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| Go
To: Introduction, Finance,
Costs of Owning, Mortgages
or The Process | | |
| Introduction |
| | This
buying guide is to give you a flavour of buying in Spain, the procedure and some
of the pitfalls you need to avoid. It is by no means exhaustive and you should
seek legal representation when buying a property in Spain. |
| |
| |  | Friendly
helpful advice available | | | | Deposits
from as little as £2,000 | | | | Advice
on mortgages available | | | Back
to top | | |
|
| Finance |
| When
you have found your new home, a deposit usually around £2,000 will reserve
the property and secure the price. Mortgages are generally available up to a maximum
of 60% on a 5, 10 or 15 year basis. Mortgages are also available in the UK for
properties in Spain. Similar
to purchasing a property in the UK there are a number of costs associated with
buying a freehold property in Spain. These include a government tax, IVA which
is 6% for a resale property and 7% for a brand new property, legal fees, notary
fees land registration and connections to public utilities. You
should expect to pay no more than 10% of your property price on these closing
costs.
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|
| Costs
of Owning | | Annual
costs for owning your home in Spain are considerably lower than in the UK, costs
vary according to the size of the property and how much it is used. A typical
example for a two bedroom apartment costing approximately £50, 000 |
| | |
| Local
rates | £80.00 |
| Community
charges | £150.00 |
| Water | £100.00 |
| Electricity | £110.00 |
| House/contents
insurance | £100.00 |
| Fiscal
representative | £70.00 |
| Property
Tax | £200.00 |
| Total | £810.00 |
| Back
to top | | |
|
| Mortgages |
|
If you require
a mortgage to purchase your home in Spain we will be happy to assist you. The
interest rate in Spain is generally lower than the UK, and mortgages are easily
arranged with the minimum of fuss. | | |
| |
| 60%
Mortgages are available. | | |
| Repayment
periods are 5, 10, or 15 years with an upper age limit of 70 years of age. |
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| You
will need to provide 4 months payslips as proof of income. |
| | | You
will need to take your last P60 with you to Spain. |
| | | For
self employed clients, you will need to provide the last tax statement received
and accounts for the last 2 years. | | Back
to top | |
|
| The
Process | |
Our office
in Spain will take you to open a bank account. They will also organise an appointment
with the Bank Manager, who will agree in principle there and then your mortgage. Once
you have chosen your property, we have a designated department for all your after
sales requirements and needs should they arise. If
you would like to discuss any aspects of the financial process further, please
call our office to speak with one of our staff or e-mail us from the Contact
us page
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