Costs and documents required for Spanish Equity Release
Documentation required for Equity Release if you are employed:
- Last 3 months bank statements
- Last 3 months pay statements
- Last 3 months Spanish mortgage statements
- Most recent P60
- A letter from your employer confirming your role, length of service and salary
- Credit Report from Experian or Equifax
- Occasionally you may be asked for a bank reference
- Property deeds
Costs involved in Equity Release:
The costs of an Equity Release mortgage can be included in the new mortgage meaning you rarely have to pay anything upfront other than the valuation.
An approximate breakdown of costs:
- Mortgage deed tax 1.8%
- Notary fees 0.75%
- Bank Arrangement fee 1%
- Valuation € 300
Translator
By N2H