Financing a Property

Mortgages in Barcelona.

Financing the purchase of a rustic property can be difficult - the maximum loan to value being generally 50% with only a handful of companies offering this product. Urban property can be financed to 100%. Terms and conditions apply and vary from company to company.

Financial issues such as mortgage finance in Spain may seem complex especially if you are not fluent in the language of the transaction, however briefly an application for a mortgage in Spain from a financial institution involves you providing:

• Relevant documents to substantiate the loan request.
• A contract for the purchase of the property -normally a contato de arras.
• The property being professionally appraised or valued by a tasador.
• Signing an escritura for the finance (mortgage deed)  at the notary.

There are fees associated with mortgages finance in Spain, this includes  the tasacion (an appraisal or survey) of the property by a tasador (a licenced architect). The cost of this is varies and you should  generally budget around €500. If you have approached a bank independently they will require you to produce specific paperwork to prove that you have the financial means to repay any finance they grant, the bank in this case will instruct the tasador – this will be charged to you as will the costs involved in the production of the escritura (or deed) that will have to be signed at the office of the notary for the mortgage. This escritura will be in addition to the escritura that deals with the sale of the property to you.

 There are many financial products available in Spain , here at Barcelona Country Property - we can ensure that a product is tailor made for your specific requirements and in plain English.

We can prepare a complete financial package for you and have available products including:

• Property purchase funding
• Property re financing
• Commercial funding
• Buy to let finance

Apply direct for a Mortgage in Spain  LandBank Mortgages -  to access the web pages of experts in this marketplace.

Additional notarial costs will be incurred with mortgage finance and there will be a legal charge registered at the property register. Your home may be at risk if you fail to keep up payments on a loan or mortgage secured against it.