Undoubtedly, acquiring one's own home represents one of the most significant decisions in the lives of many people. This fascinating journey begins long before selecting the perfect apartment or house. The challenges and opportunities in the Mallorca real estate market demand careful preparation and at least a basic understanding of the financial planning required for it. Step by step, from evaluating your budget to understanding the detailed "mysteries of mortgages," we will provide you with advice and some tools. Are you a first-time home buyer for personal use and permanent occupancy? Here and now, we offer you a small guide designed for you, intending to help you approach this process with confidence. Go for it!

Your path to homeownership: Budget and Income Assessment for Buying a Home

How do I take the first step? The key is to understand how much we can invest in our new home. This process involves dedicating time to thinking and planning. We start by analyzing our incomes, current expenses, and potential savings capacity. Here we provide a series of simple steps to calculate our budget:

1. Evaluate our Monthly Incomes: We add up all our sources of income, whether it's salary, additional income, and, if applicable, the financial contribution of my partner or family members.

2.  Review our Expenses: We make a list of our monthly expenses (ALL, every penny of our monthly expenses, including coffee, beer, etc.), both fixed and variable. This will give us a clear view of how much we can allocate to the payment of a mortgage.

3.  Estimate our Savings Capacity: Based on the incomes and expenses we previously noted down for 30 days (at least), we calculate how much money we can save each month. The savings we have are fundamental for the down payment on the property.

4.  Plan how to Address Future Expenses: Remember that owning a home entails expenses that we didn't have before; such as taxes, repairs and renovations if necessary, beautification (yes, it's always good to give the house a little something!), maintenance, and insurance.

Remember, being realistic with your budget is key to avoiding financial problems in the future.

What are the main criteria of Banks for Granting Loans? What should we consider to improve our Credit Profile? What should we do to Understand the Conditions?

If nobody has told you before, we'll tell you: we must understand what banks look for when granting loans. We explain some key aspects that we must take into account.

a) Internal Bank Policies: Each bank has its objectives, historical moments, limits, and credit policies, which can affect the ease or restrictions with which they approve a loan, the interest rate, and other terms and conditions of it. Therefore, before starting this journey, let's find out if our bank is the one granting loans more easily and with better conditions or if it's time to try another entity.

b) What Situation and backing do we have at a Personal and Family Level:  First of all, we have to see if the bank or entity where we want to request a loan knows us or knows our family. Do we operate with them regularly or are we new customers? In the same line, they will consider factors such as the number of people depending on us and our marital status. If we are married applicants with children, we could have different considerations regarding the ability to pay compared to someone single.

c) Our Credit History:  Yes, of course. Not always a bank wants to be the first to lend to us... so check the credit history to evaluate our previous payment behavior. Therefore, a good credit history is decisive. A history without defaults and good management of previous credits will be beneficial; having a good record of paying debts and bills. We can check if we are present in any of the debtor files in Spain.

d) Savings and Own Funds:  They will take into account the amount of savings and initial capital that we, as applicants, can contribute. Except for special credits, linked to some government program or target audience of the credit institution, commonly, banks ask that as buyers we contribute at least between 20 and 30% of the value of the property to be purchased. For a house of 250,000 euros, the bank could require the applicant to contribute at least between 50,000 and 75,000 euros. Do we take into consideration the notary, tax, and management expenses? We will answer this in the next article.

e) Job Stability: As applicants, our employment situation will be analyzed, preferably with a permanent contract or a history of stable employment. Generally, applicants with indefinite contracts and several years in the same job are highly valued.

f) Ability to Pay: Banks evaluate our monthly incomes and compare them with our recurrent expenses, starting with our pre-existing debts. Usually, the mortgage installment should not exceed a percentage of the monthly net income, often around 30 to 40%. Check the mortgage simulator available on the website of any national bank.

g) Debt-to-Income Ratio: The percentage between the total debts of the applicant and their incomes is calculated. Risk assessment services of banks in Spain calculate 35% of net incomes.

h) Property Value and Appraisal: Banks conduct an appraisal of the property to ensure that the loan amount does not exceed its market value. If the property is valued at 300,000 euros, the bank will not offer a loan greater than that value. Some entities have preferences or restrictions on the type of properties they finance, including location. In some towns and cities, properties in central or developing areas may have a more favorable valuation.

i) Age and Loan Term: Our age as applicants at the end of the loan must not exceed a certain limit. This affects the maximum term of the loan.

To be continued...

