Benefits
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The Spanish Mortgage Exchange
THE BENEFITS OF USING THE SPANISH MORTGAGE EXCHANGE
• No up front fees (no mortgage no charge)
• Experienced and qualified staff
• No ties to any bank
• Direct liaison with your Spanish bank
• Extensive understanding of the Spanish market
• Can arrange Spanish Limited companies, through our
English speaking Spanish lawyers
As well as arranging finance for purchasing property a in Spain, we can introduce
you to a UK IFA for assistance with financial services in the UK.
WHAT ABOUT THE FEES AND TAXES
Buying in Spain means that you will be expected to pay additional fees
and taxes, they can be between 12 and 14% of the purchase price
example:
• purchase tax all properties 7%
• notary and land register fees, could be as much as 1%
• title deeds 0.5% of the purchase price
• mortgage arrangement fee from 1 to 1.5%
• bank notary fees 0.5%
• mortgage tax 1.8%
• lawyers fee 1.5%
GUIDE TO REGULATIONS
If you have any fiscal affairs in Spain you must have a foreigners
Identification number (NIE). We recommend using a Spanish lawyer.
For the purpose of liability, mortgages in Spain are based on the property
not the individual.
It is difficult to re-mortgage from one bank to another. A large proportion of the
notary fees and taxes will have to be paid.
There is no such thing as a buy to let mortgage in Spain. The expected rental
income can not be used in the mortgage calculations. Proof of income is required
by all banks in order to secure a mortgage.
THE BENEFITS OF USING THE SPANISH MORTGAGE EXCHANGE
• No up front fees (no mortgage no charge)
• Experienced and qualified staff
• No ties to any bank
• Direct liaison with your Spanish bank
• Extensive understanding of the Spanish market
• Can arrange Spanish Limited companies, through our
English speaking Spanish lawyers
As well as arranging finance for purchasing property a in Spain, we can introduce
you to a UK IFA for assistance with financial services in the UK.
WHAT ABOUT THE FEES AND TAXES
Buying in Spain means that you will be expected to pay additional fees
and taxes, they can be between 12 and 14% of the purchase price
example:
• purchase tax all properties 7%
• notary and land register fees, could be as much as 1%
• title deeds 0.5% of the purchase price
• mortgage arrangement fee from 1 to 1.5%
• bank notary fees 0.5%
• mortgage tax 1.8%
• lawyers fee 1.5%
GUIDE TO REGULATIONS
If you have any fiscal affairs in Spain you must have a foreigners
Identification number (NIE). We recommend using a Spanish lawyer.
For the purpose of liability, mortgages in Spain are based on the property
not the individual.
It is difficult to re-mortgage from one bank to another. A large proportion of the
notary fees and taxes will have to be paid.
There is no such thing as a buy to let mortgage in Spain. The expected rental
income can not be used in the mortgage calculations. Proof of income is required
by all banks in order to secure a mortgage.