Property in Marbella

Possibility to cover more than 80 % of the property's price

You are able to buy a house without having a lot of savings. These mortgages are getting more and more popular with a benefit for both: the client and the bank, which studies each case and establishes the amount to be paid in monthly rates. The solution is a 100% mortgage loan, a credit that covers the full expenses of your property.

Procedures to be done

The most common ways to get this 100% financing are:

• Apply for a second mortgage to cover the first one, in order to complete the remaining 20% of the 80% that is usually obtained in a common loan. This amount of 20% is more expensive and must be paid off in less time; usually between 5 and 8 years.
• Apply for an 80% credit loan and a personal loan for the remaining 20% at the same time.
• Use a referee to cover the risk of not paying, though this is a more risky possibility for both, the buyer and the referee.
• The initial fee of the financing insurance could be included in the mortgage total value, and is paid monthly within the same instalment, reaching up to 97% of the credit. These insurances are the borrower's responsibility!

Six mortgages for 100€

Caja España:
Mortgage special Youth: You can finance up to 100% of the property in 30 years. They also offer two years without any repayment.
Banesto:
Mortgage of 100€: They finance up to 100% with a partial family guarantor that covers over 70% of the appraisal value.
Caja Madrid:
Maximum Mortgage. It finances the property’s total value and you can choose between a fixed, variable or mixed interest rate.
Banco Santander:
Super Revolution Mortgage. For loans over 80% through a mortgage insurance that covers 97% of the appraisal value.
BBVA:
Easy Mortgage Variable: It allows the funding of up to 100% of the property and you can choose the share to pay every year, rising or reducing the deadline.
Ibercaja:
Mixed Mortgages – Variable: Loans that give you 100% of the property’s value.

The keys when you want to buy a house - Things to check concerning the seller:

1. Always: Check the seller's title deed and check the Property Ownership Register to make sure that the house hasn't got any debts, such as seizures or mortgages, and the vendor is the real homeowner.
2. If you are buying a new constructed house: You have the right to be informed on the characteristics of the place, the services the building will have, the detailed plans and the identification data of the real estate promoter. Make sure that the builder cannot make you pay the bills that legally belong to him, for example: Horizontal division, the new building title deed or the promoter's mortgage cancellation fee.

Updated bills

• Be sure that the vendor has paid all the contribution receipts and the owner association fees.
• The property should not be rented out
• Read the owner association regulations to know your rights and obligations within the community.
• For new buildings: Check if it has a building works licence; that the property has a first occupancy licence and is legally fit for habitation. That the real estate promoter has fulfilled the urban duties
• Once you have signed the Deed of Purchase, you must inscribe the property with your name in the Property Ownership Register.
• Keep in mind that you have to pay the Tax Office a 6% (7% in some autonomous regions) of the sales price in a period of 30 working days, if it’s a second hand property; and a 7% of VAT, plus 0,5% of the sales price without VAT if it’s a new property.
• The payment of the local tax on the increase in the value of the property («municipal capital gains tax») corresponds to the seller by law, unless you agree to something different.