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Mortgages

Information About Spanish Mortgages

These are some of the most commonly asked questions regarding Spanish mortgages

NOW WE CAN GET YOU INTEREST ONLY SPANISH MORTGAGES FOR not just or 4 years but up to 30 YEARS

Can I obtain a Spanish Mortgage?

Yes is the simple answer, subject to status. Many of our non-resident clients who are looking for a property in Spain are pleasantly surprised to discover that obtaining a Spanish mortgage is a painless process. Even if you have enough capital to purchase a new property in Spain outright, you may want to consider the option of a mortgage. It allows you to raise your spending power and possibly purchase a more expensive home that will suit you better long-term. It also enables you to preserve capital.

What amount can I borrow?

When obtaining a Spanish Mortgages most lenders work on the build size of the property, or useable living space, including all terraces. 65%-75% of the purchase price is the norm, but we can in some cases achieve 80% subject to status on a Spanish mortgage.

What documentation do I require to obtain a Mortgage in Spain?

To obtain a Spanish mortgage, a current P60 and/or your last three payslips.

Can I get a Spanish mortgage if I am self-employed?

Yes, you will need your last years Accounts.

What rate of interest is applicable?

Interest rates in Spain are normally around 5.0% to 5.60%, and consumer protection is second to none. Most banks offer a tailor-made service for overseas borrowers. Most institutions lend up to 75% - 80% of the property value for non-residents.

How are rates calculated?

Rates are calculated at percentage point above the Euribor or Caja (Building Society) rates.

How many years are mortgages payable over?

Normally between 15-25 years but again depends on personal circumstances. (under new legislation 25 -30 years can now be achieved if required).

How long does it take to arrange a Spanish mortgage?

Depending on the time of year normally 2 - 10 days. If you require your mortgage in the month of August then allow at least another 3 weeks as most of Spain's Solicitors, Surveyors, Notaries etc. close for all or part of August.

If the property already has a mortgage in existence can I take over this mortgage?

Yes, in most cases its actually cheaper to take over any current mortgage, but you will need to clarify the terms and conditions with the relevant bank.

How can we at House on the Costa Blanca help with a Spanish Mortgage?

In most occasions we can obtain a mortgage of up to 80% of valuation (or 100%-120% of declaration) at a very competitive rates over 15, 20, 25 or now 30 years. We will help you to open an account with a leading Spanish Bank, who will be able to assist you with a mortgage for a property in Spain, subject to status.

Do you only use one particular lender when obtaining a Spanish Mortgage?

NO we are NOT tied to any particular lender. We can obtain quotations from several of Spain's leading Banks. (But we are familiar with the wishes and requirements of different banks, therefore we can help you decide which lender will be the best one for you, subject to your status and requirements).

What Spanish Banks do you use?

B.B.V.A. Banco Bilbao Vizcaya Argentaria The BBVA is one of the largest banks in Spain, (along with Santander Central Hispano) The B.B.V.A. has over 3,800 branches.

Bancaja with over 1,100 branches.

Don’t forget, if you’re buying a holiday home in Spain for your own use, renting it out when you’re not there could even generate sufficient rental income to partially or totally cover all your mortgage payments and even return you a profit.

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Help with Spanish Mortgages information about obtaining a Spanish mortgage