1. Hiking: Mallorca is home to fantastic hiking trails offering stunning island and Mediterranean views. The island's Serra de Tramuntana mountain range is particularly popular with hikers, offering challenging trails and breathtaking views. Visitors can also explore the island's forests, valleys, and coastal paths, which offer a variety of terrains and landscapes to discover.

2. Water Sports: Mallorca is a popular destination for water sports enthusiasts, offering a range of activities, including swimming, snorkelling, diving, and windsurfing. The island's clear waters and consistent winds make it the perfect place to enjoy a variety of water sports. Visitors can also explore the island's caves and coves, which are only accessible by boat and offer a unique and exciting experience.

3. Cycling: Mallorca is a great place for cycling, offering a variety of scenic routes and terrains to explore. Visitors can rent bikes and explore the island's countryside, mountains, and coastal roads, taking in the stunning views as they go. Many organised cycling tours are available, allowing visitors to experience the best of Mallorca's cycling routes with a guide. Don't miss out on our section of properties ideal for cyclists.

4. Kayaking: Mallorca's crystal-clear waters make it an excellent destination for kayaking. Visitors can rent kayaks and explore the island's coves, beaches, and caves, getting up close and personal with the stunning coastline. Several organised kayaking tours are available, offering a unique perspective on the island and its surroundings.

5. Rock Climbing: Mallorca offers some fantastic rock climbing opportunities, offering challenging routes for experienced climbers and beginner-friendly routes for those just starting. The island's cliffs and rocks offer a variety of terrains to explore, and visitors can also enjoy stunning views of the Mediterranean from the top.

Whether you are an experienced outdoor enthusiast or just looking to try something new, Mallorca offers a wide range of outdoor activities to enjoy. So why not book your holiday rental today and start exploring the island's stunning landscapes and waters?

1. Valldemossa: Valldemossa is a small hilltop village known for its charming streets and historical buildings. The village is famous for being the summer residence of the composer Frédéric Chopin and his lover George Sand. Visitors can explore the Palau de Valldemossa, once their home, and learn about their time on the island.

2. Sóller: Sóller is a charming village in the heart of the Tramuntana Mountains. The village is known for its historic buildings, including its church, town hall, and picturesque orange groves. Visitors can take a scenic tram ride from Sóller to the nearby town of Palma de Mallorca or explore the village's many restaurants and shops.

3. Deià: Deià is a small village located on the northwest coast of Mallorca. The village is known for its beautiful scenery, including its rocky coastline and terraced hillsides. Visitors can explore the village's narrow streets, historic buildings, and ancient castle ruins and enjoy some of the local cuisines in one of its many restaurants.

4. Pollença: Pollença is a historic town located in the north of Mallorca. The town is known for its narrow streets, historic buildings, and beautiful plazas. Visitors can explore the town's many art galleries and museums and enjoy some of the local cuisines in one of its many restaurants.

5. Alaró: Alaró is a small village located in the centre of Mallorca. The village is known for its charming streets, historic buildings, and stunning views of the surrounding countryside. Visitors can explore the village's castle ruins and enjoy local cuisine in one of its many restaurants.

Whether you are a history buff, an art lover, or simply looking for a unique cultural experience, these villages in Mallorca will surely provide an unforgettable experience. So why not book your holiday rental today and explore these charming historic villages?

Select the Ideal Time to Visit:
Choosing the right time to visit Mallorca is crucial for a perfect holiday experience. The island enjoys a mild climate all year round, but peak tourist season is from June to August. If holidays permit, consider visiting during the shoulder seasons, from April to May or September to October, when the weather is pleasant, prices are lower, and the crowds are thinner. July and August are the busiest times, but still wonderful times to visit. 

Determine Your Preferred Type of Accommodation:
Mallorca offers a range of accommodation options to suit different preferences and budgets. Choose the type of accommodation that aligns with your needs and desired experience, from luxury villas to apartments and townhouses, Mallorca has it all. Take a look on our website to see availability.

Explore Palma de Mallorca:
If you're here outside of July and August, set a day in your diary to explore Palma, the island's vibrant capital. Stroll through the narrow streets of the historic centre, visit the magnificent La Seu Cathedral, and take in the breathtaking views from Bellver Castle. Don't miss the opportunity to sample the local cuisine at one of the city's charming restaurants and cafes.

Discover Mallorca's Beautiful Beaches:
Mallorca is famous for its stunning beaches with crystal-clear waters. Head to the northern coast for picturesque coves like Cala Mesquida and Cala Agulla, or visit the renowned beaches of Cala Sant Vicenç, Formentor and Alcudia. For a more secluded experience, explore the hidden gems of the southwest coast, such as Cala Pi and Cala Blava.

