Mortgage process

When you have found a Spanish property you want to purchase or re-mortgage, you contact Costa Dorada Estates either by email or by telephone. Within 24 hours Costa Dorada Estates will send you an offer in principle which has been discussed with a bank, a letter of intent for you to sign and a checklist of documents required and the mortgage process.

If you agree on our offer in principle and you want us to arrange your finance, you deposit our fee into our bank account and you or your estate agent email or fax us a proof of payment, the photocopies of the documents required and a completed and signed letter of intent all at once. In the days before completion of the mortgage at the notary, the bank can ask for originals of all documents.

After that, Costa Dorada Estates submits your mortgage application to the bank and we contact you confirming the bank’s verbal agreement.

The moment we have received your deposit, Costa Dorada Estates opens a bank account on your behalf. You will deposit an amount determined by the bank into this account. On receipt of this amount, Costa Dorada Estates will instruct the valuation of the property. Valuation and production of the valuation report will take approximately 1 week.

Based on the valuation figure of the property, your mortgage application will be presented to the underwriter. Acceptance of your application normally takes 3 working days.

After your mortgage application has been accepted, Costa Dorada Estates will send you the bank’s official offer. Your Estate agent will inform us how the funds are to be distributed at the time of completion, after which we will inform the bank to prepare cheques, cash or transfers. In the meanwhile, Costa Dorada Estates sends your file to the notary. After receipt of the file at the notary, Costa Dorada Estates arranges an appointment for you with the bank and the notary.

Please note that Spanish banks make building insurance on the property compulsory. Costa Dorada Estates is happy to arrange this for you. Alternatively the bank will be pleased to arrange a policy for you. Indeed, often it is possible to reduce the interest rate at which you borrow funds by purchasing a product from the lender such as a building and contents insurance policy or a life policy.

Our mortgage service

Given our privileged position in the local propety market we have established excellent contacts with a great many of the most well known Spanish lenders. We have unrivalled contact with the most important banks and building societies in Catalunya. As a result we are able to offer the most competitive finance available in Spain, cheaper by far than almost all other mortgage brokers working within Spain.

Our competitive edge is the result of our philosophy not to overcharge for our service. Whereas most mortgage brokers will charge you a fee for their service, at Costa Dorada Estates we share the bank´s arrangement fee instead. You pay absolutely no more than you would pay if you walked into the bank off the street, although you benefit from our expert knowledge of the market place and our ability to finance purchases even in the most difficult circumstances.

For further information telephone us on +34 977 254 300 or send us an email to mortgages@costadoradaestates.com.