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Spain to buy mortgage

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470,000
* €/m2
A guide to Spanish mortgages
183 m2 | 8 bedrooms | 9 bathrooms | Furnished | Parking place | Swimming-pool | Gardens
How to get the best rates? Spaniards and Foreigners are very active on the Spanish real estate market: both are buying the most since Records of your current assets. A pre-agreement with the seller.

In fact, they are at the lowest they have been during the past 30 years. We are talking about one of the countries in the whole Europe with the lowest rates. Which makes it pretty good for you in order to get financing.

So, if you are wondering which is the main downside of this new policy, you can find it on the loan-to-value. We will talk more about that in a minute. Are you from a non-European country? Good news for you. You can now choose to realize the mortgage repayments with euros or with the currency of your home country.

You can choose to pay the loan with pounds or with euros. And that is something you will decide when signing the mortgage contract. The exchange rate will be fixed throughout the whole life of the mortgage repayment. All the before mentioned factors should make it obvious for you to avoid using a lender from your country of origin and ask for a mortgage in Spain. And not only due to the lowest total cost and the money you could save as we have seen , but also due to the reduction of bureaucratic complexity.

In Spain there are three main types of mortgages : variable adjusted with the Euribor , fixed , and mixed a combination of both. Buy-to-let and interest-only mortgages are not available in the Spanish territory. Even though the financial products are exactly the same for both residents and non-residents , some differences may arise.

And those differences stem from the basic conditions of the loan. As we said, no matter how many days per year you stay in the country the factor that defines if you are a resident or not , the mortgages you can get are exactly the same. However, you will enjoy more favorable conditions if you are a Spanish resident. In this section, we will analyze the basic information that you need to know when requesting a mortgage as a foreigner.

We are talking about the different conditions you can expect to get after receiving your offer. This is something really important to know, as it will help you have clear expectations of the money you will need and what it will all cost you.

And, after the application of the new law that we talked about before, it has dropped significantly. The Spanish system is much simpler than the mortgage system in the UK , for example. And here we basically find fixed or variable mortgages. This is a crucial step. Calculating how much exactly will you need to pay, beforehand, to buy the property. How much money you need to have in the bank today to be able to purchase, not taking into consideration the mortgage to be received.

And, in order to know that amount, you should bear in mind:. That is what you will have to pay at the beginning without any loan. The terms are usually from 5 to 40 years maximum. If you are a non-resident you will be moving towards the lower end of this range , and residents will usually get years term to repay the mortgage. Furthermore, there may be additional restrictions. This will vary from bank to bank, but they will concede loans to be fully repaid before you reach 75 years old.

More than that will be really rare. Primary Residence Mortgages. Primary residence mortgages are for those who will live in their property in Spain as their main residence and pay their income tax here. Investment Mortgages. Investment mortgages are for those property buyers planning to rent out their property after purchase. Commercial Mortgages. Commercial mortgages, including mortgages taken out by companies, are for those who seek to buy property for commercial purposes and might include investment mortgage.

If you are an American living in Spain with a non-lucrative visa, the buying process is a bit more difficult, but Mortgage Direct nearly instantly connected us with a bank that understood our situation and approved us for a mortgage. In addition it was a pleasure dealing with you personally, so if you ever need us to supply a reference to any other potential customers we would be delighted to do so. Once again many thank, your help has been really appreciated by both of us.

I have found Mortgage Direct to be extremely professional and efficient in finding me a very good mortgage product. I would highly recommend their company to those estate agents who are not currently using their services. Mortgage Direct S. Bozena is very supportive and tells it to you straight. Solid, expert advice. The service with Mortgage Direct was swift and the communication was excellent. The mortgage that they offered me was far better than the mortgage offered by my bank. I felt reassured and informed at every turn.

Bozena worked tirelessly through applications to four banks, and we thankfully got a loan. We pass along the highest recommendations for Bozena. They are also only available to residents. Their main advantage is lower monthly repayments, but they work out more expensive because of the extra time taken to pay off the capital. You may want to consider taking out a mortgage in a currency other than the euro. The main benefit of having a mortgage in your currency e. On the other hand, non-euro mortgages are more difficult to obtain and Spanish banks tend to charge more for this type of loan.

