The news of Britain’s exit from the European Union, more commonly known as Brexit, continues to occupy page after page of the most-read newspapers in every country. With concerns about which nationalities will stay in the UK and who may be forced to leave and when the UK will exit, now could be the best time to step onto the European property ladder if you are a British citizen looking to invest in your family’s future. Dipping your toe in the water (more than literally) on a sandy beach may enable you to benefit from the European Union in the future without needing a visa.

There are a number of factors to consider when purchasing a home in Spain. Legal advice should always be sought and you should ensure that you are financially ready to purchase when the time is right. Two main factors to consider are the mortgage rates and having a mortgage ready when you choose your home.

Mortgage rates
Spanish mortgage rates are currently higher than the excellent rates available from UK banks. If you are looking to buy in Tenerife for example (see picture!), a current property hotspot, you could be paying 2 to 5% more if you get a mortgage from a Spanish bank than if you agree to a mortgage with an English bank. A Spanish mortgage often takes longer to arrange compared to a mortgage from a British bank. There’s less paperwork to complete, you don’t have to get translations of your English language documents, and of course, it’s much easier to arrange and agree to a mortgage when you do it through a banking system that you know and use every day. You can simulate a mortgage calculation here and compare various rates so you know what you can borrow and what you will pay every month.

Act sooner rather than later
The advantage of arranging a mortgage before you fly is that you know your budget and you know that you have access to credit. This means that when you fall in love with THE property of your dreams, the mortgage is already approved and it’s simply a case of signing on the dotted line.

In sum, organise in advance so you are guaranteed to get the Spanish property of your dreams. Please have a further look on our website to find a nice overview of property for sale in Spain.