Navigating Spanish mortgages amid COVID-19
As we navigate Spanish mortgage during Covid-19, it’s reassuring to see that many potential buyers are using this period to reevaluate their property plans and aspirations in Spain. Despite the global uncertainty, the Spanish mortgage market remains active, and significant progress is still being made.
In recent weeks, I’ve spoken to numerous potential buyers who have expressed surprise at how well our brokerage and Spanish banks are adapting to the current situation. For example, one recent mortgage application submitted on March 20th was approved by March 25th—a remarkable turnaround by Spanish standards. This efficiency demonstrates our commitment to supporting your property dreams despite the pandemic.
For example, just last week I successfully submitted an application for one of my clients to one of the main banks on Friday 20th March, and the approval subject to valuation was received back on Wednesday 25th March – an amazing turnaround time especially by Spanish standards!
Encouraging updates from Spanish mortgage lenders
Recent communications from major lenders confirm that:
- Notary offices continue to operate, with health precautions in place (masks, gloves, and personal pens).
- Valuers are still conducting property evaluations, provided key holders agree.
These updates provide reassurance that we can maintain normal operations as much as possible, continuing to support your mortgage needs.we can continue to operate as normal as possible. Business as usual from this end.
Most Notary offices are still open for business as usual and signing mortgages where all parties can attend and are willing to continue (with obligatory, masks, gloves and own pen!)
Why you should start your property buying process now
- Be Prepared Before Travel Restrictions Lift: Once travel restrictions ease, expect a surge of buyers entering the market. Estate agents report having a pipeline of ready buyers, which means you could face stiff competition. By preparing your mortgage finance in advance, you’ll have a significant advantage over others.
- Save Time and Reduce Stress: Arriving in Spain with pre-approved mortgage finance allows you to focus on finding your dream property rather than scrambling to secure financing. Handling financial paperwork from abroad can be time-consuming and stressful, so it’s beneficial to sort this out beforehand.
- Understand Your Financials Clearly: Initial mortgage approval provides clarity on your repayment terms and costs. This transparency helps ensure that your finances are in order and everything is affordable. We assist you in understanding these terms and resolving any queries you might have.
What we know from feedback is that vendors and agents are hugely more receptive to those clients that have taken the time to organise their mortgage finance upfront and have proof to show. It gives you a significant advantage over somebody that just assumes they will be alright.
Why choose Mortgage Direct?
Our initial approvals typically remain valid for 2 to 3 months and can be renewed with our support. With privileged access to banking contacts and expertise in securing the best market terms, Mortgage Direct saves you time, stress, and money.
Despite Spanish mortgage during Covid-19 and its challenges, there is much to look forward to. The dream of owning a property in sunny Spain is still within reach. The team at Mortgage Direct is ready to help you make this dream a reality.
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