You can find a mortgage broker, but why should you do it on your own when you can have an expert to guide you through the process. You have a better chance of getting a loan if you have a broker. First of all by going through a professional broker you automatically go to numerous banks. Your broker should have done the legwork for you and sourced the best and the most varied products available on the market. In fact by asking a professional broker to arrange the mortgage for you, you automatically get access to several banks.

Brokers can also help you avoid delays. They know this process inside out and will be able to foresee any hitches and advise you on what to do. . On occasions banks change their criteria and although your estate agent or solicitor may have recommended a particular bank in the past, they may decline your application because of the sudden change. A professional broker will always submit your application to at least 4 banks to avoid this from happening. You could in fact lose your deposit if you don’t complete on the date set in the contract - all because you only went to one bank. See how much time a broker saves you?

Third of all a broker can improve your chances of finding financing. He has a network of banks. These banks/ building societies are simply not available directly to the general public. But he should be happy to arrange for a mortgage in principal for you. With a mortgage approved it will significantly strengthen your offer when you find a property. This would not be available from a bank as a norm. In fact some brokers have special arrangements with banks which you could never get yourself directly.

Broker Fees and other Costs

The broker fee varies quite considerably. Some brokers say they have no fees, but in reality they hide it under other fees. .For example the broker is likely to have an agreement with a bank whereby the set up fee by the bank is unusually high. The broker on these accessions may receive the majority of this set up fee, thereby receiving the extra income from the bank. This is likely to cost you more than the average broker fee. These brokers are not likely to give you a choice of products either.

Spain is a beautiful country to visit and even live in. Everywhere you will find lots of opportunities to have fun. The weather is beautiful, the food is delicious, the people are so friendly.

But some people are a little worried that it is too late to buy in Spain because the property values have already increased. For example the best beach properties are quite pricey. What if you’re not a tycoon or a celebrity, is it still possible to buy a Spain property on a regular person’s budget?

Yes! Prices in some of the developing regions of Spain are lower and plenty of bargains are still available. If this is you, then our advice is that you to keep this article.

Let’s say you found a great property at a steal of a price. Before you jump for joy and hand over your money you have to check if it has been registered under the name of the person selling it to you. If this is not registered a catastral number needs to be arranged. This is arranged through the Ayuntamiento (town hall). As soon as it has got a catastral number IBI is applied, probably with some delay. However this is not enough, it also needs to be registered in the land registry - Registro de la Propiedad. The time this takes varies from place to place. Don’t forget to agree with the vendor who is to pay for all these costs.

Here’s another important tip. When you decide to purchase land, with or without property on it, don’t pay a deposit until a document called Nota Simple is available. . If the land is not registered there will not be one available. If there is a property on the land but the property is not specified on the Nota Simple, it is not registered.

You should also check the IBI or Impuesto sobre Bienes Inmuebles. This is property tax.No one likes paying tax, this very much applies to the Spaniard too. It is not unusual for land to have been owned by the same family for centuries. Because one needs to start paying property/ land tax as soon as it’s registered this is put off until the land or property is sold. But when you buy the land you are liable for up to five years worth of property taxes. So save yourself money and check the IBI records.

More and more people buying property in Spain consider taking out a mortgage with a Spanish bank to finance their purchase in this country. Not only expatriates or people moving to Spain, but also property investors, regular visitors to Spain etc. If that is the case then do get an expert help you find and do business with a Spanish bank. While this requires additional legwork but you will be able to enjoy many benefits because of an ongoing effort to encourage real estate investment by foreigners. It would be in the bank’s best interests to help you, and you will generally have less trouble since the bank knows local laws.

Unless you are a celebrity, a millionaire or heir to a throne chances are you don’t have al arge amount of cash waiting in the bank account so you can go villa shopping in Spain. Most of us have to get a mortgage to buy a property and this is true also for the dream home in Spain. .

First of all it’s important that you canvas. Don’t accept the first offer. Ask for a copy of one bank’s offer and then take it to a different bank to see if they can improve the offer - they often will.

Interest rates in Spain vary, but are generally much lower than in the UK, and competition between Spanish banks is fierce. If you are interested in a property still to be built, you may find that the constructers already have an agreement with a certain Spanish bank for all mortgages and you are left with little choice. If not, you would be wise to shop around for the best deal.

Then take the improved offer back to the original bank and negotiate. Chances are they’ll try to top that offer. It’s very competitive now and many banks are trying as much as possible to attract as many buyers as possible. So do try to get the best deal. If they say no you have lost nothing but if they say yes then you have just saved yourself a lot of money!