Buying a property in Spain
Hi, we are possible moving to Barcelona for a new job. We would like to buy a house and settle for the longer term. What is it like to get a mortgage for someone with a European Passport and a Spanish employment contract. Is there a certain waiting period we should take into account (other then a probationary period per the employment contract? Are there special conditions to a mortgage for expats such as a higher interest, shorter period or a higher percentage of own capital? How long is the typical process? Are there banks that are more favourable to expats? Many thanks!
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Re: Buying a property in Spain
Once you are resident in Spain the normal conditions apply and here a good link: https://www.idealista.com/en/news/fi...-out-a-spanish
If you are buying before you become resident, then the non resident conditions apply. We own property a bit further North from Barcelona (90km) and have a non resident mortgage, but that means you need a bigger deposit and have less choice. Luckily we are in Ireland and still EU, but Brexit made things more difficult. In any case the people here will recommend to rent before buying. |
Re: Buying a property in Spain
Originally Posted by BeeME
(Post 12989762)
Hi, we are possible moving to Barcelona for a new job. We would like to buy a house and settle for the longer term. What is it like to get a mortgage for someone with a European Passport and a Spanish employment contract. Is there a certain waiting period we should take into account (other then a probationary period per the employment contract? Are there special conditions to a mortgage for expats such as a higher interest, shorter period or a higher percentage of own capital? How long is the typical process? Are there banks that are more favourable to expats? Many thanks!
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Re: Buying a property in Spain
Yes I agree - rent first, make sure the job works out, you like Spain etc. It will be much easier as an established resident and you will have more knowledge and confidence in your decisions.
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Re: Buying a property in Spain
Originally Posted by BeeME
(Post 12989762)
Hi, we are possible moving to Barcelona for a new job. We would like to buy a house and settle for the longer term. What is it like to get a mortgage for someone with a European Passport and a Spanish employment contract. Is there a certain waiting period we should take into account (other then a probationary period per the employment contract? Are there special conditions to a mortgage for expats such as a higher interest, shorter period or a higher percentage of own capital? How long is the typical process? Are there banks that are more favourable to expats? Many thanks!
Is it an "indefinido" contract with 40 hrs ? and are you going to use the contract as a view to becoming resident ? Without those two things, you dont have much chance of a mortgage, unless you have a chunk in the bank. We are currently looking, we have 2 indefinido 40hr contracts, and we have only been offered €130k max - and we need 20k deposit / fees. Anything "extra" we would have to put in from our savings. You can look at www.rastreator.es for differences in resident and non resident mortgages - its like go compare / compare the market in the uk. |
Re: Buying a property in Spain
Originally Posted by bfg69bug
(Post 12990018)
Is it an "indefinido" contract with 40 hrs ? and are you going to use the contract as a view to becoming resident ? Without those two things, you dont have much chance of a mortgage, unless you have a chunk in the bank. We are currently looking, we have 2 indefinido 40hr contracts, and we have only been offered €130k max - and we need 20k deposit / fees. Anything "extra" we would have to put in from our savings.
You can look at www.rastreator.es for differences in resident and non resident mortgages - its like go compare / compare the market in the uk. |
Re: Buying a property in Spain
1. Rent before buy
2. Be really careful with real estate agents (cheating, hidden costs etc.) 3. Check the condition of property: possible water leaks, mold, heating system 4. Forget A Place in the Sun programme, it's rubbish |
Re: Buying a property in Spain
Originally Posted by Mateo55
(Post 12990147)
1. Rent before buy
2. Be really careful with real estate agents (cheating, hidden costs etc.) 3. Check the condition of property: possible water leaks, mold, heating system 4. Forget A Place in the Sun programme, it's rubbish We are looking to buy in Spain Point 2 of your reply says to be careful of estate agents Can you please advise me what to look out for Just in case |
Re: Buying a property in Spain
Originally Posted by Alfonsocolli
(Post 12990737)
Hi Mateo
We are looking to buy in Spain Point 2 of your reply says to be careful of estate agents Can you please advise me what to look out for Just in case Be as sure as you can be that the property is right for you. Combined buying and selling costs come in at around 20%, so an expensive mistake if you find the property is not for you. Do your research fully on the areas you are considering. Also it is not advisable to use a lawyer recommended by the estate agent. Find one independent of the agency and if you are not fluent in Spanish also one that speaks English. |
Re: Buying a property in Spain
2. Be really careful with real estate agents (cheating, hidden costs etc.)
Originally Posted by johnnyone
(Post 12990791)
Be as sure as you can be that the property is right for you. Combined buying and selling costs come in at around 20%, so an expensive mistake if you find the property is not for you. Do your research fully on the areas you are considering.
Also it is not advisable to use a lawyer recommended by the estate agent. Find one independent of the agency and if you are not fluent in Spanish also one that speaks English. Exactly like this! |
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