MORTGAGE PROCESS WITH EUROMORTGAGE CENTRE

Prior to start the mortgage process, we strongly suggest you appoint a Lawyer to protect yourself against the pitfalls of buying property abroad. They will ensure all the necessary checks on the property are carried out, including a full search report and checking the legal status of the property. Also, completion of the mortgage is not possible until you have applied for an NIE number, which your Lawyer can help obtain for you.

RODAS CONSULTING SOLICITOR can be used for this purpose; You only have to click this link.

We recomend you that you have your independent lawyer/solicitor to protect you from the first moment that you decide to buy and spanish propert and during the purchase and mortgage process.

We have designed a simple step by step guide of the MORTGAGE PROCESS with us.

Follow the procedure to find out how it works.

STEP 1: FILL IN THE MORTGAGE APPLICATION FORM.
This initial contact can be done by email, fax or telephone.Complete the Enquiry Form online, or alternatively contact us by phone or fax and we can assist you in completing the form. Of course, if you just want to call us for an informal discussion, please do not hesitate to do so. The Enquiry Form is designed for speed and efficiency to enable us to find the best mortgage for you with the most appropriate bank.

The fastest and most convenient way, is to fill out our online enquiry form (the more information you provide here the easier it is for us to determine the best product for you).

STEP 2: MORTGAGE OFFER IN PRINCIPLE.
Once we have received the online application form , we will then send you a " mortgage offer in principle" based on the information provided, with the following
• our letter of intent.
• a list of the required documentation and
• a document describing the mortgage process in Spain.

This offer will be sent within 24-48 hours (not including weekends).
Our mortgage offer that suits or is subject your personal situation. This is a draft offer with reserve of a valuation of your house and the required documents you need to send us.

STEP 3: LETTER OF INTENT & SEND COPIES OF REQUIRED DOCUMENTATION.
If you are happy with the offer provided and want us to arrange your mortgage, complete our letter of intent and return this along with the required documentation and the 1st half of our fee. You can do this by fax, efax or email (the lender may ask to see the original copies for the completion but at the application stage copies will suffice)
OUR CONTACT DETAILS.

STEP 4: PROVIDE US ALL THE DOCUMENTS REGARDING YOUR SPANISH PROPERTY PURCHASE.
You or your real estate agent send us all the documents concerning the property.

Required documents from  client/ estate agent

• Deed of Property copy
• copy of the nota simple
• Private purchase contract or booking contract.
• copy of the payments done to the vendor part.
• copy of the last IBI ( local rates).

STEP 5:VALUATION
• As soon all the documents are in good order EUROMORTGAGES CENTRE opens a bank account in your name.
• From this bank account you make a payment for the valuation.
• As soon as the money for the valuation has been received, We´ll order the valuation of your property to the survior company.
• A date is fixed for the valuation.
• The valuation takes place.
This process from instruction to the lender having the report takes approximately one week.

STEP 6 : APPROVAL OF THE MORTGAGE/ BINDING OFFER

Once the lender has the valuation report ; your complete file is presented to the mortgage deparment of the lender for final approval.
The Approval normally takes between 4-6 working days.
We then forward you a copy of the approval letter containing the following figures: 1) Maximum capital approved / 2) Applicable interest rate / 3)mortgage opening commission / 4)redemption penalty / 5) mortgage repayment or quote
That we are also solicitors will also send you a full final balance. This balance enclosed all the purchase and mortgage costs and also we´ll arrange/order the the subsequent cheques, cash or transfers for the completion.
Of course, prior the completion date, you will have to transfer to your spanish bank account the neccesary funds to cover the costings.

STEP 7: EXCHANGE OF PRIVATE PURCHASE CONTRACT: COMPLETION DATE.
Your Spanish lawyer will arrange an appointment at the Notary´s office to sign the deeds (purchase and mortgage deed). Both parts, the buyer and seller will be present, unless one part is represented by a Power of Attorney. Once the Escritura has been signed, you will then receive a copy of the sale documents and the keys to your property.
You will also need to pay the outstanding Arrangement Fee for EUROMORTGAGE CENTRE.

The process to register your property in the your names could take a few months.