Mortgage Approvals in Spain up Substantially in 2018

If you've ever thought about purchasing property overseas, Spain may be a best-case scenario. 

Mortgage approvals are incredibly healthy right now, making it easier for you to finance a property purchase.

To learn more about what this means and how you can take advantage, read on. 

Mortgage Approvals Are at a High Right Now

Last year, mortgage approvals in Spain were up by 34 per cent in April. By the time August rolled around, approvals were still strong, as they were up by 6.8 per cent. 

You can expect this trend to remain throughout the holiday season and rolling into 2019 and beyond. With these approvals high right now, you would do well to throw your hat in the ring so that you can get the mortgage that you need. 

Whether you are looking into a vacation home in Marbella or an investment property in Mijas, there are several lenders who would be glad to hear from you. 

Know What Type of Mortgage You Need

Though mortgage approvals are healthy right now, you still need to do your research and know exactly what sort of mortgage will be best for you.

The more you look into purchasing property in Spain, the clearer the picture will be. 

For instance, if you're an international buyer looking to land a piece of property, Spain has non-resident mortgages that might be up your alley. These laws are dependent on your country of citizenship and tend to have incentives that encourage people to invest in Spanish property. 

Since these mortgages are based on the Euro, you can expect fair rates, as the economy is healthy. 

In order to get a clear idea of what rates and incentives are available to you, you'll need to contact a mortgage broker that can explain your specific situation in great detail. 

Learn the Ins and Outs of Applying For a Mortgage in Spain

Alright, so you want to apply for a mortgage in Spain, now what?

There are some specific points you need to know as you look to place a down payment and get approval. As with any mortgage, you will need to run your credit score to make sure you're in good standing and able to get the best rates possible. 

You'll get approved quicker and on your terms, if your credit to debt ratio is healthy. 

It is also important that you choose banks that are familiar with the Spanish mortgage and financial system. Whether this means doing business with a Spanish bank, or with a bank in the United Kingdom that offers Spanish mortgages, check their background and learn about the different products that they offer. 

Get the Help You Need For Finding a Spanish Mortgage

Now that you know a little bit more about mortgage approvals in Spain, it's time to take action. 

The market is ripe for investing, so do your research so you can take advantage. If you need help landing your first Spanish property, we've got you covered. 

Touch base with us and check out our mortgage services to learn more.