Financial experts advise that the best way to minimise currency risks is to have the asset and loan in the same currency. In this example, you would use rental income to pay your loan. One of the disadvantages of taking out a Spanish mortgage is that the transaction involves several costs. These are levied in addition to the taxes and fees charged as standard on a purchase. Link to buying taxes In this section, we list the costs incurred when you take out a loan to buy a property in Spain.

It used to be the case that the buyer took on all costs associated with a mortgage, but in recent years, consumers have successfully won high-profile court cases against the banks and reclaimed mortgage costs. This is not a given, however, so before signing your mortgage clause, make sure you fully understand which costs are to be paid by you and which by the bank. In order to approve a mortgage loan, the bank first needs to carry out a valuation on the property.

This is a compulsory step and costs vary depending on the property price. Expect to pay between a few hundred euros and several thousand. Note that the valuation is usually carried out by a valuer named by the bank, not one chosen by you. Who pays: since the bank is the party interested in ascertaining the value of the property it should pay this charge. All banks charge a fee for setting up a mortgage and approving the loan.

The fee is levied on the amount loaned so the more you borrow, the higher the mortgage fee. Banks generally charge between 0. Who pays: the buyer you. AJD is levied as a percentage on the loan and the amount varies depending on the region of Spain. The notary charges a fee for the title deeds and notary services when you buy a Spanish property. Link to the buying process Buying with a mortgage involves an extra section on the title deeds with the subsequent additional charge. Who pays: there is room for negotiation on this charge and your bank may be open to paying for this.

As is the case with notary fees, Land Registry fees also rise when a mortgage is involved because the loan must be registered as a charge against the property. Who pays: as with notary fees, your bank may be open to negotiations on paying for this. The cost of this varies depending on the size of the mortgage loan and the work involved. When you take out a mortgage in Spain, you must also contract insurance for the property covering both the building itself continente in Spanish and its contents contenido.

The bank supplying the mortgage loan will offer to provide insurance cover as well — you are not obliged to take out insurance with them, but in practice, you are likely to get better terms and conditions for your mortgage if you do. Your bank may also offer life and mortgage insurance policies. Neither are mandatory for a mortgage loan in Spain, but you may wish to look into these for additional financial security. Always check the terms and conditions of insurance policies and beware of clauses that oblige you to take out a policy with your bank for the duration of the loan.

Insurance offered by banks is not necessarily the cheapest on the market. If you are buying a property in Spain that already has a mortgage, you may want to take over the loan yourself.

Fees to transfer a loan from the vendor to the buyer are around 0. Although there are mortgage fees that you cannot avoid, you may be able to negotiate lower charges on other fees with the bank. Competition for mortgages is fierce and your chosen bank may be willing to reduce valuation and mortgage fees in exchange for your business. But be aware that in lieu of fees, the bank may charge more for the mortgage itself or apply a higher interest rate.

Skip to content. Weigh up pros and cons. Think carefully about whether a loan is financially worthwhile for you and consider the financial implications for you if when mortgage interest rates rise. For further information about the advantages and disadvantage of a mortgage in Spain, see below.

296,000
* €/m2
Mortgage in Spain for Expats
271 m2 | 2 bedrooms | 4 bathrooms | Furnished | Parking place | Swimming-pool | Gardens
If you're buying a property in Spain, you may be considering taking out a loan to finance part of the purchase. Getting a Spanish mortgage is definitely possible. How to get the best rates? Spaniards and Foreigners are very active on the Spanish real estate market: both are buying the most since albir-properties-for-sale.com.ru › Spain › Advice.

Spaniards and Foreigners are very active on the Spanish real estate market: both are buying the most since If the bank gets formal pre-approval from its risk department, then they send the mortgage offer.

When the bank gets the client confirmation accepting the offer then they open the account and send account details. The bank orders the valuation and gets the approval of the mortgage. Then they send an official mortgage offer. The bank arranges completion with the client or legal representative in Spain.

Get the best mortgage rate in Spain. Please note that the mortgage cost is an average. In general, foreigners will get higher rates due to the fact that their assets and incomes are not in Spain but in their home country. We developed a detailed mortgage calculator: Payment schedule, monthly payments,…. During the year, we had more than Follow this link to read our detailed article on the mortgage activity in Spain.

Discover the best new build projects in Spain available right now. About 6 weeks. Although, we have to say that since the new law got into effect in August , there is a new 'cooling-off' period of 10 days, so this increases a little bit the timing for getting a mortgage.

