You know the price of the property in Euros but you will not know the actual cost until you buy all of the currency to pay for it.
This means the property could either cost you more than you had planned (if the Euro strengthens) or the property could become cheaper (if Sterling strengthens). The rate of sterling conversion is referred to as the Spot Rate if you allow the transaction to take place when your funds are available, thus fixing the rate.
You can apply for a Spanish or U.K. mortgage, Spanish Mortgage rates are lower than in the UK and are convenient if you are buying to let or will have income in Euros. Applying for a mortgage in Spain is simple and quicker than in the U.K. You may need to prove you have the income or sufficient funds to pay the mortgage. Sometimes this is not vital and flexibility is possible.
The amount of mortgage offered is normally related to your financial status and the property value. A number of documents must be supplied to the Spanish bank in order to accommodate a smooth transaction. Villas in Spain can act as intermediaries between the bank and our clients. We will ensure that any paperwork is kept to a minimum and that all the I’s are dotted and the T’s crossed.
Property in Spain is subject to Spanish laws, so it is strongly advised that you make a Spanish Will to protect your dependants. It costs approximately 200 euros.
We can recommend a tried & tested local Spanish lawyer who charges a special fixed fee of only €1,000 for conveyancing on a residential purchase via Villas in Spain.
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