Mortgages
Clients purchasing a property through Bancaja Habitat are able to take out a mortgage with Bancaja. With 1200 Bancaja offices throughout Spain, buyers can do their banking wherever they are in Spain, with the added benefit of having the purchase of the property and the finance managed by the Bancaja Group . Internet Banking and telephone facilities are also available.
The size and structure of a mortgage can vary for different properties. However when considering a mortgage, the following points are worth bearing in mind:
- Bancaja can offer a mortgage of up to 70% of the value of the property over a maximum of 30 years or until the buyer reaches 70 years of age.
- As in the UK, proof of income is needed to apply for a mortgage in Spain. Normally a P60, 3 latest pay slips or certified accounts if self employed will be sufficient.
- The mortgage is given on the day of signing the public deeds.
- The mortgage usually consists of equal monthly payments and is arranged so that they never total more than 40% of a buyer’s monthly net income.
- Interest rates will be based on the Euribor interest rate.
NB The above should be used as a guide. Bancaja does have some flexibility in relation to some of the figures used.
Bancaja C.A.T
Bancaja also offers a fully integrated mortgage service, tailor made to help overseas buyers and homeowners in Spain.
This service “Credito C.A.T Vivienda Bancaja” is a financial and mortgage advisory service designed to speed up the process of buying a property in Spain. In relation to mortgages Bancaja is able to offer an almost instant service that operates in the following way:
- Easy: The buyer simply needs to choose their property and ask their property agent/developer for financing through Bancaja C.A.T.
- Fast: In less than 24 hours, Bancaja C.A.T will inform the client of the result of the operation and will continue to arrange everything for the transaction based on the client’s decision.
- Simple: With the buyer documenting their income, Bancaja C.A.T will take care of the rest. If the buyer is interested in a property still under construction, Bancaja C.A.T performs the initial study on the viability of the loan on behalf of the buyer and will confirm their results in writing. Bancaja C.A.T will carry out all activities in relation to finance right through to the completion phase of the property.