The obvious answer is yes. You want to finance a property in Spain, you will have taxes, utilities, How much money you need to have in the bank today to be able to purchase, not taking into consideration the mortgage to be received.

And, in order to know that amount, you should bear in mind:. That is what you will have to pay at the beginning without any loan. The terms are usually from 5 to 40 years maximum. If you are a non-resident you will be moving towards the lower end of this range , and residents will usually get years term to repay the mortgage.

Furthermore, there may be additional restrictions. This will vary from bank to bank, but they will concede loans to be fully repaid before you reach 75 years old. More than that will be really rare. Prepare and submit the required documents.

You will need to submit a list of documents that identify yourself, help the bank know your income and debts, and taxes you pay. After the bank analyzes the documentation and your particular situation, they will make you an offer. Usually, that will simply be their first offer, not the best one you can get. Now that you know about how much money you will need to have in order to purchase the property, you need to open a bank account in Spain.

That is where the repayment money will be withdrawn every single month. You will have time to compare that first offer with other banks, trying to get the best possible deal. Our advice is to bring the initial offer to other lenders so they can match it.

Then, bring that counteroffer to the initial bank to get the best possible deal. After knowing all your options its time to decide. Be cautious and choose the best possible alternative. Bear in mind that you will have to be paying that loan back for probably over 20 years.

So taking your time to accept is crucial. Finally, signing the mortgage. You will need to go to the notary in order to finalize the process.

Before getting the mortgage, banks usually need you to contract insurance against fire and other disasters for the property. From start to finish, it takes from 6 to 8 weeks to get the mortgage. Even though the process can be completed in just 4 weeks sometimes, that is something rather unusual. The documents you need to submit are helpful to identify yourself and show proof of your income, assets, and debts. So the required documents are:.

Bear in mind that all these documents must be in Spanish, so they must be legally translated or apostilled. At Balcells Group we can help you with that so they can have legal validity after the translation. Which is the ideal strategy to get the best possible rates?

We will now give you 6 pieces of advice that will help you get the best rates as a foreigner :. Knowing the exact mortgage conditions you will get beforehand is complicated. Nevertheless, most of them are variable loans. This means that they are composed of the moving percentage dictated by the Euribor , and the premium that the bank gets.

Once again many thank, your help has been really appreciated by both of us. I have found Mortgage Direct to be extremely professional and efficient in finding me a very good mortgage product. I would highly recommend their company to those estate agents who are not currently using their services.

Mortgage Direct S. Bozena is very supportive and tells it to you straight. Solid, expert advice. The service with Mortgage Direct was swift and the communication was excellent. The mortgage that they offered me was far better than the mortgage offered by my bank.

I felt reassured and informed at every turn. Bozena worked tirelessly through applications to four banks, and we thankfully got a loan. We pass along the highest recommendations for Bozena. She is well versed in the Spanish lending system and how to help non-Spaniards navigate it. She lays out requirements very clearly and succinctly, and her communications are very quick and responsive.

She could not have been a better agent, and we would have never accomplished the purchase without her help. Excellent service in all ways. Clear instructions on how to proceed at each step. Quick and accurate responses to my requests for info and procedure.

I would very highly recommend. And of course I got the mortgage!

360,000
* €/m2
Mortgage Direct - Leading Broker in Spain
281 m2 | 5 bedrooms | 6 bathrooms | Furnished | Parking place | Swimming-pool | Gardens
This month in our Spanish mortgage example series, we'll be looking at a property valued at €, We often get questions about what finance is available to. Detailed advice about getting a mortgage for Spanish property. Get information about the application process, mortgage conditions and the types available. Records of your current assets.

Your property in Spain is at risk if you do not keep up repayments on a mortgage secured on it. Be sure you understand the repayments and can afford them before entering into any credit agreement. Continue to section 5: Retirement in Spain. Choose a country:.

Mortgages in Spain. Improving lending conditions Economic conditions in Spain have been improving over the last few years and house prices are increasing in many areas, especially in the cities and popular coastal towns. Repayment or interest-only? Fixed or variable? In , this has all changed and it is possible to find low fixed rate mortgages over terms of up to 25 years, but typically a maximum of 20 years.

