The coronavirus outbreak has practically paralysed Spain. We are currently in the third week of confinement and the government has been forced to take further steps and has decreed a halt to all non-essential activities in the country.
Despite the fact that the banks are considered an essential service, not all branches are open and the authorities recommend not going out into the street unless it is a cause of force majeure.
However, in spite of this inconvenient scenario, those who are thinking of taking out a mortgage should keep in mind that the Internet is certainly their friend and can be taken advantage of more than ever at the moment. During these weeks of forced quarantine, it is possible to move a good part of the mortgage process forward.
As explained by mortgage experts in the idealista/hipotecas department, these are the three steps to start looking for a loan to buy a house in the midst of the COVID-19 crisis:
- Carry out simulations. Online mortgage simulators allow future mortgage holders to get an idea of the amount that can be applied for, what monthly payments would look like, how the payment would vary if the Euribor rises, in what period of time the loan has to be paid back and what expenses are involved in buying a home. In short, this is a process which will help you understand which mortgage makes sense for you.
- Compare offers. The second step is to compare the offers of the different banks online in order to familiarise yourself with the conditions they offer. In this sense, the recommendation is to pay special attention to the bonuses that each entity asks for in order to offer more competitive interest rates (for example, direct deposit of your salary, taking out insurance...), or the differences between fixed and variable rate offers.
- Start the application for a mortgage study. Despite the fact that many branches have closed their service to the public, idealista/hipotecas points out that banks continue to operate with a certain level of normality and attend to user enquiries via phone. Many banks also have online processes for initiating mortgage loan applications.
Another option is to use the service of a mortgage broker to manage your mortgage search online with many banks at the same time (preferably look for those who do not charge you any commission, nor demand any commitment from you). These intermediaries can study your profile and solve your doubts. If your application meets the risk criteria of any bank, you can send your documentation via email or an online document manager, so there is no need to leave your home. The broker will send your documentation to the banks so that they can study your application and give you approval.
Compare the best mortgages with us at idealista/hipotecas and solve any doubts you may have with us for free.
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