Spanish Mortgage Application Process | Apply Spanish Mortgage

The Mortgage Application/Approval Process

Once you have decided that you wish to consider obtaining a Spanish Mortgage to finance the acquisition of a property in Spain please contact us and we will assess your financial situation and discuss your requirements with you.

We will then prepare, on a no obligation basis, a Mortgage Recommendation Report setting out the most appropriate Spanish Mortgage for you, including a full break down of costs involved.

This will include a Next Steps document which will list all the documents we need from you to support your application.

If you decide to accept the Mortgage Recommendation we will ask you to pay our Broker Fee and the Valuation Fee and to send the relevant documents to us (usually copies by fax or email).

Depending on your requirements, we will either:

Package the case and present it to the relevant bank, along with instructions to value the property (a legal requirement in Spain and undertaken by independent valuers regulated by the Bank of Spain); or
Instruct valuation prior to presenting the application to the bank (usually where valuation level is vital and time is not of the essence); or
Submit the application to the bank for an Approval-in-Principle (AIP) prior to instructing valuation (to enable you to know what level of mortgage you can obtain).

Thereafter, depending on the route taken, we will liaise with the bank, your lawyers and the vendors' estate agent to ensure that your application is processed as quickly as possible. We normally get approvals within one week of submitting documents to the banks although this can depend on their workload and the complexity of the case.

Once the mortgage is approved the bank usually issues a binding offer of lending which is valid for up to 60 days (depending on the bank) without the need to provide up to date documents.

The bank will then usually require 5 working days notice of completion date in order to make the necessary arrangements with the Notary.