Insurance It is also worth noting that home and life insurance is usually compulsory for all people looking to secure a Spanish mortgage, although some brokers can arrange mortgages where this is not the case, adds Monger. This means that under certain conditions — including a minimum investment level which can be spread among several properties — investors can receive a Spanish residency permit.

The golden visa allows qualifying individuals to reside in Spain and travel throughout the EU, though it does not allow for work or grant access to state benefits. A Spanish consulate in your home country will be able to provide information about getting a Spanish golden visa.

Spain offers the usual types of mortgages, with additional expat-focused Spanish mortgages offered by international banks and Spanish banks. Many Spanish mortgages have no restrictions on purchase price or nationality, though some products favor buyers from specific countries, or buying property in certain regions. The biggest difference between residential and non-residential loans is the maximum loan-to-value LTV that banks will allow.

Some banks might only be willing to provide a mortgage to foreign buyers for their own real estate listings. In this case, your options for getting a mortgage may be closely tied to a particular property. Most Spanish mortgages are variable rates linked to the yearly Euribor European inter-bank offered rate plus a margin.

For example, with Euribor at Many lenders also offer fixed-rate mortgages, which range from 2. Property transfers in Spain are done through public deeds of purchase, which must be certified by a notary.

The sale is not official until the notario signs using his firma protocolizada , for which fees apply. As soon as the notary certifies that all the documents are in order, the deed is ready for taxes.

Residential properties are subject to various Spanish taxes, which are all paid by the buyer. For example, transfer tax in Madrid is set at 6. The stamp tax also varies by location and ranges between 0. These fees are typically included in the mortgage closing costs, though they may need to be paid directly to one or more taxing authorities. All Spanish residential property owners are legally obligated to have home insurance to cover the value of the property.

Life insurance is not mandatory but many lenders require borrowers to take out life insurance policies sufficient to pay off the outstanding mortgage balance. Having an active life insurance policy and a mortgage insurance policy before applying for a mortgage may even provide access to better interest rates. Non-residents of Spain are liable to pay Spanish income tax and a potential tax on Spanish assets. Looking for a mortgage? A lawyer? A property hunter in Spain? Ask us directly, we have a solution within our network!

Your definitive guide to your Spanish mortgage. How to get the best rates? Can I get a Spanish mortgage? It is very easy to get a mortgage in Spain. What are the documents requested? A view on your assets and debts 5. The private sale-purchase contract 7. If you have a mortgage at home, land registry information on the property and the mortgage 8.

If pensioners: Official proof of annual income. Read our detailed article on that. Can foreigners get a mortgage in Spain? How long does it take to get a Spanish mortgage? Do I need a Spanish bank account to buy a property in Spain?

511,000
* €/m2
Everything you need to know about Spanish mortgages and getting mortgage financing in Spain
161 m2 | 3 bedrooms | 10 bathrooms | Furnished | Parking place | Swimming-pool | Gardens
Detailed advice about getting a mortgage for Spanish property. Get information about the application process, mortgage conditions and the types available. Start your spanish mortgage research early on to avoid paying through the nose later. If you are serious about buying a property in Spain, and need or want to. Details of your current debts and mortgages.

Buying a property in Spain already comes with high costs in taxes and fees. Link to buying taxes Taking out a mortgage adds to these. See Mortgage costs below for a detailed break-down of what a Spanish loan will cost you. Jump to link below. Interest rates go up and down. Property prices go up and down. The Spanish market has recently emerged from a crisis when many owners with mortgages found themselves in negative equity on their property.

Under the provisions of Spanish law, mortgage debt is personal and unlimited. This means that if you default on your payments, the bank can claim on all your assets worldwide, not just on the property in Spain. So, for example, if the repossession of your Spanish property does not cover your mortgage debt, the bank has the right to come after your assets outside of Spain. Take a long look at your finances and make a realistic budget for your purchase.

If you can expect to be able to meet payments for the duration of the loan if interest rates rise or you find yourself in different circumstances, getting a Spanish mortgage could be a savvy financial decision. However, non-residents buying Spanish property with a mortgage have more limited access to loan types and conditions. In this section, we look at the principal conditions for mortgages in Spain and the main types available.

In common with banks worldwide, Spanish financial entities associate second homes with a higher risk of default on payments.

Their reasoning is that a holiday home is a non-essential asset and therefore expendable and the first to not be paid in times of financial difficulty.

