How-to-apply for
a mortgage in Spain

Applying for a
mortgage in Spain

Taking out a mortgage in Spain can be a frustrating, time consuming and complex process from the first point of contact with the banks until the mortgage is signed. All of this can cause you real stress, especially if you do not obtain an approval in the end because you do not meet all the necessary requirements for the mortgage to be granted with that specific bank.

This situation is more common than it seems, mainly because clients do not always choose the option that best suits their needs when they go to their trusted bank or get carried away by attractive mortgage offers that do not always deliver what they promise. In most cases they have approached the wrong bank for their application.

A mortgage broker: the best option to obtain a mortgage in Spain

A mortgage broker is a financial intermediary that acts as one contact for all banks and after understanding your circumstances and analyzing your application, the mortgage broker will approach the best banks and will select the type of mortgage in Spain that best suits your preferences or needs at any given moment. At Lionsgate Capital our team understands how challenging the process can be. That's why we take care of every detail to endure the process is easy and stress-free from the very first contact.

We speak your language and the language of the banks, we work closely with more than 30 national and international financial institutions and we have extensive experience in the financial industry and in helping international clients obtain the best mortgage solutions. In addition, we have a wide network of strategic partners to support you throughout the whole process of buying a home, from the mortgage application to the final signing at the notary's office.

Steps to apply for a mortgage in Spain through Lionsgate Capital

Thanks to our experience and understanding of the Spanish banking system, our team will take care of every detail to simplify the application-process and obtain the best mortgage for each client. Following is a guideline explaining the process for a mortgage application in Spain:

You can contact us by email, by phone or by filling in the contact form below. One of our team members will contact you to understand your personal case and to explain the different options to be able to obtain the financial solution that best suits your needs.

After an initial conversation with the Lionsgate Capital team to identify your circumstances, your current needs and expectations, we will explain all the information about your new mortgage, including repayments, interest rates, fees, etc. We will then send you the documents we need you to complete and return.

Our team will study your documentation and pre-underwrite your mortgage in house. It is very important how your application is presented to the banks and our team will make sure your application is sent to the lenders that best fit your profile and preferences to make sure the optimal conditions are obtained.

Once the banks have carried out their internal risk assessment, they will be able to confirm the approval of the mortgage and the conditions, subject to the property valuation. We will present the offers with the best conditions to each client and confirm the next steps.

After the mortgage offer has been accepted, a certified surveyor must visit the property to carry out the property valuation. As long as the valuation is correct with no warnings or conditioning clauses, the bank will be in a position to open the client´s bank account and issue the formal offer.

In some cases clients prefer the valuation is carried out at the beginning of the process, which is something our team can also arrange.

To purchase a property in Spain you will need to have a Spanish tax identification number (NIE), which can be obtained in Spain or from the Spanish embassy in your country of residence. We recommend the NIE is applied for as soon as possible as it can take a few months to be issued. In most cases the clients´ lawyers take care of arranging the NIE document.

Once everything is in place your Lionsgate mortgage broker will send you the final breakdown of costs, listing the various fees and taxes related to your purchase and mortgage which in general ad up to between 10% and 14% of the overall purchase price. At this point, you will also know the exact amount you will need to transfer to your bank account for the remainder of your purchase.

The formal offer is sent to the notary in preparation for completion. The new mortgage law states that the offer is received by the notary at least 10 days prior to completion. The client must visit the notary once before completion to check all mortgage conditions with the notary and complete a mortgage questionnaire. On the day of completion, the mortgage must be ready together with sufficient funds for the remainder of the purchase including the costs. Completion takes place and is witnessed by a notary and two deeds will be signed, the mortgage deed and the purchase deed.

A member of the Lionsgate Capital team will be with you throughout the process, guiding you and helping you to get the best deal and ensuring a smooth process right to the end.

The duration of the process for a spanish mortgage application varies between banks and clients. In general terms we recommend a minimum of 8 to 12  weeks allowance, but there are always exceptions that can be made. Please contact our team for further advice and to help guide you through the process on how to apply and obtain the very best mortgage for your Spanish property purchase.

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You are one step away from obtaining key information on how to optimize your property purchase in Spain with a mortgage. Arrange an appointment to find out how we can help you. We are your mortgage brokers.

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Lionsgate Capital is regulated by the Bank of Spain and is included in the Bank of Spain´s register of real estate credits intermediaries with ID Number D270.

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