Do I need independent mortgage advice when arranging a loan in Spain
When arranging a mortgage in country outside of your residency it is always a good idea to take expert and independent mortgage advice on the options available and the process.
Spanish Banks traditionally lack transparency, have difficulties with the language barrier and do not have to adhere to the same levels of regulation as for instance UK Banks, when providing advice and information on the mortgage products.
Are mortgages in Spain similar to other countries
Whilst there are many similarities to other European countries of mortgage products and the process there are also some significant differences in Spain. Unlike many other countries it is not possible or cost effective to change lender and product after completion has happened so getting the right loan with the right lender from the outset is very important.
Before arranging a Spanish mortgage for completion you need to be fully informed of the product terms, the ongoing legal implications you will be signing, and a detailed understanding of how it all works.
If you require finance for completion it is important to arrange a mortgage approval in principle before any non refundable monies are passed over.
How do I get the advice I need
For free advice and guidance on Spanish loans please link to the information page below. To speak to an independent and experienced mortgage adviser in Spain go to our sister website offering Spanish mortgages.