Consequently, the choice of mortgages and their terms are more restricted than for principal homes. Loan-to-value LTV levels and periods of repayment are considerably lower and conditions tend to be more stringent.

But for non-residents, LTV is much lower. Residents in Spain can access loans of up to 40 years, but in the case of non-residents, the typical length of the mortgage is between 15 and 20 years.

All Spanish mortgages take the Euribor interest base rate, set by the European Central Bank, and add a percentage on top. Banks are free to apply their own rates, but in practice, fierce competition means that most charge similar rates. In mid, the Euribor stood in negative territory where it has been since early Most Spanish banks were offering variable interest rate mortgages at the Euribor plus between 0.

Deciding what type of mortgage suits your circumstances best requires careful consideration, taking into account your short, medium and long-term plans. The main types of mortgages available in Spain are as follows:. This is by far the most popular type of Spanish mortgage, particularly since the Euribor has been in negative territory. On the other hand, with a variable interest mortgage you do not know how much your monthly repayments are going to be and interest rates may go up.

Less popular among Spanish buyers, although in recent months there has been more take-up on this type of mortgage. Its main drawback are higher costs — you pay more to borrow the money when interest rates are low — but on the other hand, you know exactly how much your monthly repayments are for the entire duration of the mortgage.

You are also protected from future interest rate rises because yours is fixed. Mortgages allowing the borrower to pay interest only during the first term of the mortgage usually two years are not common in Spain, particularly since the property crisis.

They are also only available to residents. Their main advantage is lower monthly repayments, but they work out more expensive because of the extra time taken to pay off the capital. You may want to consider taking out a mortgage in a currency other than the euro. The main benefit of having a mortgage in your currency e. On the other hand, non-euro mortgages are more difficult to obtain and Spanish banks tend to charge more for this type of loan.

Financial experts advise that the best way to minimise currency risks is to have the asset and loan in the same currency. In this example, you would use rental income to pay your loan. One of the disadvantages of taking out a Spanish mortgage is that the transaction involves several costs. These are levied in addition to the taxes and fees charged as standard on a purchase.

Link to buying taxes In this section, we list the costs incurred when you take out a loan to buy a property in Spain. It used to be the case that the buyer took on all costs associated with a mortgage, but in recent years, consumers have successfully won high-profile court cases against the banks and reclaimed mortgage costs. His advice was invaluable and he ensured the whole process went smoothly, from securing the mortgage offer all the way to completion. Skip to content. Mortgage Direct - Leading Broker in Spain.

Mortgage Direct Service. Fast Track Approvals. Exclusive conditions. We negotiate the terms and conditions with various banks to bring you exclusive mortgage conditions only available to Mortgage Direct.

Mortgage products available in Spain. Mortgage Direct can offer you exclusive terms and conditions. Holiday Home Mortgages. Paula Reece, UK. Giles Kwei, UK. Antonia Heath, UK. Larry Heugatter, USA. Mortgage for property in Tarragona. Donald Storrie, Ireland. Jessica Abell, USA. Loic Van Dongen, Netherlands. Mortgage Application.

Many Banks link compulsory products to the rate offered so in order to ascertain actual competitiveness all elements of the loan and all monthly costs attached to it must be considered.

Banks are obliged to offer you the option of one rate without linked products and one with. Loans are reviewed once a year against prevailing Euribor at review date. Check our best buy tables today. A few Banks charge a higher first year rate than the variable rate would be, this then reverts to variable in Year 2.

Some Banks previously placed a minimum rate floor rate within the mortgage deed. This practice has now stopped for all new mortgages in Spain except where the bank is allowed to protect themselves against a minus 12 month Euribor. By law from June early repayment penalties cannot exceed 0. This is for partial and full overpayment. Some lenders have lower penalties than the law and some have no early payment penalties at all.

All Banks charge a fee known as the Bank opening fee or Bank arrangement fee. This fee is taken from the loan amount at completion. Other fees associated with a loan in Spain include the valuation fee.

Arrangement fees are taken from gross loan amount at completion. No fees nor any purchase costs can be added to loan if the loan to value restriction has been reached. Banks will lend against property on Urban land. Very few banks will lend on property registered as Rustica or any other classification, and if they do it will be at lower loan to values. Very few Spanish Banks currently offer either construction loans or loans for large reforms.

