Bank account in a Spain.
In Spain it is very important to have a Spanish bank account, especially when buying a property, or if you have already bought a property, to pay for the water and electric bill, council taxes, rubbish and recycling taxes etc. You will need to open a bank account your last tax return, i.e., P60, your original passport, a mobile telephone number for online banking, an email address for correspondence, a utility bill proving your address, and finally your NIE number. If you do not have an NIE number, please click the following link: NIE information page.
Mortgages are still ready available in Spain to buy Spanish properties, although the amount that the bank will lend you depends on your documentation and income, if you want to buy a property with a mortgage, please contact us to find out what documentation you will need to supply us in order to get a simulation of how much the bank will lend you in principle, and the terms and conditions.
Please note, that now the banks in general do not like giving low value mortgages of less than €40,000, but there are always exceptions, so please do not hesitate to contact us.
If you are wanting to buy a property and the bank will not give a mortgage due to the low amount that you want to borrow, it may be possible to get a personal loan to make the purchase, setup costs are less than a mortgage, interest rates are higher, and repayment years are normally from 5 to 7 years maximum, so monthly repayments will be higher than a normal mortgage, but paid off quicker. The documentation needed for a personal loan is virtually the same as what you would need to supply for applying for a mortgage, but the bank may also request some type of security guarantee.
Now with the banks being owners of the major insurance companies or linked to them, the banks can offer some excellent insurance packages tailored to your needs, from the very basic house insurance to fully inclusive. The policies are available in various languages as are the helplines should you have a problem and need to call. Please note that you will need a Spanish bank account open in the same bank as you are contracting the house insurance.