Embrace Outdoor Activities:
Mallorca's natural beauty offers ample opportunities for outdoor enthusiasts. Hiking enthusiasts should venture into the Tramuntana Mountains, a UNESCO World Heritage site, and conquer the iconic Puig de Massanella or take the scenic route along the famous GR-221 trekking trail. Watersports lovers can enjoy sailing, snorkelling, or kayaking along the stunning coastline.

Immerse Yourself in Local Culture:
To truly experience Mallorca, immerse yourself in its rich culture and traditions. Visit charming villages like Valldemossa, Deià, and Sóller, where you can admire the traditional architecture, explore local markets, and enjoy authentic cuisine. Don't miss the opportunity to witness the vibrant festivities during local fiestas and events, which showcase Mallorca's unique heritage.

Taste the Gastronomic Delights:
Mallorca's culinary scene is a treat for food lovers. Indulge in traditional dishes like paella, sobrasada (a local type of sausage), and ensaïmada (a sweet pastry). Sample local wines and spirits such as Mallorcan wines, Hierbas liqueur, or Palo, a unique herbal liqueur. Be sure to visit the island's vineyards, olive groves, and local markets to savour the authentic flavours of Mallorca.

Explore Off-the-Beaten-Path:
While popular tourist spots offer incredible experiences, consider venturing off the beaten path to discover hidden gems. Explore the picturesque villages of Fornalutx and Banyalbufar, or head to the Cap de Formentor, a breathtaking peninsula with stunning cliffs and panoramic views. These lesser-known locations offer a unique and tranquil escape from the crowds.

Planning the perfect holiday in Mallorca requires careful consideration of factors such as the ideal time to visit, preferred accommodations, and the diverse range of attractions and activities the island offers. By immersing yourself in the local culture, exploring the natural beauty, and indulging in gastronomic delights, you can create a memorable experience in this Mediterranean paradise. Whether you seek relaxation, adventure, or cultural exploration, Mallorca has something to offer every traveller. Start planning your dream holiday in Mallorca, and prepare for an unforgettable adventure!

1. "The Mallorca Files" (2019-2021)

This hit BBC One day time TV series follows a British detective and her German counterpart as they solve crimes on the island. The show was praised for its stunning visuals, which captured the beauty of Mallorca's coastlines, mountains, and cities. It also highlighted the island's gastronomy, culture, and local traditions.

2. "Cloud Atlas” (2012)

From IMDB, ‘An exploration of how the actions of individual lives impact one another in the past, present and future, as one soul is shaped from a killer into a hero, and an act of kindness ripples across centuries to inspire a revolution.’ With the iconic Torrent de Pareis beach used in one of the opening scenes.

3. “The Night Manager“ (2016)

With rumours of a second season, The Night Manager and it’s star-filled cast was filmed in Mallorca, with an inside peek at the amazing Fortaleza property that you can see from Port de Pollença. Mallorca was chosen alongside other iconic locations, such as the Matterhorn in Switzerland.

4. “Hustle“ (2022)

That one where Adam Sandler dressed up in full Siberian winter get-up during the hottest day in July for a second-long clip of him feeding a Mcdonald's chip to a goat, yeh, that was filmed here too.

5. “Lioness” (2023)

Staring Nicole Kidman, Morgan Freeman and Zoe Saldaña, Lioness was filmed here just this past winter. The programme is inspired by a real-life undercover program of the CIA; it promises to follow a team of operatives attempting to bring down a terrorist organisation within, using a female operative to infiltrate the organisation.

6. “The Crown”

Some impressive water scenes have been shot for The Crown in Mallorca, including the hotly anticipated last season, which featured the difficult times between Princess Diana and Prince Charles. That boat they were holidaying on that was based here in Mallorca.

In conclusion, Mallorca continues to attract filmmakers from around the world thanks to its diverse landscapes, rich culture, and favourable weather conditions. The island's appearance in these recent productions has helped to promote it as a versatile and visually striking location for film and TV. It remains to be seen what other stories will be told on Mallorca's shores in the years to come.

During this period, access to the peninsula from the Mi-2210 will be restricted from 10 am to 10:30 pm. Two restriction levels have been established, and only authorised vehicles, public transport, emergency services and bicycles can enter. Authorized vehicles can only park in designated areas, and roadside parking is prohibited.

The Department of Mobility and Infrastructure of the Council of Mallorca explains that this regulation aims to protect a sensitive environmental area with high landscape values. They encourage the use of public transport to access Formentor. To facilitate this, the TIB will offer a bus service to the restricted zone, and visitors arriving by car can park at the Port de Pollença, where there are three bus stops to access the peninsula.