Where they do loan to value restrictions will apply and rates are likely to be higher. Valuation levels will only account for meters built which appear on the deeds of the property and are fully registered at land registry. Any overbuild or extensions, or other such changes to the property that have not been registered will not be able to be valued for mortgage purposes. All lenders will use their appointed valuation company although under new legislation you may be able to select a valuation company as long as they a registered company under the Bank of Spain.

Very few valuation companies offer structural valuations with full indemnity but if you require this service we can help organize one for you. All loans, in the absence of a consumer credit act, are written into a legally binding deed which is signed by all parties at completion.

Once signed it is not possible to change the terms within the deed without incurring some costs, and you are bound by the terms under law. Any change to the deed, beyond an agreed reduction in rate, movement to a fixed rate or extension of term, is deemed as a new deed by law and all mortgage costs apply again. Novacions so changes that can be made without a new deed will hold a maximum cost of 0. In Spain it is possible to take over or subrogate an existing loan held against the property.

Whilst many Banks have stopped offering this facility due to terms on historic loans, being much better than terms on new loans, it should be explored to see if a loan exists against the property you are buying. The key benefit of subrogation used to be it avoided having to pay mortgage deed tax as this was only applicable on a new loan set up.

With all Banks now picking up this cost subrogation may be more difficult to obtain. Obtain the best possible currency rates and expert on information of when to transfer based on market conditions.

Spanish Conveyance Solutions is our sister company offering a complete end to end buying, selling and information services.

580,000
* €/m2
Start your spanish mortgage research early on to avoid paying through the nose later
175 m2 | 10 bedrooms | 8 bathrooms | Furnished | Parking place | Swimming-pool | Gardens
This month in our Spanish mortgage example series, we'll be looking at a property valued at €, We often get questions about what finance is available to. Proof that the property tax is paid to date. 1 Why is Spain one of the best places to get a mortgage and financing to buy a.

Arrangement fees are taken from gross loan amount at completion. No fees nor any purchase costs can be added to loan if the loan to value restriction has been reached. Banks will lend against property on Urban land. Very few banks will lend on property registered as Rustica or any other classification, and if they do it will be at lower loan to values. Very few Spanish Banks currently offer either construction loans or loans for large reforms. Where they do loan to value restrictions will apply and rates are likely to be higher.

Valuation levels will only account for meters built which appear on the deeds of the property and are fully registered at land registry. Any overbuild or extensions, or other such changes to the property that have not been registered will not be able to be valued for mortgage purposes.

All lenders will use their appointed valuation company although under new legislation you may be able to select a valuation company as long as they a registered company under the Bank of Spain. Very few valuation companies offer structural valuations with full indemnity but if you require this service we can help organize one for you.

All loans, in the absence of a consumer credit act, are written into a legally binding deed which is signed by all parties at completion. Once signed it is not possible to change the terms within the deed without incurring some costs, and you are bound by the terms under law. Any change to the deed, beyond an agreed reduction in rate, movement to a fixed rate or extension of term, is deemed as a new deed by law and all mortgage costs apply again.

Novacions so changes that can be made without a new deed will hold a maximum cost of 0. In Spain it is possible to take over or subrogate an existing loan held against the property. Whilst many Banks have stopped offering this facility due to terms on historic loans, being much better than terms on new loans, it should be explored to see if a loan exists against the property you are buying.

The key benefit of subrogation used to be it avoided having to pay mortgage deed tax as this was only applicable on a new loan set up. With all Banks now picking up this cost subrogation may be more difficult to obtain. Obtain the best possible currency rates and expert on information of when to transfer based on market conditions. Spanish Conveyance Solutions is our sister company offering a complete end to end buying, selling and information services.

Spanish Banks require certain documents are presented in order for them to assess a loan. No self certified or minimum documentation loans are available. All Spanish Mortgages are full status. Spanish mortgages are not regulated what precautions you can take to make sure you still get best possible information.

Construction mortgages in Spain Company purchases Best buy loan tables Mortgage costs. Get in Touch! Have a question Click here. I have read and accept terms and conditions. Being fully prepared financially before visiting Spain will enable you to negotiate with sellers in the knowledge you are in the strongest position to buy and have the ability to move quickly without putting at risk your deposit monies.

