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 Novi Property Mallorca 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.

At Novi Property Mallorca we work with a number of different institutions and will be happy to introduce you and guide you with your choice.