MORTGAGES, DOCUMENTATION

You want to buy a new home and you need a mortgage. Here we help you!

Necessary documents requested by the bank to grant a mortgage in Mallorca.

One of the most important steps for the purchase of a new property is the application for a mortgage. And the most difficult part of this process is to provide all the necessary documentation. Being guided by an expert advisor can make this process much more manageable. Here, we will try to provide you with detailed information about the documents that banks usually require before approving your application and granting a mortgage.
 
Living Pollensa has the professional advice that will accompany you from start to finish to clarify all the doubts you may have regarding this and other issues related to the purchase of a new home.
 
In order for the bank to work on your mortgage loan they will need the following documentation;

DNI or NIE - Documento Nacional de Identidad (DNI) if you are a Spanish citizen. For foreigners, the Foreigner Identification Number (NIE).

Report of working life and last pay slips - The lenders assess with these documents that you have a constant and sufficient source of income to cover the payments.

Income tax return - Annual income assessment - they use this to calculate your borrowing capacity and make sure that you can meet your financial obligations.

Employment contract - this assesses your employment position, salary and employment stability.

Proof of other income - Additional income documentation if available.

Bank accounts - For review of your financial history.

Debt commitments - Assessment of other financial obligations

Simple note from the property registry- Legal confirmation of ownership and investment viability.

Valuation of the property - Determination of the real value of the property (usually arranged by the bank).

Life insurance - Guarantee in case of death or disability. Usually associated with the loan.

All of these documents provide important information about you and your financial situation, as well as your ability to handle the responsibility of a mortgage.

If you are looking for the mortgage to make your dream of buying a new home a reality, Living Pollensa is here to help you.