Case Study: British and Spanish tax residents
Case Introduction: Tax residents in two different countries
The Challenges
Firstly, many banks in Spain are generally not very comfortable with clients where their income is not subject to tax. In some cases, banks will deduct a large percentage from their income in order to calculate affordability, which would have impeded their application. We were also dealing with a married couple with two different tax residencies which is generally not possible when applying for a mortgage in Spain and we also had to deal with new mortgage legislation which meant that only very few banks would offer fixed rates to non-Euro earners.
 We were also dealing with a married couple with two different tax residencies which is generally not possible when applying for a mortgage in Spain and we also had to deal with new mortgage legislation which meant that only very few banks would offer fixed rates to non-Euro earners.
The Solution: Non-Spanish application for multiple tax residents
Within a week we had full bank approval for a 70% LTV mortgage, fixed for the full term of 20 years @ 2.49% with the only requirement being the entry into a buildings insurance policy with the bank for the first few years of the mortgage. The lender allowed overpayments of 25% of the outstanding capital free of charge each year satisfying all of the client’s initial requirements and within a very short space of time.
Within a week we had full bank approval for a 70% LTV mortgage, fixed for the full term of 20 years @ 2.49% with the only requirement being the entry into a buildings insurance policy with the bank for the first few years of the mortgage.
The Conclusion
Following a full assessment, Mortgage Direct will only apply to the banks that we feel would be best suited to your profile and thus, make sure we secure your mortgage approval in the quickest time possible. Not only that, given the volume of business we present to banks, we can secure you market leading mortgage conditions and an unparalleled level of service.
If you feel we can assist you, please feel free to contact us for a free, no obligation quotation for your mortgage.