Mortgages in Spain

Mortgages in Spain

Guide and information for the overseas property buyers buying a property in Spain 

Spainish mortgages do not need to be a song and a dance!

 Spanish property

Often buyers have a variety of reasons for buying a home in Spain. For example, many people buy a holiday home with an idea of living there permanently or semi-permanently after they retire. If this is the case, there are many more factors to take into account other than simply buying a holiday home that you will occupy for just a few weeks a year. If, on the other hand, you plan to work or start a business in Spain, you will be faced with a whole different set of criteria. 

Legal advice

Take care and get legal advice before signing any documents. A lot of property in Spain is sold before building has even started, in which case you will need to get proof of planning permission and plans of the property itself, and often foreign people sign contracts thinking they are expressing a formal interest in building plans whereas in fact they are legally binding themselves to a house purchase.

More and more people buying property in Spain consider taking out a mortgage with a Spanish bank to finance their purchase in this country.

Not only expats, but also property investors, and regular visitors to Spain etc.

•           Max 80% LTV

•           Term 5-30 years

•           Minimum loan €50,000

•           Euros only

•           Repayment & Interest Only

•           Max age 70

•           Rates from approx 4.50%

100% LTV available on Re-Sale Property subject to Lender Valuation

P.O.A for Arrangement fee

Spanish Mortgages

• Spanish mortgage quotes

Mortgages in Spain Advice 

Before you enter into any property purchase you should consider the following things:-

Appoint a good lawyer who can carry you through the process till completion

Only buy what you can afford. Do not overlook Foreign Currency Fluctuations and all closing costs.

Make sure you have a good Idea of what mortgage you will be able to secure prior to entering into any contract to buy

Remember that when taking out an overseas mortgage you will have to declare full details and your assessment will be made on the affordability to pay and not income alone

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A/YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME

Spanish resources