Contact us today for guidance on how to obtain a full pre-approval for a Mortgage in Spain. Why am I best getting independent information when arranging a Mortgage in Spain. Term you can expect for a mortgage in Spain Maximum terms for a Spanish Mortgage range from between 20 to 30 years. Types of loans available in Spain Standard repayment loans are the main product in Spain. How Spanish Banks assess affordability ratios for a Spanish mortgage Spanish Banks work off affordability ratios based on net not gross income.

Only incomes shown on personal tax returns are normally taken into account. Interest Rates for Spanish non resident mortgages Most loans offered in Spain were variable trackers linked to the 12 month Euribor. First year premium rates and floor rates attached to Spanish Loans A few Banks charge a higher first year rate than the variable rate would be, this then reverts to variable in Year 2.

Early repayment penalties for a mortgage in Spain By law from June early repayment penalties cannot exceed 0. Costs of completing on a Spanish Mortgage All Banks charge a fee known as the Bank opening fee or Bank arrangement fee. Valuation fees average 0. Home buyer valuations for a Spanish Loan Valuation levels will only account for meters built which appear on the deeds of the property and are fully registered at land registry.

Spanish Mortgage deeds All loans, in the absence of a consumer credit act, are written into a legally binding deed which is signed by all parties at completion. Subrogation In Spain it is possible to take over or subrogate an existing loan held against the property.

Currency exchange Obtain the best possible currency rates and expert on information of when to transfer based on market conditions. Currency Exchange.

Legal services Spanish Conveyance Solutions is our sister company offering a complete end to end buying, selling and information services. Spanish Conveyance. Documents required for Mortgage Spanish Banks require certain documents are presented in order for them to assess a loan. Documents required. This implies an important reduction of the costs you are paying , making your mortgage even cheaper.

The only 2 things you will have to pay now are:. There are some banks that are even assuming these two costs , making it even a better deal for you but not all of them will. This, for sure, makes Spain one of the best places to get financing for a property. They must be charging the buyer from another source. And that has to be increasing the mortgage interest rate.

Interest rates in Spain are really low. In fact, they are at the lowest they have been during the past 30 years. We are talking about one of the countries in the whole Europe with the lowest rates. Which makes it pretty good for you in order to get financing. So, if you are wondering which is the main downside of this new policy, you can find it on the loan-to-value.

We will talk more about that in a minute. Are you from a non-European country? Good news for you. You can now choose to realize the mortgage repayments with euros or with the currency of your home country.

You can choose to pay the loan with pounds or with euros. And that is something you will decide when signing the mortgage contract. The exchange rate will be fixed throughout the whole life of the mortgage repayment. All the before mentioned factors should make it obvious for you to avoid using a lender from your country of origin and ask for a mortgage in Spain.

And not only due to the lowest total cost and the money you could save as we have seen , but also due to the reduction of bureaucratic complexity. In Spain there are three main types of mortgages : variable adjusted with the Euribor , fixed , and mixed a combination of both. Buy-to-let and interest-only mortgages are not available in the Spanish territory. Even though the financial products are exactly the same for both residents and non-residents , some differences may arise.

And those differences stem from the basic conditions of the loan. As we said, no matter how many days per year you stay in the country the factor that defines if you are a resident or not , the mortgages you can get are exactly the same. However, you will enjoy more favorable conditions if you are a Spanish resident. In this section, we will analyze the basic information that you need to know when requesting a mortgage as a foreigner.

We are talking about the different conditions you can expect to get after receiving your offer. This is something really important to know, as it will help you have clear expectations of the money you will need and what it will all cost you. And, after the application of the new law that we talked about before, it has dropped significantly. The Spanish system is much simpler than the mortgage system in the UK , for example.

And here we basically find fixed or variable mortgages. This is a crucial step. Calculating how much exactly will you need to pay, beforehand, to buy the property. How much money you need to have in the bank today to be able to purchase, not taking into consideration the mortgage to be received.

And, in order to know that amount, you should bear in mind:. That is what you will have to pay at the beginning without any loan. The terms are usually from 5 to 40 years maximum. If you are a non-resident you will be moving towards the lower end of this range , and residents will usually get years term to repay the mortgage.

Furthermore, there may be additional restrictions. This will vary from bank to bank, but they will concede loans to be fully repaid before you reach 75 years old. More than that will be really rare. Prepare and submit the required documents. You will need to submit a list of documents that identify yourself, help the bank know your income and debts, and taxes you pay. After the bank analyzes the documentation and your particular situation, they will make you an offer.

