Banking in Mallorca
It is essential when buying a property in Mallorca that you open a bank account through which the purchase monies can be paid and for the subsequent payment of utility bills, council tax, service charges etc. If you take out a mortgage, whether through the same bank, or another, you will also need an account for discharging your monthly repayments.
The Mallorca Mortgage Business recommendation is that you choose the bank, and open the account, as soon as you start to seriously look for a property, to avoid the risk of delays once you have identified your new home and want to move to exchange of contracts. It is also worth considering transferring your deposit monies at the same time, again to avoid delays further down the line. We also recommend obtaining a mortgage offer at the outset in order to set a realistic budget, understand up front what repayment costs you will have and to save time later down the line. Although any offer will be subject to a valuation of the finally chosen property this can generally be done within a few days so you will be in a position to move very quickly once you have identified your home - not only will you secure the property more quickly but often you can negotiate harder (a seller is much more likely to be prepared to reduce the asking price if a buyer is willing and able to exchange contracts / sign the private contract quickly)
At The Mallorca Mortgage Business we work with a number of different institutions and will be happy to introduce you and guide you with your choice.
At The Mallorca Mortgage Business we will be happy to help and guide you in relation to many other financial aspects, working in partnership with a selection of carefully chosen institutions, consultants and advisors. See the following links for further information.
- Arranging mortgages in Mallorca - How to arrange a mortgage in Mallorca and what information do you need.
- Get a mortgage quote - Independent and professional mortgage advice.
- How to get the best exchange rates - Currency exchange services from our Currency Partners HIFX
- Banking in Mallorca / Majorca - Opening a bank account in Mallorca
- Property insurance - Specialist property insurance for residents, non residents and holiday home owners
Tel. +34 661 560 284 Fax eMail info@mortgagesinmallorca.com
