01)
Can I get a mortgage in Spain ? Everybody, resident or non resident, can request and get a mortgage in Spain. You just have to be aware that you have to show financial credibility. It is also good to know that as a foreigner you can mostly loan no more than 70% and in the best case 80%. As a resident here in Spain it is possible to loan more, even until 100% and 120%. This will only be allowed if the client satisfies a couple of strict conditions.

02)
What are the costs when buing a property with mortgage ? Depending on who the salesman is you pay 7% or 16% VAT. For example: when buing a plot from a company, you pay 16% VAT. Besides that there are registration and notary costs. This is more or less 2 % so you have to count at least 9% of extra extra costs above the purchase price. Mortgage procurers normally charge a provision from 0,75% till 2,0% of the approved loan. The rent percentages depend from bank to bank and therefore we recommend to search for special offers. Most banks charge a fine for early or partly repayments, mostly around 1%.

03)
What is the maximum currency of a mortgage and can I request it also in an other country ? In Spain mortgages normally have a maximum of 40 years. Only Spanish establishments and Spanish sister establishments of foreign establishments can contract loans with Spanish property as pledge.

04)
Can I request a mortgage in an other country then in Spain ? Indeed, now it is possible to request a mortgage for your Spanish property in other countries. There are more then one possibilities and it is advisable to inform yourself by a financial adviser or a bank.

05)
Which documents do I need to request a mortgage ? The most of the papers you need to request a mortgage you'll probably have allready: bankstatements, tax reports, references of your employer and your bank, your books if you're self employed, a copy of your passport and show some other expenses or income such as an other mortgage, or rent are very commun documents. If you still don't have some of those you can request them at the establishment in question.

06)
Is the valuation the same as the purchase price ? Taxation methods in Spain can be different than in other countries and the line of action to the appraisers is given by the autorities, who sometimes push to make a low taxation to slow down that the prices raise to fast. For mortgage purposes the taxation can be calculated just as followed, the square metres of the property, multiplied by a number per square metre on base of recently local sales. View, condition, specific location and other aspects will not necessarily be calculated. It is not unusual that a property is valued at just 80% of the demanded price, but there are also examples of valuations of more than 120% of the demanded price. The maximum mortgage is based on the valuation.

07)
Can I use my non Spanish property to request a mortgage in Spain ? Indeed, now it is possible to use your non Spanish property in order to request a mortgage in Spain. There are several possibilities and it is advisable to inform yourself by a financial broker or a bank. This isn't yet possible through Spanish banks.

08)
Do I have to unsubsribe me from the register in England ? Only when you are planning to come to live and work here in Spain, and you obviously stay longer then 9 months here in Spain. In that case you can't appeal anymore for your assistence, rent subvensions or study financing of your children.

09)
What is a resident and where can I request this residencia ? A resident is a person who officially stays is Spain and in the possession is of an official residence permit. (Tarjeta de Residencia). It used to be necesarry including when it was forbidden by the constitution of Europe. Since februari, march of 2007 this residence card has been cancelled and replaced by a residence certificate that shows that you are a resident in Spain. According the law of 01.01.07 this is necessary to, for example, contract a telephone line. This is without the certificate also possible but then you have to show at least 4 documents that say that you live here in Spain, such as, registration in the townhall, rental contract, electricity bill, and so on. The same counts for contracts you want to compleet such as,electricity, gas and water.

10)
What is an NIE number and where can I request my NIE number in Spain ? An NIE number means: Nmero de identificacin de extranjeros and is an identifidation number for foreigners. Without an NIE number you can't do much here in Spain. With every thing that you buy or every contract that has to be made they will allways ask for your NIE number. This means when buing a house, a car, and so on. You can at any office of the Polica Nacional de Espaa. Before you could go to no mather what Gestora that arranged everything for you, but this isn't possible anymore because you have to show yourself in person at this service. The only thing a gestor can do for you is show you the way and explain how to do it. Therefore you have to pay because the gestor has to move himself so he has expenses. It's better to do it yourself and it's not really that difficult. Just be sure to take your identity documents with you and some photos for a passport. Andaluscasas can tell you where the nearest office of the Polica Nacional is.

11)
Do I need a bank account in Spain ? Not necessarrily, no, but off course it is much easier, especially when you come to live here. It is easy when you have monthly expenses or income such as rent and wage. If these transactions have to come from England, first of all it takes a lot of time and second is that it also brings extra costs because you are dealing with an international transaction. Besides, when you transfer money from England you'll need a bank account over here. On the other way, it is necessary to have a bank account in Spain because monthly payments such as electricity, phone bill, etc. are paid with an automatic transaction, which you have to sign for when signing the contract. The most of these suppliers aren't very fond of foreign bank accounts.

12)
Do I bring my savings to Spain, Yes or No ? Everybody is free to do what he wants to do. The only thing you should be aware of is that in Spain you also pay taxes over your fortune. Capital levy. It also exists in Holland. Maybe it is good to see in which country it doesn't exists to bring your savings over there.

13)
Do Spanish banks work the same as in other countries ? The Spanish banks don't work the same as in Holland or Belgium. The offer of some mortgage possibilities are much more restricted or don't even exist at all.

14)
What do I do with black money ? It is customary, but officially not allowed, to give a lower value to an existing property during the sale and it is advisable to ask some advise to a lawyer first before doing something with black money. Customary, but also illegal, is to make a statement at the notary which says that the property was bought, for example, for an ammount of 200.000 € but, wherefrom the real value 270.000 € is. Then that is 70.000 € paid as they say under the table. Black money. Be carefull, the Spanish notary has since quiet a while the duty of mention, just like all the banks in England, and when they hear something about black money they have the duty to make a declaration. It's better not to talk about it at the notary. The advantage is that you save a lot with it, because, the transaction costs of about 9% will be calculated on the official written purchase price, not on the real value or real purchase price. The disadvantage is that with a resale of this property to a buyer who wants to make it all officially the truth will be showed because at the notary the official papers will be shown. For the notary it is not a problem but this way the buyer gets to know the former written price and can maybe think that the property is worth less and then possibly doesn't buy the property after all. Other disadvantage is that when you get caught you will have to pay a penance under the form of taxes over the more-value of the property or the value raise of the property. It is better to keep things as officially as possible and, as said before, to consult a lawyer.