Buying a property abroad, doesn’t mean you have to be a cash buyer. In fact is becoming more common for my clients to finance the purchase of their new home in Mallorca with a mortgage.
How do I know which mortgage is best for me?
Comparing and negotiating with several banks. I’m working with principals national and international banks based on Mallorca and I’ll provide you the different rates and offers to be compared.
At this point it’s very IMPORTANT to clarify I commit myself to do not take any commission for that. Any bank offers a commission to the lawyer, economist or intermediary who bring them a client. Despite this is regulated and it’s totally legal I don’t consider it’s fair to get a commission on something my client pays for, so, I’ll never accept that commission and I’ll ask the bank to deduct it to the client instead of being paid to me.
I charge my fees to my clients, but I never get commissions.
What do I need to get a mortgage?
Bank need to be sure you will be able to pay your quotas so you need to provide.
- .-Financial situation. Normally last 6 months status of your bank account it’s enough
- .- Your last payrolls if you are active worker
- .-Certificate of other debts (mortgage, loans etc)
- .- Your annual tax payment
Once this information has been sent to the bank, they will study it and in more or less 3 weeks we will know if mortgage will be granted.
Then a valuator of the bank has to visit the property in order to establish the value. This may take anther 3 weeks until the mortgage it’s granted.
The mortgage is a parallel operation to the purchase. It is signed before a notary in a different deed and entails the payment of taxes and expenses.