Mortgage Loans

As a part of our services, during the process of buying a property, with no extra charge, we can also assist you in applying for a mortgage through a Spanish bank. As an example we attach application form from Solbank together with the documents required.

Mortgage application form from Solbank

Documentation Required from Solbank

Employed Applicants

: Letter of reference from your employers Human Resources Department confirming length ot service, position within the company, gross annual income and bonuses.
: Copies of at least your last 3 month salary slips.
: Copies of annual Tax Authority Forms (i.e. P 60 in the U.K. or equivalent country).
: Name, address, telephone and fax numbers of present bankers who will be contacted and requested to provide a full credit reference.
: Copy(ies) of your existing valid passport(s).
: Essential to obtain your Spanish NIE (Non Resident Fiscal Number).
: Copy of Spanish Property private sale-purchase contract (applicable below aswell).

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 detail as above in order to obtain a bankers reference.

General conditions for a mortgage finance facility

In all cases, Solbank limits its lending 70% of the sale-purchase price or valuation price, whichever is the lower. Maximum repayment term for a mortgage finance facility is 15 years.

The Bank requires a full and legally constituted First Mortgage charge over the property to be purchased through the Facility. No second or subsequent charges are permitted. The property to be acquired through the finance provided must be fully insured for reinstatement value for the duration of the facility by means of an Insurance Policy to be arranged through the Bankīs Insurance Brokers. As its discretion the Bank may agree to an Insurance Policy being arranged with an Insurance Company acceptable to it, with the ensuing policy being assigned to the Bank prior to draw-down, before registry of the Mortgage Finance Facility before the Notary Public.

It is strongly recommended that adequate Life Assurance cover is obtained. Solbank can arrange suitable Life Cover up to EUR 120.000.- without the need of a Medical Revision, and subject to a health questionnaire here in Spain.

As mentioned previously, interest rates are indicative and in the event of an interest rate rise or fall, this could affect the corresponding monthly mortgage repayments.

All Mortgage Loans are subject to status, with lending subject to appraisal by the Bank of the applicants financial status and the valuation of the property.

The Bank reserves the right to advance the capital and term which it considers appropiate in the case of every applicant, needless of applicantīs background or financial standing.