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 PURCHASE. FREQUENTLY ASKED QUESTIONS
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Finance |
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| How do I get finance to buy the property? |
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It is possible to raise finance to assist with the purchase of a property. This can be done by obtaining a mortgage either from a Spanish bank or from British lenders.
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| What documents would you need from me? |
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To apply for a Spanish mortgage you would require proof of income and if you are self-employed you would need 3 years' audited accounts.
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| What are the average interest rates? |
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Spanish interest rates are generally lower than UK rates.
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| What are the total costs involved in getting a mortgage? |
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The setting-up costs are approximately 3% - 4% of the amount borrowed.
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| How do I open a bank account? |
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All you require is your passport; there is no need to deposit any money when opening a Spanish bank account.
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| How do I transfer money into my overseas account? |
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You can make transfers direct from your UK bank to your Spanish bank account; this could take 3 to 5 days. Or you can use a commercial foreign exchange company who may be able to offer you more competitive rates and quicker transfer times.
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| How can I secure an exchange rate? |
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If you use a foreign exchange company you will be able to secure a rate for the total amount you require by paying a deposit. This enables you to calculate the sterling cost of the property and eliminates the risk of rate changes which could lead to the property costing you more in sterling by the time you complete.
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