If you are considering buying a holiday home in Spain it is a good idea to make sure that you have fully researched everything there is to know about property ownership in Spain and taking out an overseas mortgage. Remember that UK law is not relevant should anything go wrong either during the purchase of a property, the building of a property, or subsequent ownership of a property.

Spanish mortgages are very similar to mortgages as we know them in the UK. The fact that both Spain and the UK are in the European Union does offer extra protection. However, it is still vitally important that you seek independent legal advice before you commit to any kind of deposit or mortgage. Beware of mortgage schemes that seem to good to be true offering extremely low interest rates. Often these policies have variable rates that can almost double very quickly.

As the apartment is overseas it is even more important that you have adequate insurance for your apartment. Many insurance companies offer specialist holiday homes insurance and it is a good idea to shop around for the best policy for your needs.

Buying your dream apartment in Spain can be a good investment if taken wisely. However, there are hundreds of stories of British families who have bought apartments abroad only to find that the dream has not quite lived up to what they were led to believe. For some the properties themselves have been poorly constructed, for others they have just never materialised as cowboy builders have scammed them out of money.

Either way, if you have given money or committed to an overseas mortgage, you may find your dream quickly becoming a nightmare. At least if you have fully researched the property, any mortgages taken and also your insurance policy, there is a greater chance your dream will not become a nightmare.