Buying a flat is one of the most important economic decisions you will make in your life, and to do so, you need to scrutinise and weigh up all of the factors involved. Doing this in a foreign country can be a real adventure, because it’s pretty much guaranteed you will need to sign a mortgage. An expat mortgage means a load of paperwork and procedures for which you need someone you trust, or an organisation that will guide you through the process.
Before you sign on the dotted line, you need to compare the options from different banks, the securities they require, payment terms, fees for late payment, and any other aspect involved in drawing up a list of the pros and cons of what each bank is offering. However, when you’re in a foreign country, your priority is probably to complete all of these procedures with a 100% trustworthy organisation, one that fully understands the context of the expat.
Applying for a mortgage in Spain
This is where my story begins—a while back my wife and I decided to set the ball in motion to buy a house. After a bit of internet research we discovered the range of services offered by Holabank, one of which is the possibility of applying for a mortgage. If you want to know the main deciding factor for me, it was that their expat mortgage service served me in my own language from day one, helping me with all of the procedures and even with document translations. It was as easy as taking out a mortgage back home.
On another note, the mortgage terms and conditions were ideal. I realise the conditions we signed up to may have changed over time, but you can browse for yourself here. Possibly the most interesting factor is the fixed rate, which means you always pay the same amount, no matter what. Also, when you sign up for other services with HolaBank (give them a look because they offer are a wide range of services), this fixed rate of interest decreases, meaning you can obtain a great monthly interest rate.
Finally, if you don’t already know about Holabank then let me explain that it is a fully trustworthy company that belongs to CaixaBank, one of the largest banks in Spain.
The best of luck if you’re thinking of buying a house or flat!