jueves, 24 de julio de 2014

Section III -Purchaser Guide- The Spanish mortgage

In my point of view, one of the most important things to consider when we go to a bank to apply for a Spanish Mortgage  is the documentation that we have to present.

A mortgage file with a complete and current documentation, it can give us advantages to obtaining a mortgage loan:

  1. It's a signal to the bank that we are a diligent, informed and serious people.
  2. Helping the office staff to mount the risks file because it will facilitate your work and avoid wasting time.
For this reason, we have very clear documentation to submit, that is complete and current. Since many financial institutions asking for specific roles, first of all ask the bank what data you need.

General documentations to get a Spanish mortgage
  1. NIF or NIE The effect (documents of the person).
  2. Working life to date. You can order one by phone or online to Social Security.
  3. The three Declarations latest income tax.
  4. Banking Extract recent months. Not all banks ask for it
  5. Earnest money contract (if available) or the deed of sale and the mortgage (if we are to seek subrogation or debt consolidation).
  6. Receipt IBI (contribution).
  7. Scriptures or simple notes updated all properties that are available.
  8. Latter paid receipts of loans it.
  9. Rental and contract receipts past if we are currently living in a rented house.
  10. Proof of other income or costs.
The same documentation that is required for mortgage n the case of the guarantors. A guarantor is liable with all its present and future assets.

In addition to this general documentation.  There are several documents and informations that we request in any case, whatever our type of contract or employment or professional activity.

If You are employee,  since we have an employment relationship is that yields income each month, we asked:

      1. The employment contract in force. If we are not hired as permanent are they going to put a lot more problems than if we fixed.
      2.  3  latest payroll. We may ask for more payroll, at the discretion of each financial institution

If you are self-employed (freelancers)

If self-employed and will apply for a mortgage, you have to present a lot of documentation to prove the ability to generate revenue.  Among them include:
  1. Annual Summary VAT last year.
  2. Quarterly tax payments this year.
  3. Installments income tax year.
  4. Later receipts of payment of Social Security.
  5. It is advisable to have a dossier with information on our business, experience, best customers and the qualitative information that allows us to prove that we are experts in our business.
Documentation for Business companies

It is very unlikely to grant us a mortgage on behalf of the company without the owners or managers sign as guarantors.
  1. Among the documents submitted is:
  2. Corporation tax, if it is required to file.
  3. Balance annuals.
  4. Memorandum and other writings of the company.
Information about major customers, suppliers you have, its market´s position and other quantitative and qualitative data demonstrating the reliability and professionalism of the business.
Once we collected the information is something difficult to negotiate the terms of the mortgage.

(To be continued in section IV - I AM THE OWNER, WHAT NEXT?) 

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