The Council of Mallorca will contract a team of informers to be stationed near the barriers to answer questions. They will also launch a campaign to disseminate and inform about traffic regulation in the media and on the Council's website. The Council advises visitors to request permission by emailing formentor@dgt.es at least three business days in advance.

In the first level, residents in the restricted area and their visitors, as well as vehicles that transport people with reduced mobility, taxis, VTCs, and buses with authorisation, can be authorized. To access the lighthouse, the same procedure applies, but the request must always be submitted in advance. Only residents, authorised vehicles, and services can enter the area from kilometre 8.7 to kilometre 19.6.

The Council of Mallorca reinforces the importance of taking care of the environment and values the use of alternative mobility and respecting traffic regulations. Visitors can still enjoy Formentor's beautiful beaches and landscape while caring for the ecosystem.

The cap on rent prices is one of the most controversial measures included in this new law. The legislation establishes that in those areas where there is a shortage of affordable housing, the government can set a limit on the price of rent. The objective is to prevent abusive practices in the rental market and guarantee affordable access to housing for all citizens. However, critics argue that this measure could lead to a reduction in the supply of rental housing and an increase in the black market.

Another significant change introduced by this law is eliminating the use of the IPC as a reference for rental price adjustments. This index has been the most commonly used reference in Spain, and it has allowed landlords to adjust rents based on inflation. However, this practice has also been criticized because it has led to significant rent increases, making it difficult for many people to afford rental housing. With this new law, the government aims to promote stability in the rental market and make it easier for tenants to plan their expenses.

The new Law on Housing also includes other measures to promote access to affordable housing. For example, it establishes the possibility of expropriating vacant properties owned by banks or large companies for social housing purposes. It also establishes new measures to prevent evictions, such as the extension of the period of grace for tenants in situations of vulnerability or the prohibition of evictions of families with children under the age of three.

In summary, approving the new Law on Housing represents a significant step forward in regulating the rental market in Spain. While some of the measures included in the legislation are controversial, they all aim to guarantee access to affordable housing for all citizens and promote stability in the rental market. It remains to be seen how effective these measures will be in practice and what impact they will have on the supply and demand of rental housing.

So, as a fun language lesson, here are some Spanish and Mallorcan idioms to expand your linguistic horizons. If you have any others to share, let us know!

The Mallorcan ones:

‘Da-li cebes!’ - this is a popular one you’ll hear if cheering on a race. This one is something like ‘give it your all!’ Although directly translated as ‘give it onions!’

‘Què n’ets de poma!’ - this is what you call someone naive or silly. Literally translated as ‘you’re an apple’

‘Cercar a na Maria per sa cuina’ - this is what you say when life is a real mess. The direct translation is ‘looking for Mary in the kitchen’

‘Sortir del foc per anar al caliu’ - this basically means things going from bad to worse. Directly translated as ‘from the fire to coals’.

Now for some Spanish ones:

‘Tomar el pelo’ - this means to pull someone’s leg. Directly translated as ‘take the hair’.

‘Tirar la casa por la ventana’ - this is a good one, this is no expense spared. Or quite literally translated as throw the house out the window.

‘Darle la vuelta a la tortilla’ - to turn the fortune of something, or quite literally flip the omelette.

There are a lot of Spanish idioms around food, but what is amazing is just how much they love to talk about milk.

‘¡Eres la leche!’ - Literal translation: You’re the milk! English equivalent: You’re unbelievable!

‘Estar de mala leche - Literal translation: to be of bad milk. English equivalent: to be cranky.

‘Tener mala leche’ - Literal translation: to have bad milk. English equivalent: to be mean / to have bad luck.

‘A toda leche / echando leches’ - Literal translation: at all the milk / pouring milk. English equivalent: at full pelt / to do something hastily.

And there’s actually even more about milk alone, but let’s leave it there for now. Hopefully, this was educational, if just a bit silly.

The poster girl and legend of Lent, La Jaia Corema watches over the children, and one of her seven legs is cut off as each week passes. On Easter Saturday, she is taken down from the wall she's been hung on and cut in two. And the children tuck into their sweets.

Palm Sunday

Rewind to the weekend before, and the Diumenge del Ram (Palm Sunday to you and me) is the first Easter event to witness. Palms are made into fantastic shapes and sizes and hung on front doors and balconies. A Palmerero will prepare the palm leaves well in advance to grow them in the characteristic white colour. Made by hand, the decorations range from simple plaited designs that children can make or more elaborate ornaments that can take three days to produce. On the morning of Diumenge de Rams, after the blessing of the Palm, the priest and children of the church form a parade, palm in hand, and walk from the Monti-Sion church to the main church in the square.

