Where should you look for when you buy a house in Spain?

We give you three tips when buying a house in Spain:

1. Ask the broker if he has contacts for legal guidance in the purchase of the home. It is important that all costs up to the time of purchase have been paid by the current owner. Also the existing mortgage has to be cancelled, or maybe it is interesting to take over this mortgage. Our advisers can sort this out for you and assist you in this matter.

2.Make sure that all owners of the property are aware of the sale. Sometimes a property has multiple owners, for instance when the house is part of a legacy which several children have inherited. If one of the children is not aware of the sale, the transaction at the notary cannot continue. Ask your broker to find this out correctly.

3.Let your broker or lawyer check if everything you buy that belongs to the property, is also registered. If you buy a house with annexes and a plot of land, it may happen that the valuator of the bank that provides the mortgage, discovers that part of the property is not registered. This can affect the amount of the mortgage and cause unpleasant surprises.

Quarterly payments of interest and capital

The banks we collaborate with can offer you the possibility to pay the interest and capital per quarter. This may be interesting if you have a variable monthly income. Contact us for more information.

‘Subject to mortgage’ in sales contract

In the Netherlands they are studying a legislative proposal to include ‘subject to mortgage’ as an obligation in sale contracts. In Spain ‘subject to mortgage’ is usually not applied. If you have made a down payment and you finally cannot buy the property, you risk losing the deposit. It is therefore very important that you first do a mortgage scan before you buy a house that you wish to finance with a mortgage.

The Mortgage Quick Scan of WeCare Mortgages

Have you found your dream home but you do not know yet whether you can get a mortgage? Or would you like to know your budget, before you make a trip through the Spanish countryside with your broker? Then do the mortgage scan. On our website you can fill in your details and we will contact you within 48 hours to check your possibilities in obtaining a Spanish mortgage. You will quickly know the maximum mortgage you can get.

What is an Interest Rate floor Check?

To judge whether you have signed in the past an interest rate floor and if you are entitled to compensation of overpaid interest, we will study your mortgage deed and will make an approximate calculation of the compensation amount.

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Who are we?

Since 2004 Hypotienda assists foreigners in all mortgage and insurance matters in Spain. During the last few years we have with a dedicated team of mortgage advisors and are developing further with our international customers. Since the beginning of this year, the mortgage service of Hypotienda will continue under the new name of: WeCare Mortgages.

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Tel: (0034) 952 263 023  – info@wecaremortgages.com

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