The management of a mortgage involves the delivery of a series of documents with which the bank will obtain information about your financial situation and your ability to meet the payment of the installments. But remember that the bank is also obliged to provide the client with data on the conditions of the loan it offers.
In this article we indicate which are the most relevant documents that are presented during the management of mortgages.
Information that the bank must submit before signing
With the Mortgage Law approved in 2019, the bank must deliver to the client a series of documents related to the mortgage loan that is going to be granted.
Pre-contractual Information Sheet (FIPRE)
In this document the bank provides, free of charge, information about the mortgage loan. It includes the same conditions that the bank offers through its advertising, so they are not binding.
It is very useful for the client since through these files you can compare the characteristics of the mortgages offered by each bank.
European Standardised Information Sheet (ESIS)
In this case we are talking about a binding document. It details all the conditions of the mortgage before proceeding to its contracting.
The client must receive the ESIS at least ten days before the formalization of the loan. The document includes a report with the credit profile and degree of solvency of the applicant.
What data is included in this file?
- Lender details
- Intermediary data (if any)
- Characteristics of the loan
- Interest rate and other charges
- Periodicity and number of payments
- Amount of monthly installments
- Table illustrating reimbursement
- Other obligations of the borrower
- Early refund (whether there is commission or not, and the amount)
- Elements of flexibility
- Other rights of the borrower
- Claims
- Consequences for the customer (borrower) for default
- Additional information
- Loan Supervisor
European Standardised Warning Sheet (FiAE)
This document includes the clauses that apply to the mortgage contract, as well as the risks assumed by the client. It includes official benchmarks, the possibility of early maturity and foreclosure or the distribution of expenses.
Documentation that we must provide to the bank
Basically they are documents with which the bank will check your degree of previous indebtedness, your savings and your ability to return the borrowed money.
Documents about your personal data
NIF, passport or residence permit if you do not have Spanish nationality. In case we have separated or divorced, we will also be asked for the judgment and regulatory agreement.
Documents on the employment and economic situation of the client
- Working life history
- Last income tax return
- Bank statement for the last 6 months
- Simple writings or notes for other properties
- Last receipts for recurring payments we have
- If we live in a rented house, rental contract and last receipts
- Mortgage guarantee, if necessary
- Credit history
In addition, if the customer is an employee, he must deliver:
- Employment contract
- Three last payrolls
- Justification of other income in which there is one
If the interested party is self-employed, then the bank will ask him:
- VAT return for the previous year and quarterly returns for the current year
- Annual income tax return
- Fractional payments of personal income tax
- Last receipts of the payment to Social Security
- Likewise, it is recommended that the self-employed have a report of their business
If you are a pensioner, you must present to the bank:
- Social Security certificate justifying your income
- The last tax return.