Holy Thursday

On the evening of Dijous Sant (Maundy Thursday), the Last Supper, the Betrayal of Jesus and other scenes from the Easter story is depicted in the streets and plazas of Pollensa. A parade of townsfolk, in all their penitents garb, leads Jesus to witness these scenes as he drags the cross over his shoulder. Known as the Processó de la Sang (Procession of the Blood of Christ), it is all very sombre and well worth coming out to see. But this is not the main Easter event in Pollensa; the Good Friday procession is what puts this little town on Mallorca's fiesta map.

Good Friday

Known as the Davallament, the hooded confrarias (brotherhoods from various parts of the town), move slowly down the famous Calvari Steps. The scene, in silence except the eerie beating of a drum, with a sea of torches and pointed hoods against the night sky while the Calvari chapel peers down from the top of the hill, is a spine-tingling affair. Whether you're a believer or not, this display of Easter is a sight to behold. For the full impact, make your way up the Calvari steps half way up is perfect, and make sure you have your spot before they leave from the top. Get your camera ready; this is a photographer's dream.

Easter Sunday

Come Sunday morning, the market in Pollensa becomes a secondary distraction as the Procesión del Santo Encuentro culminates in the main square and the image of Jesus meets the image of his mother. The joy of the event is followed by a quick and perhaps surprising spectacle of gunfire. Rounds shift in turn between different rooftops, once it's over those inclined head to church for the solemn Mass.

Easter is all tied up on the Monday or Tuesday with a mini-pilgrimage to out of the way refugis.

Practicalities

Diumenge del Ram: Solemn Mass and the procession starts at 11.45am

Dijous Sant: Processó de la Sang starts at 9.15pm. The Quadres de Passió are set up in the Plaza Major, Sant Jordi, the stations of the cross on the Calvari, the St Isidre fountain and at the Convent.

Davallament: the descent begins around 9pm. Make sure you're in situ before then. It gets crowded all of a sudden.

Traditional Easter Food

Panades are our favourite meat pies, find out how to make them in our past blog post.

Where to Stay

For a selection of properties walking distance to the events, see our properties in Pollença. Click here.

Outdoor Activities

Mallorca is a nature lover's paradise, and the spring weather is perfect for outdoor activities such as hiking and cycling. There are plenty of trails to explore, ranging from easy walks to more challenging treks, and you'll be able to enjoy breathtaking views of the island's coastline, mountains, and countryside. Check out our other post about 'The top 10 walking excursions in Mallorca' for some walk ideas. We're working on a cycling post, so keep your eyes peeled if that's your thing! 

Another popular outdoor activity in Mallorca is golf. The island is home to several fantastic golf courses, offering stunning views of the Mediterranean and the surrounding landscape. Whether you're a seasoned golfer or a beginner, you'll find plenty of courses to suit your needs, and the warm spring weather is perfect for playing a round. Check out Golf Alcanada for somewhere north of the island. 

Culture and History

Mallorca is rich in history, dating back to the ancient Talaiots, and there are plenty of cultural and historical attractions to explore on the island. In Pollença, you can visit the Museum of Pollença, which showcases the town's history, as well as the Calvari Chapel, a beautiful church built in the 17th century.

Another must-visit attraction is the Santuari de Lluc, a monastery located in the mountains of Mallorca. The monastery is home to one of the most important pilgrimage sites on the island, and you can also explore the beautiful grounds and gardens, as well as enjoy some of the stunning views from the surrounding hills.

Food and Wine

Mallorca is known for its delicious cuisine, and plenty of restaurants offer traditional seasonal dishes. Spring in Mallorca is a time for lamb, so keep your eye out at the bakery for the traditional meat pies 'panada de carn' to give them a try for yourself. 

In Pollença, you'll find a range of restaurants, cafes and local markets selling fresh produce and artisanal products. You can also visit local wineries and vineyards to taste some of the island's finest wines and learn about the local winemaking tradition. A few popular wineries north of the island are Mortitx and Can Vidalet. 

Holiday Rentals in Pollença

Well, it wouldn't be a Prestige Villas blog post if we didn't tie it all back to what we know best - holiday rentals! We've got a wonderful selection of villas available, plus a few apartments if you're a smaller group. We've got a section of last-minute offers that you can check out here.