Now you have decided that you require a Spanish mortgage, what are the next steps?
You need to contact a Bank of Spain licensed mortgage intermediary to assist you obtaining the most suitable product according to your financial situation and requirements and your financial documentation needs gathering and reviewing.
An application can then be packaged and submitted to the lender for their review and underwriting. Once the financial underwriting has been completed and a financial approval is confirmed the valuation will need to take place, your current account is opened at this stage for the transfer of the valuation fee.
Once the valuation is back and is confirmed by the bank as being satisfactory the mortgage offer shall be issued and the completion at the notary can be prepared.
The mortgage offer, the FEIN, is one of various documents that shall require signing.
A key change is that the signed mortgage offer paperwork must be filed with the notary of your choice a minimum of 10 days before completion (the day received does not count), within this timeframe an initial visit to the notary must take place (in person or power of attorney may be passed to your lawyer), so that the notary may ascertain your understanding of the commitment the mortgage entails.
At this stage the bank will contact your legal representative to finalize the conveyancing arrangements and agree on the completion date at the notary.
A mortgage is a long term commitment and it is possible that at some stage financial difficulties may be encountered. In the event of non payment the lender will commence repossession proceedings and if assets are held in another country the bank may pursue these also to reclaim their debt. In the event of having financial difficulties notify your bank and discuss your options with them.