Spanish bank account and mortgage

Open a local Spanish bank account

Your estate agent or lawyer should recommend a bank to you, and will often accompany you to the bank.

The usual requirements for this are a copy of your passport (for each applicant).

Check the commission rates for receiving monies from overseas, it is often best to transfer in Euros than in UK pounds sterling.

To apply for a mortgage from a Spanish Bank, they will ask for you to be an account holder of that bank.

Mortgage Application

Arrange a meeting with the bank director, they will ask you details about the property you wish to purchase, and about your income.

The will give you details of mortgages usually up to 70% dependant on your requirements, and the term of the mortgage will be discussed. This also depends on the age of the applicants.

Agreement in principle is then normally given, and then you will be required to provide the following information from the UK.

NECESSARY DOCUMENTATION FOR MORTGAGE APPLICATION

Employed Applicants

• Letter of reference from your employers Human Resources Department confirming length of service, position within the company, gross annual income and bonuses.
• Copies of at least your last 3 months salary slips.
• Copies of annual Tax Authority Forms (P60 or equivalent of country).
• Bank Reference.
• Copy(ies) of your existing valid passport or NIE or resident card.
• Copy of Spanish Property private sale-purchase.
• Last current account/s, loan/s and mortgage/s statements.

Self Employed Applicants

• Copies of profit & loss accounts and balance sheets for at least 2 years.
• Letter from accountants confirming that all figures are correct and that all tax liabilities are fully paid-up.
• Letter of Confirmation from Accountants (if applicable) of personal drawings from the business on an annual basis.
• Bank Reference.
• Last current account, loan/s and mortgage/s statements.
• Copy of Spanish Property private sale-purchase contract.

Once the paperwork has been received it usually takes approximately 1 week to receive the firm offer.