Tommy Gun

Spain? I've just applied for my NEI at the Consulate in London (today) and she said it will take at least two months and I need the mortgage before May. Thanks.

Rixxy

Once you have NIE assuming all your paperwork is in order, should be around 3 weeks until you are ready to complete your purchase.

gallerie9

Remember this is Mannana mannana LOL
It takes as long as a piece of string, have you got your valuations and is the paper work in order ???

jdr

Can`t you get your agent or mortgage co to do it for you ?
Mine took a month to get in Spain but alledgedly you can get them in a few days depending on the area.

Rixxy

You can get a lawyer to do this but applicatins now have to be in person in Spain. Thereafter around 10 days to collect the original. If paperwork is done already they will be out of date as banks need to date documentation.
Most mortgage offers last 30 days before it is rescinded and needs to be resubmitted.

chrisd

You´re right if you do it in person around 10 days after application, you can get it collected. Have to submit personally but someone else can collect for you. Although mortgage offer normally lasts for 30 days, if you´re in a stable job and have provided all paperwork requested, they normally won´t ask for resubmission until over 3 months has elapsed.

Tommy Gun

Would you let the construction company sort out the mortgage or is that a bit dodgy?

keithwalters

the contstruction company can´t sort out your mortgage, unless they are a bank too!

I think what you are referring to is the fact the the construction company have already taken out a mortgage on the property in order to build it, and in spain when you sell a property you can sell the mortgage along with it. So the new owner (you) just carries on paying the mortgage when the seller left off. No need to cancel and reapply for mortgages in Spain like you would have to in the UK when you buy and sell.

If you like the terms of the mortgage that is already in place, stick with it. If not, search around for your own mortgage, but bear in mind you will have to pay set up fees if you do it that way.

chrisd

The developer nearly always has a mortgage in place but they are for a set term. It is always good to know exactly what the developer is offering but I would always recommend you shop around for something that suits you and your circumstances specifically. I usually do a full fact find and prioritise exactly what you want and what you can obtain before making any recommendations.

chrisd

Even if you take the developer´s mortgage, there are still set up fees although there are some savings as well. However, you have to look at the overall costs as well as any savings on interest rates over the whole period. As well as that, most developers mortgages don´t include any interest only periods so get all your facts and figures from them and do comparisons before you make any decision.

keithwalters

There shouldn´t be any set up fees as those were paid by the developer when he took the mortgage out. Perhaps you are referring to another fee?

chrisd

There´s a fee for taking over the mortgage (subrrogación) which can range from 0.5% to 1% depending on the lender and the product.