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8 easy steps to the perfect mortgage

We understand how complicated the process can be. That's why our team takes care of every detail to ensure the process is easy and stress-free from the first contact to completion at the notary. We have put together a few guidelines to explain the process of mortgaging in Spain:

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Contact us

Contact us by email or by phone as soon as possible in order to see what the best option is for you as the types of mortgages available, terms, conditions and costs are different in Spain to those in other countries. It is important your timing is right as you will need to produce various documents to process your application and find out how much you can borrow.

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Meeting

After an initial conversation with one of the Lionsgate team members to discuss exactly what you are looking for, what your personal circumstances are and what the best mortgage for you is, we will explain the terms, monthly payments, interest rates, fees, etc. and will send you an application form and a list of supporting documents required to move forwards.

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Documents

Our team will study your application and documents and pre-under-write your mortgage, your affordability ratio will be calculated and a basic property check will ensure the property can be mortgaged. The maximum affordability ratio or debt-to-income is between 25% and 40% in Spain, this includes all existing debt and the new loan you are applying for. A summary will be prepared by the Lionsgate team to send to the 5 to 6 top banks that currently best match your profile and preferences to see if the mortgage is viable and which are the best conditions that can be obtained.

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Banks

Once the team receives the feedback from the banks, your complete application will be presented to the 2 to 3 banks that offer the best overall conditions. The banks will carry out a risk assessment, and confirm the approval of the mortgage subject to the property valuation. Terms and conditions always depend on each clients personal circumstances and also vary from bank to bank, however, our team always strives to obtain the very best finance solution for each and every Lionsgate client.

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Valuation

After you have accepted an offer, a certified surveyor must visit and value the property and as long as the valuation is correct with no warnings or conditioning clauses, the bank will be able to issue the formal offer and proceed to open a bank account for you. In Spain, the mortgage and the bank account must always be with the same bank. If a client prefers an official valuation to be carried out before the process starts, our team can also arrange it.

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Lawyer

For the purchase, you will need to have a Spanish identification number (NIE), which your lawyer can arrange. This takes some time and we recommend you to begin this process as soon as you decide to purchase a property. The NIE can also be obtained in the Spanish embassy in your country of residence. We always recommend our clients to have a lawyer throughout the process and if necessary, we can recommend excellent lawyers to suit each clients preferences and requirements.

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Ready for completion

Once everything is in place and after confirming the details with the bank and lawyer, your Lionsgate consultant will send you the final breakdown of costs, listing the various fees and taxes related to your purchase 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 for the remainder of your purchase.

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Completion

The new mortgage law determines that the client meets the notary between 10 and 1 days before completion to check all mortgage conditions. On the day of completion, the mortgage must be available 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 Lionsgate team member  will be with you throughout the entire process until the very end!

The duration of the process varies between banks and clients. In general terms we recommend a minimum of 6 to 8 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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