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Mortgage for your Spanish property
A lot of people are dreaming about owning a property in Spain. Others are convinced that a Spanish property in the sun is not achievable for them. This is a shame because there certainly are possibilities to buy your property abroad through financing.
More often than not the purchase is delayed until after, for example, retirement. Taking the annual increase of house prices into account this could cost the buyer a lot of money.
Loan to Values
Standard loan to values are up to 70% or 80% for non-resident mortgages in Spain and are always linked to the valuation of the property in Spain, not the purchase price.
Most Spanish mortgages whilst linked to a percentage of valuation cannot exceed the price declared on the Escritura (title deeds).
Spanish mortgage product range
Finance in Spain is predominately linked to a variable rate and on a repayment basis. Spanish variable rate products are generally linked to the yearly Euribor (European inter bank offered rate) and your interest rate will be reviewed yearly. Your interest rate for the first 12 months is determined by the Euribor at the month of completion plus the fixed margin above that which your selected Spanish bank is charging. Some offshore banks can provide mortgages in sterling secured against your Spanish property purchase, linked to the Bank of England base rate.
There is limited access through banks in Spain to Interest only mortgages and fixed rate Spanish mortgages including a "flexible mortgage plan". Fixed rates, unlike the UK, tend to be significantly more than the prevailing variable rate and the fixed rate term is generally the total term you can hold the mortgage for.
Spanish mortgage terms range from 5 to 40 years and are dependent on age and Spanish finance provider selected. Most Spanish banks will expect the mortgage to be repaid by age 70 but it is possible to obtain a mortgage in Spain up to age 85.
All Spanish banks charge an arrangement fee for dealing with your mortgage in Spain. Spanish bank opening fees are not payable up front and do not apply if you decide not to take up their offer of lending. All other costs in relation to the Spanish mortgage deed including mortgage tax, registry costs and some of the purchase deed costs are deducted from your gross mortgage advance. It is not possible to add your costs to the Spanish mortgage unless your valuation level allows you to. It is important to check you have accurately assessed and accounted for all expenses to ensure you are not left short of funds for completion day. We would suggest you allow at least 12% of the purchase price to cover your purchase and finance costs in Spain in full and that you make sure you are fully aware of the provision of costs for completion.
If you take a Spanish mortgage with a mainland Spanish bank the capital provided and repayments will be in euros. Offshore lenders can also take security over your Spanish property and many will provide the funds and take repayments in any major currency of your choice. Your interest rate will be linked to the base rate of the currency you select. For most Euro mortgages this will be the yearly Euribor.
Calculate in advance
Especially when you come to Spain (in the near future) to view some of your favourite properties, it is good to know in advance what your financial possibilities are. It could be a big disappointment for you if, in retrospect, you are not able to make your dream come true because you can´t get the mortgage you need. Therefore, it is wise to make an appointment with a mortgage consultant before you leave for Spain. He can tell you exactly what the possibilities are. In that case you will be prepared and can go on your viewing trip without worrying.
Kosten bij aankoop Spaanse woning |
De makelaarDe koper betaalt in Spanje geen makelaarskosten. Deze worden namelijk betaald door de verkoper. Dit geldt zowel bij bestaande bouw als bij nieuwbouw. Kosten KoperNet als in Nederland bestaat er in Spanje ook "Kosten Koper". Het percentage ligt rond de 12% tot 14 % van de aankoopprijs. Het grootste deel hiervan bestaat uit 8% of 10% overdrachtsbelasting bij bestaande bouw of 10% BTW in geval van nieuwbouw. |
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Indien gebruik wordt gemaakt van een advocaat moet u deze kosten uiteraard ook budgetteren. U kunt bij een onafhankelijke advocaat terecht waar u, over het algemeen een vast percentage van de koopsom verschuldigd bent. Dit percentage ligt tussen 1% en 1,5%. Indien u de woning deels met een hypotheek financiert, bent u ook hiervoor kosten verschuldigd aan de bank, de notaris en het kadaster daar er een separate hypotheekakte passeert bij de notaris en de hypotheek in het kadaster dient te worden vermeld. De openingskosten van de hypotheek bedragen doorgaans 1% tot 1,5% van het hypotheekbedrag; de notaris- en registratiekosten en de opmaak van de juridische documenten tezamen ongeveer 2,5% van het hypotheekbedrag.
