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When you apply to a bank or loan broker in Spain for your Spanish mortgage you will need to provide them with a copy of an up to date Credit Report as one of the references they will request so get ready and obtain your credit report online now.
What is a credit report?
Any time you borrow money, use a credit card, obtain a catalogue, etc the details are passed to and held by credit reference agencies like Equifax and Callcredit, these are then used to create you public credit file held by Experian. It also takes into account electoral roll information, county court judgments, individual voluntary arrangements and bankruptcies. The credit reference will also list all your known address, including any listed correspondence addresses, and will show how these address are related to you & how anything registered on them affect your credit score.
Why do the Spanish banks need this?
Obviously if you have never lived or worked in Spain they have no way of seeing if you are a good/bad credit risk, therefore they will ask for you to provide a credit reference so they can use the same checks that any UK lender would use. The advantage of obtaining your own credit report is that once you have it you can produce it to any lender you choose to put an application into which could speed up the overall process.
While you are waiting for the results of your credit report why not apply for a Spanish mortgage quote and we can tell you how much your monthly costs will be based on the best interest rates available in Spain right now! |
