How to buy a house in Spain and apply for a mortgage

If your dream is to have a home on the Costa Blanca, you have surely wondered how to buy a house in Spain. Who can help me understand my language? Can I apply for a mortgage? These and similar questions are asked by many of our clients when they want to buy a holiday home.

Here is a simplified guide for a person from another country to buy a house in Spain:

• Apply for the NIE: It is the Foreigner's Identity Number. It is essential to identify yourself and carry out any procedure in Spain.
• Open a bank account with a Spanish bank to make payments associated with the purchase.
• Narrow down the area where you want to buy the property according to your tastes and interests: on the beach, next to golf, in the mountains, in a city, etc.
• Once you have chosen the property, sign the deposit or sale contract and give a deposit as a reservation.
• Notary signature of the Deed of Sale.
• Presentation of the deed at the Land Registry.
• Payment of taxes derived from the purchase and sale of a house: VAT (Value Added Tax) for new-build homes, ITP (Property Transfer Tax) for second-hand houses, AJD (Stamp Duty) and Income Tax for Non-Residents.

To carry out a comfortable and hassle-free purchase process, it is advisable to have the advice of specialized professionals. At BL PROMOTIONS we offer you a comprehensive service so that you don't have to worry about anything.

How to buy a house in Spain if I need to apply for a mortgage

It is also very common for our clients to ask us if they can apply for a loan in Spain to buy a home. The answer is yes: it is totally possible. If you don't know how to buy a house in Spain if you need to apply for a mortgage loan, here we explain the most relevant aspects to take into account:

• Financing Percentage: You can request a credit of up to 70% of the purchase amount.
• Maximum Age: The loan must be fully paid before the age of 75.
• Proof of Creditworthiness: You must prove that you can repay the amount borrowed, which is based on your fixed income and expenses.

At BL PROMOTIONS we help you manage all the necessary requirements to apply for any mortgage. In addition, we accompany you to the bank and guide you through the process.

Other aspects to take into account when buying a house in Spain

 If you're wondering about how to buy a house in Spain and where you need to start, remember that this process may vary slightly depending on your personal situation and the type of property you want to buy. It is important that you get good advice and that you consider all the costs associated with the purchase, including taxes and other expenses:

• Notary fees
• Land Registry
• Management expenses

At BL PROMOTIONS, we offer you a personalised and multilingual service to manage all the procedures related to the purchase of your home on the Costa Blanca. We have a wide variety of new build and resale properties in the most touristic towns on the Costa Blanca. So, if you are wondering how to buy a house in Spain, we are your best option.

• Phone: +34 966 764 040
• Email: info@blpromotions.com
• Office: Calle Magallanes, 18 – Centro Comercial Rioja – Local 16 – 03189 Orihuela Costa (Alicante) Spain.