Applying for a Mortgages in Spain
Working with Westgate Developments to complete your deals has many benefits:
- We have had contact with brokers on the coast for over 10 years who have strong building relationships with lenders.
- Our brokers will get you the best rates and conditions to suit you.
- All have a 100% approval rates over the past 10 years.
- They provide expert advice and match clients with products specific to their own circumstances. Mortgages in Spain are so much more than just interest rates.
Process:
- Westgate developments Send an initial enquiry including the client name, budget, and details of how you wish to be contacted initially. (email, telephone number).
- Our broker qualifies client over the telephone and provides feedback to us. Based on this, your broker will request corresponding documentation. The most important questions from fact-find as follows:
*Applicants (age).
*Employment (self employed, salaried, company owner, etc.).
*Net monthly income (after all deductions) from employment and investments.
*Monthly loan commitments (mortgages, buy2lets, personal loans, PCP’s, etc.)
- Our broker matches client with appropriate best-in-market mortgage product.
- A Full application is prepared and submitted to the bank for approval.
- Loan approved and conditions provided. We open account with the lending bank and request valuation fee (typically 0.1% of the purchase price with a minimum of 250€).
- Valuation report received in approximately one week a full offer (FEIN) document with provision of funds is provided by the bank 2 to 3 days later (allow approximately 12-13% total closing costs for a resale and 15-16% for new).
- Clients transfer completion funds to their account at the lending bank.
- Notary booked for completion. Whole process 5-6 weeks.