Financing the Properties
Buying
financed Mallorca Properties
All Spanish banks provide mortgages and are quite
happy to do so. It pays to shop around for a mortgage as interest
rates and terms vary considerably depending on the bank, the amount
and the period of time. You can, of course get a mortgage from
a UK Bank or Building Society but it is easier and quicker to
use a Spanish source and or a Mortgage Broker. Find the best mallor
Mallorca offers same conditions like in mainland
spain. Mortagges are available for non residents at 3%
Mortgages Fees
Financial institutions will offer you a choice of
repayment plans which usually include:
- Endowment Mortgage - whereby every month or quarter you
make two separate payments, one for the interest on the loan,
the other for the premium on the endowment policy.
- Capital Repayment Mortgage - whereby you make either monthly
or quarterly payments of interest and capital on the mortgage.
- During the early years, each monthly payment comprises mainly
of
interest. In later years, more of the capital is paid off.
- You will generally be given a period of up to 20 years to
repay your
mortgage and it is your responsibility to ensure that you
have a suitable mortgage protection policy to repay the loan
if you die before the end of the mortgage term (often a bank
will require you to take out a mortgage protection policy).
In general, you can expect to pay approximately
10 percent of the property
purchase price in associated taxes and fees.
Information required for buying a property in mallorca
in conjuntion with a spanish mortages.
If you are:
Employee
1. Last 3 payslips
2. Last tax declaration (P60 if from the UK)
3. Filled out application forms
4. Photocopy of Passport
5. Copy of Titledeed from Property Register (Nota simple)
Selfemployed
1. Tax returns last two years
2. VAT and income tax returns
3. Balance sheets
4. Last 3 bank statements
5. Filled out application forms
6. Photocopy of Passport
7. Copy of Titledeed from Property Register (Nota simple)
Mallorca
Properties : Mallorca is the best place
to buy a property, if you are looking for a relaxed life where
you can enjoy the sun, sand and lifestyle of Spain. It is a very
beautiful collage of all the qualities of Spain.
Financing
the Properties : get the best finance available in Spain,
at 80 %
Palma
de Mallorca Property : A great selection on city flats available
in the old part from Palma's nicest areas.