Banking and Mortgage

If you purchase property here you will need a local bank account for paying services and also for when you actually pay for the property on completion.

We can introduce you to a suitable bank with a manager who speaks English. This bank has internet facilities. All you will need is your passport(s) and an account (single or joint) can be opened in 15 minutes, No funds need to be deposited immediately.

Should you wish to purchase your property with the aid of a Spanish mortgage the bank will wish to carry out a valuation of the premises and see some proof of income.  You can usually borrow up to 70% of the purchase price.

Our recommended bank can handle mortgages. However obtain an estimate of costs (set up costs tend to be more expensive than the UK) and terms of the loan including interest rates. Again we suggest you discuss all this whilst you are in Spain

Surveys

Private property valuations are much less usual here than in the UK, but are recommended if the property is very old or you see what could be foundation cracks running through the premises.  Cosmetic cracks and fissures are common in Spanish properties and usually indicate natural movement.