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Enkele terugkerende kosten voor woningbezittersOnroerend Zaak Belasting (Impuesto sobre bienes inmeubles): De eigenaar van het onroerend goed betaalt tussen de 0,3% en 0,6% onroerend goed belasting. De percentages zijn per gemeente verschillend. Het Spaanse huurwaardeforfait: Indien u als niet-resident de woning niet officieel verhuurt, bent u in Spanje toch belastingplichtig voor de inkomstenbelasting. De belasting wordt geheven over een toegerekend of forfaitair inkomen van 1,1 procent van de kadastrale waarde van de woning (en 2 procent als deze waarde niet is herzien sinds 1994). Het toegerekende inkomen wordt tegen het niet-residententarief van 19 procent belast (19,5 procent voor 2015). Voor residenten van buiten de Europese Unie bedraagt het tarief 24 procent. Patrimonio: Jaarlijkse belasting met een progressief tarief van 0,2% tot 0,5%. Servicekosten: Dit is van toepassing indien u een appartement of een huis koopt in een urbanisatie. Voor het bijhouden en onderhouden van de gemeenschappelijke onderdelen van de urbanisatie dient u een maandelijkse bijdrage te betalen. De hoogte van de servicekosten loopt uiteen van 50 Euro tot ongeveer 500 Euro per maand in zeer luxe oorden en is afhankelijk van de verleende diensten en voorzieningen. Gemiddeld is het bedrag rond de € 100 per maand. De servicekosten worden berekend door de totale algemene kosten voor onderhoud, tuinaanleg, schilderen etc. te delen door het aantal woningen. Het aantal stemmen binnen de vereniging van eigenaren wordt meestal bepaald aan de hand van het aantal m² dat een eigenaar bezit. Water en Elektra: Uiteraard is dit sterk afhankelijk van hoe de woning gebruikt wordt. Indien men het gehele jaar aanwezig is, komt het bij normaal gebruik ongeveer neer op € 100 per maand. Indien de woning slechts voor vakanties is bestemd is dit veel minder. Basura (reinigingsheffing): Dit bedrag is per gemeente verschillend, maar komt meestal neer op een bedrag van rond de € 400 per jaar. Verzekering: Afhankelijk van de waarde van de woning, de ligging, de beveiliging etc. kost een inboedel- en opstalverzekering bij benadering vanaf € 200 per jaar. |
Viewings;
What you must know before you go to Spain.
First look........then buy!
It’s very important to view the desired properties in Spain. Good support is essential during the viewings so that you don’t end up buying a house based on wrong information, without knowing the surroundings or the Spanish way of working.
That’s why NICLA Property Consultancy offers you an extended service to guide you through the viewings as well as with applying for a mortgage, signing the purchase contract and deeds (escritura) organising possibly desired improvements, etc. All necessary agreements will be made in consultation with you so everything goes according to your wishes. There are, however, a number of matters you must take into account:
New properties:
With new properties you must take into account that the plots for individual construction can be sold quickly and that you must react rapidly if you see a suitable plot during the viewings. Moreover, the new properties, on the location you prefer within a project, can also be sold rapidly. As the construction of a project progresses, the prices increase. We do recommend you not to wait too long with a purchase decision when you are very interested in a new property.
Resale properties:
NICLA Property Consultancy also has resale properties in their listing but you must take into account that these can be sold rapidly. When you are very interested in a resale property from our listings we can, in consultation with the owner, reserve this property for you. If you can come to Spain within a short notice to view the property concerned.
WE DON’T WORK IN GROUPS: ONLY INDIVIDUALLY!
We only show you what you would like to see.
The viewing program will be prepared in consultation with you before you come to Spain or in Spain during the first conversation in our office, where we will examine your wishes once again!
Your visit with NICLA
If you are interested in a property from our property listing a personal visit to this property and its surroundings is necessary.
Our brochures with photos give you an impression of the properties, but buying a property is also a matter of feeling so it is very important to see the property as well as the location with your own eyes. A property can be exactly what you are looking for, but is it in the right location with the facilities and amenities you want?
Of course you can visit us whenever you want but we recommend to make an appointment so we have all the time in the world to be of assistance. If you want we can help you book a flight and/or accommodation.
Keep in mind that on the Saturday afternoons and on the Sundays the new built projects are closed and no viewing is possible. You could use the Saturday or the Sunday to travel.
What you must bring along if you go to Spain:
- a valid passport or identification document (drivers license is not permitted);
- your income tax return of the previous year;
- remuneration declarations or proof of other income;
- possible financial obligations (for example loans, mortgages, etc.)
- € 3.000,- for the reservation of the property or advance payment.
Reservation:
When you find the desired Spanish property, it is usual to put down a payment of generally
€ 3.000,- when signing the reservation contract. From this point, the property is reserved for you and you will have enough time to organise the following payments. If you don’t meet your first next payment obligation, the owner is free to cancel the purchase contract without repayment of your reservation costs.
Mortgage:
If you need finance for your Spanish house, this finance is generally divided in two parts. The Spanish banks supply a mortgage of up to 70 or 80% of the purchase amount. This means that you must contribute from your own resources or by means of an extra financing up to 20 or 30%. To apply for a mortgage at a Spanish bank, you must submit the following documents: a valid identification document, last remuneration receipts, possible mortgage obligations, employment contract and your income tax return of the previous year.
Cancelation of the viewing appointment:
Time has been planned with the selling part when you have made a viewing appointment. Of course it can occur that you cannot be present on the planned appointment. You have to realise though, that we count on you in Spain and therefore we plan other appointments around your visit.
Nicla Property Consultancy
Support in your own language by professionals!
Stap-voor-Stap door het aankoopproces |
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De aankoop van een Spaanse woning kent diverse fases. Uiteraard begint het met uw idee en uw wens om een eigen woning te bezitten onder de Spaanse zon. Ter ondersteuning van uw voorbereiding treft u hieronder een logisch stappenplan. Elke stap verwijst naar aanvullende informatie, eventueel met video ter verduidelijking.
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