Taking out a mortgage can mean that you are able to buy the property in Spain you have always wanted. Residents and non-residents can apply for a Spanish mortgage following a similar process to what you would find in the UK. You must show that you have enough money to act as an acceptable deposit and that you have a regular income in order to meet the monthly payments.
A mortgage cannot be taken out for longer than 30 years and must be repaid by retirement age. You should be given a firm offer by the mortgage provider that comes with all the details and the complete contract. After you have accepted this, the mortgage provider will send the documentation to the notary’s in order to prepare the Mortgage Deed.
The signing of the Mortgage Deed takes place at the same time as the signing of the Title Deed and after the signing, the notary will send an electronic version of the Title Deed and the Mortgage Deed to the Lang Registry in Spain. The Mortgage Deed is kept by the mortgage provider.
Once the mortgage is paid then you will receive the original Mortgage Deed. If you want to obtain a copy in the meantime, there are ways in which you might do this. You can apply directly to the branch of the bank who provided your mortgage. If this doesn’t prove to be successful you can ask for a copy from the Customer Services Department of the bank itself.
Another alternative is to apply to the notary where the Mortgage Deed was signed. However, if you do take this route then there will be an additional cost to you. You should remember that once the mortgage is paid off then you should inform the Spanish Land Registry to make sure that you are no longer registered as owing money on your home.