Most people need a mortgage to help finance the purchase of their property but even those people who can afford to buy without a mortgage may benefit from taking one out.
The question of how to evaluate and arrange a mortgage for a Spanish property is dealt with in depth in the chapter on financial matters. The point to be made here is that mortgages arrangements need to be made in advance of finding a property so that you are in a position to move with speed but without haste when you find a property you want to buy. People who are forced to apply for a mortgage in a hurry will not have time to shop around and find the best mortgage conditions. This makes them more likely to end up with an expensive and inflexible mortgage, which can add thousands of Euros to the cost of your property over the lifetime of the mortgage. So do your research and shop around whilst you still have time, with a view to choosing a mortgage broker or lender and arranging the basic conditions of the mortgage by the time you have found the property you want to buy. Doing this also puts you in a much stronger position when buying from a developer whose mortgage you have the option of taking over. Having researched mortgages in advance you will be much better placed to evaluate the developer’s mortgage before deciding whether or not to take it.