and pressure when you are trying to finalise a Spanish property purchase.

NIE Numbers:
If you intend to purchase a property in Spain now or later you must have an NIE Number (for all interested parties). An NIE number (Foreign Identification Number/ numero de identificacion de extranjero) is a necessity in all fiscal or legal matters in Spain including the purchase of property. These identification numbers are used to track individual's financial and official activities in Spain. Your number is personal to you: It is not transferable and neither does it expire

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