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Spanish Mortgages


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Spanish Mortgages are harder to obtain since the world economic problems, however on good quality properties they are still available.

We can recommend a highly respected mortgage broker in Spain who has access to a better range of mortgages than are offered from the high street banks. 

The usual ways of financing Spanish property purchases are through UK house sale, equity release from a UK property (remortgage) or through a Spanish mortgage or outright cash. The Spanish mortgage market is less developed than the UK market, although new products are becoming increasingly available, such as interest only mortages and special young peoples´ mortgages.

In general a mortgage will be based upon:

1. The Property value (the bank will provide an independent valuation company, a "tasador" who will visit and value the property at a cost of around 300 euros)

2. The Bank will ask for proof of income or joint incomes as confirmed by P60 & 3 current pay slips , pension or other tax declaration from the UK and sometimes bank statements and request a UK credit check.


Non-Resident Mortages:
  • Non-residents can normally borrow up to 60% (70% from a broker) of the purchase price or valuation. Some banks will always use the valuation rather than the purchase price, which may allow a higher perentage to be obtained.


  • Standard mortgage length is 25 years, however 30 year mortgages can be obtained up to the age of 70 or 75.

  • The standard rate of interest is variable, fixed rates are normally higher
  • Currently a typical rate will be 1% above the base rate (Euribor) reviewed each year and fixed for the following year.

  • The vast majority of mortgages in Spain are repayment mortages. However, there are mortgages available which offer interest only payments for the first few years and one or two with up to 20 years interest only

  • Borrowers up to the age of 70 can be approved a loan with no problems.

  • All mortages are offered subject to status



  • Resident Mortgage:
  • Residents can borrow a higher percentage rate, normally 80% but it is now rare to be offered a higher LTV than this.


  • A 35 year term is possible, the normal resident term is 30 years


  • Interest only payments are available for the first few years of the loan with most banks and from up to 15 to 20 years with a couple of banks.



  • We believe your lawyer, bank and broker should be independent of both the builder of your property or the vendor, in order that they act on your behalf. However, we do have an excellent network of English speaking solicitors and financial contacts we can recommend to you.