Mortgages and loans can be obtained from a variety of sources and GoldAcre Estates will help you understand the terms of borrowing, ensure that you receive the best possible independent advice and an offer that suits your needs.
Obtaining a mortgage, even an overseas mortgage, is a lot simpler than you may imagine. The banks we recommend are totally independent of GoldAcre Estates and offer many different options, but the mortgage application and conditions are very similar for whichever country or bank.
To understand the process of raising capital and applying for a mortgage at home or abroad read our Mortgage Guide. For expert advice or further information on the best types of mortgages available please contact us about mortgages.
Mortgages and loans can be obtained from a variety of sources and GoldAcre Estates offers free advice and services to all of its clients.
With so many different types of mortgages on the market we will help you understand the terms of borrowing; ensure that you receive the best possible independent advice and a mortgage offer that suits your needs.Choosing a mortgage is just as important as choosing the right property and independent advice to help you make the right choice is essential. For most people the bank is the first logical place to start, but other institutions in different countries can also be the source of a home loan. Building Societies, specialist lending institutions, mortgage brokers are all options to be explored and the regional offices of GoldAcre Estates can advice you as to the best mortgage solutions for the country you are purchasing in.If you are purchasing overseas then GoldAcre Estates can suggest banks that would be favourable to your circumstances, can speak your language and introduce you to the bank managers.
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There are many types of mortgage packages on the market with various types of rates, term lengths, insurance protection etc. Below is an example of some of the different types of mortgages available in the International marketplace such as:
· Repayment mortgages and offset mortgages with fixed rates and tracker rates
· Assumable mortgages.
· Base rate trackers.
· Bridging loans.
· Buy to let.
· Repayment mortgages.
· Capped rate.
· Discount variable rate.
· Equity release.
· Endowment mortgages.
· First time buyer mortgages.
· Fixed rate mortgages.
· Flexible mortgages.
· Interest only mortgages.
· Investment mortgages.
· Islamic/Muslim mortgages.
· Lifetime rate mortgages.
· Offset mortgages.
· Pension mortgages.
· SIPPS mortgages.
· Repayment mortgages.
· Self-Build mortgages.
· Self-Employed mortgages.
· Shared ownership mortgages.
· Standard variable rate mortgages.
· Tracker mortgages.
· Variable rate.
The most important thing is that all mortgage lenders will require proof of financial responsibility before approving a loan..
The information required is treated confidentially by GoldAcre Estates and the banks and most applications can be approved within 10-14 days, with some as fast as 48 hours.
GoldAcre Estates will provide you with a printed, detailed breakdown of all the costs involved in purchasing; an estimation of the amount of money that could be raised through a mortgage; the costs (if any) of acquiring and the cost of servicing that loan. This projected costing can then be presented to the bank to help your application for a mortgage. Information and documentation required by the lenders depends on whether the applicant is employed or self-employed. We have a guide as to what you will need to produce to the bank for the different Countries that we operate in. The mortgage provider will also usually require an inspection/survey for which there is a charge If you are purchasing overseas then, GoldAcre Estates can suggest banks that would be favourable to your circumstances, can speak your language and introduce you to the bank managers.
Mortgage for Spain and the Canary Islands
The main providers of mortgages for purchase in the Canary Islands are the Spanish banks and GoldAcre Estates developed a good relationship with most major banks, such as Solbank/Banco Sabadell, Banca March, Bankia, Banco Popular, Caxia Bank & Barclays Bank Spain so we can recommend a bank that would suit your particular circumstances. A recommendation may be because of rates, term periods, types of mortgages or just that a particular bank has a good foreign language department when there is an overseas buyer. Importantly, it is your choice but we will be there to offer you advice and help as we at GoldAcre Estates are always aware of who are offering the best rates and services at any one time, for further details and contact names of local Bank Directors situated in the Canary Islands contact us. Banks are always reviewing their mortgage packages but in general banks in Fuerteventura, Tenerife, Gran Canaria, Lanzarote, La Palma, La Gomera and El Hierro will lend 80% to Spanish / Canary Islands residents and 60% / 70% to non-Residents, much is the same for most of Mainland Spain. Bank repossession mortgages can be higher when the mortgage is arranged through a bank that has repossessed a property, with some cases (depending on the buyer`s status), reaching to 100% for Residents and 80% for non-Residents. Mortgages can be arranged at fixed or variable rates. All mortgages are formalised in front of a Notary who will check all the information from all parties and be responsible for finding that this is correct and then entering the details into the public records. Below you will find some general documentation that you will require in the Canaries for applying for a mortgage. Please note, that depending on the bank and the status of the applicant, there might be some variation on the documentation required.
· Copies of DNI or passports.
· Copy of property title deed or registry extract of the property.
· Last 6 months statements of other mortgages/loans.
· (Some banks might require different statement period).
· Credit bureau report.
For employed applicants
· Last full year's tax return.
· Last 3 or 6 salary slips.
· Employment contract.
For self-employed applicants
· Last 2 years tax returns.
· Last 6 months bank statements (some banks might require different statement period).
· Evidence of other incomes.
For further information on this section or if you wish to buy in the Canary Islands, Fuerteventura, Tenerife, Gran Canaria or Lanarote in a Corporate body’s name please detail your requirements. There are charges for obtaining a mortgage, all of which will be laid out and fully explained to you by GoldAcre Estates prior to your reservation of the property. Such charges include property valuation survey, notary costs, taxes and administration charges, by the banks and the Notary these can be reviewed in the Buy section of our website. If you are purchasing a property 'Off Plan' a mortgage can only be raised when the building is finished. However, you are still able to apply for the loan and have the mortgage offer in writing, in some circumstances. The final survey will not take place and funds will not be released until the property has been completed, building certificates approved and fully inspected by the lender/surveyor concerned. For further information and general questions on obtaining a mortgage in Fuerteventura, Gran Canaria, Tenerife and Lanzarote please contact us.