Mortgages in Spain

Home Spain   Mortgages in Spain - Financing your Spanish Home

Financing your Home Purchase in Spain.

Looking for a property in Spain or having found the Spanish property you want to buy whether it be a dream family home, an off plan investment or as a buy-to-let, what is the best finance option for you?

• Which is the best lender to go to?
• What are the different interest rates?
• What is the maximum I can borrow?
• What documentation do I need?

Buying any property in Spain for most people involves a major financial outlay and making the right decision when selecting a Spanish mortgage is vital. This decision can save or cost you thousands. Buying a property in Spain can seem overwhelming with a different banking system, a different language or even a different currency.

Getting a Spanish Mortgage:

Contact a reliable mortgage broker.  They will research the different mortgage products available to you and advice the most appropriate ones.

• The mortgage broker will collate all necessary documents and will submit your application to to several lenders.
• Once the application is approved by the lenders, then the valuation is instructed.
  The valuation result takes approximately 3 to 5 working days and clients are informed of the result in order for them to decide which level of loan they wish to apply for.
• The lender will be contacted to go ahead with applying for a specific level of loan to their risk departments. After approximately 10 working days the client is advised of the offer and the Lender and Lawyer are contacted to organise the completion.

Your mortgage broker is responsible for checking with all parties that everything is ready for the completion.

Documentation required to apply for a Spanish mortgage:

• Passport / NIE
• P60/Tax Return (latest)
• 3 Latest payslips/Accounts (latest)
• 3 Latest bank statements
• A declaration of debts / Credit Report

The list of documents required will vary depending on the type of mortgage chosen.

More About Spanish Mortgages:

What Products are available?

Choosing the right product for your circumstances and requirements is essential, and our experience allows us to advise you of your options. The basic products available include up to 30 years interest only, up to 40 year term*, non status mortgages, multiple purchase loans and bridging loans.

*40 years for residents, 35 years for non residents.

For non residents the range of products available includes mortgages and Re-Mortgages of up to 80% loan to value or 100% of purchase price. For residents loans up to 90% loan to value or 100% of purchase price. In some instances a property which values up could have a loan available against it which would offer over 100% of purchase price.

What Interest Rates are available?

The interest rates in Spain are generally lower than the UK, so usually it is more cost effective to use a Spanish mortgage for the majority of your borrowings. We monitor the rates on a daily basis to ensure that we are always able to offer you the best terms available. For the current best rates please ask one of our advisers.

Spanish Mortgages - Charges: