Dolphin Properties works with a large number of Spanish and foreign banks, and will gladly assist you in obtaining a mortgage or a re-mortgage.

The Spanish mortgage market has undergone considerable changes over the last few years. Where in the past it was only possible to obtain an annuity mortgage with a relatively short loan-term, many banks have now extended their range of products, for both residents and non-residents. Loan-terms can now be up to 40 years, and can include a certain ‘honeymoon period’, during which you will pay only interest.

Mortgage products that we offer include:

• Interest-only mortgages
• Equity release
• Home reversal plans
• Inheritance tax solutions
• Self-certification mortgages 

The widely advertised 100 % mortgages are still really difficult to obtain, and may only be applicable to property purchases where the valuation is considerably higher than the actual sales price.

If you wish to apply for a mortgage, we will first obtain a relevant number of provisional bank offers for you, based on and subject to the initial information that is provided by you.  These offers will include the following information:

• Loan amount                                                  
• Loan duration
• Interest rate
• Opening commission
• Cancellation fee
• Early repayment fee
• Interest only period
• Fixed interest rate period
• Frequency of interest rate corrections
• Loan-to-value maximum

These offers will be subject to the bank’s verification of your documentation as being a complete and accurate representation of your financial situation, and to the valuation of the property by the valuation company instructed by the bank to provide such.

When you decide that a certain bank offer best meets your financial situation, we will submit your application to the bank in question for their assessment.

Please be aware that the bank will only be able to process your application if you provide complete, correct and verifiable documentation. This will include:

• Passport and ‘NIE’
• 3 Most recent pay slips
• 3 Most recent bank statements
• Proof of other income
• Most recent tax return
• An overview of your outstanding financial obligations (including loans)
• A copy of your pre-agreement (or proof of payment of the deposit)

If you already own the property, the bank will additionally require:

• Your ‘Escritura de Compraventa’
• Your most recent ‘IBI’

If you already own the property and have a mortgage, but wish to re-mortgage, the bank will also want to have:

• Bank statements demonstrating the 3 most recent mortgage payments
• Your ‘Escritura de Prestamo Hipotecario’ for the existing mortgage

In addition to the bank’s opening charge and cancellation and/or early repayment fee, it is important to be aware of the additional costs and fees that will be involved in obtaining a mortgage on your property. These costs and fees will be deduced from the actual funds made available to you by the bank.

When the bank gives us written confirmation of their intention to approve your mortgage application we will ask you to make a payment for the valuation fee. We will open an account with the bank in your name and ask you to arrange for payment. The price of a valuation may differ slightly per bank, based on the valuation company that they choose to instruct, but will generally be around 0,01 % of the valuation of the property (usually with a minimum of EUR.250,-)

Additionally, Dolphin Properties will charge a handling fee for obtaining the mortgage on your behalf.  When you decide that you wish us to apply for a mortgage, we will ask you to sign a ‘Letter of Acceptance’ and pay for the initial handling fee of EUR 250,-. This initial handling fee is non-refundable, but will be set off against the final handling fee that is due only on completion of the mortgage. Dolphin Properties will not take any action until the initial handling fee has been received in full.
           
The final handling fee charges are as follows

• less than EUR. 60.000,-      >     handling fee EUR 750,-
• EUR. 60.000,-  to EUR. 100.000,-      >     handling fee EUR 500,-
• more than EUR 100.000,-      >     handling fee EUR 250,-

This final handling fee will be payable at the completion of the mortgage at the notary’s office, but will be reduced by the initial handling fee of EUR 250,-. If you apply for a mortgage on a property you are going to purchase by or through Dolphin Properties, these handling fees will be waived.

Should there be any need for the involvement of any third party (such as a ‘gestor’), the fees and/or costs for the service provided by such third party shall be borne by you. We will not engage the services of any third party without your prior written consent.