Usually, that will simply be their first offer, not the best one you can get. Now that you know about how much money you will need to have in order to purchase the property, you need to open a bank account in Spain. That is where the repayment money will be withdrawn every single month.

You will have time to compare that first offer with other banks, trying to get the best possible deal. Our advice is to bring the initial offer to other lenders so they can match it. Then, bring that counteroffer to the initial bank to get the best possible deal.

After knowing all your options its time to decide. Be cautious and choose the best possible alternative.

355,000
* €/m2
266 m2 | 10 bedrooms | 8 bathrooms | Furnished | Parking place | Swimming-pool | Gardens
Records of your current assets. If you're buying a property in Spain, you may be considering taking out a loan to finance part of the purchase. Getting a Spanish mortgage is definitely possible. A pre-agreement with the seller.

For many years, the fixed rate mortgages offered by banks in Spain were not attractive and the vast majority of mortgages signed were with a variable interest rate. In , this has all changed and it is possible to find low fixed rate mortgages over terms of up to 25 years, but typically a maximum of.

A variable rate generally means that your mortgage payments can go up or down according to movements in interest rates usually as a set percentage, as opposed to a fixed-rate mortgage which guarantees your mortgage payment each month over a set period. Whether you opt for a variable-rate or fixed rate mortgage you will normally have to pay an early repayment charge if you want to pay off your mortgage sooner or remortgage to a new deal.

But redemption penalties are low in Spain — typically 0. Redemption penalties for fixed rates are generally higher although Monger adds that Mortgage Direct can offer the same redemption penalties for fixed-rate mortgages as for those with a variable rate. It is also worth noting that home and life insurance is usually compulsory for all people looking to secure a Spanish mortgage, although some brokers can arrange mortgages where this is not the case, adds Monger.

Your property in Spain is at risk if you do not keep up repayments on a mortgage secured on it. Be sure you understand the repayments and can afford them before entering into any credit agreement. Continue to section 5: Retirement in Spain. Many lenders also offer fixed-rate mortgages, which range from 2. Property transfers in Spain are done through public deeds of purchase, which must be certified by a notary. The sale is not official until the notario signs using his firma protocolizada , for which fees apply.

As soon as the notary certifies that all the documents are in order, the deed is ready for taxes. Residential properties are subject to various Spanish taxes, which are all paid by the buyer. For example, transfer tax in Madrid is set at 6. The stamp tax also varies by location and ranges between 0.

These fees are typically included in the mortgage closing costs, though they may need to be paid directly to one or more taxing authorities. All Spanish residential property owners are legally obligated to have home insurance to cover the value of the property. Life insurance is not mandatory but many lenders require borrowers to take out life insurance policies sufficient to pay off the outstanding mortgage balance. Having an active life insurance policy and a mortgage insurance policy before applying for a mortgage may even provide access to better interest rates.

Non-residents of Spain are liable to pay Spanish income tax and a potential tax on Spanish assets. If you spend more than days in Spain, however, you may be considered a resident for tax purposes. You may also be subject to pay wealth taxes on your worldwide assets.

You cannot purchase property or get a mortgage in Spain without an NIE. When applying for a mortgage for Spanish property, the best advice is to start early and shop around. While the official mortgage process can only start after a sales agreement has been reached, it is both possible and advisable to start developing your mortgage concurrent with your real estate shopping.

There are many financial products available for non-residents, and the terms of any specific product may place limits on which properties you can qualify to purchase. Whether you go through a Spanish or an international mortgage lender, you will need — at a minimum — the following items:. Once you submit your completed file to the bank and the underwriters have processed everything, the bank will make you a mortgage offer.

Often the competitor will try to provide you a better offer — which you can then take to the original bank to see if they are willing to improve their original offer. These can help you avoid being misled or pressured by highly motivated sellers who may be willing to take advantage of non-resident buyers.

And not only due to the lowest total cost and the money you could save as we have seen , but also due to the reduction of bureaucratic complexity. In Spain there are three main types of mortgages : variable adjusted with the Euribor , fixed , and mixed a combination of both. Buy-to-let and interest-only mortgages are not available in the Spanish territory. Even though the financial products are exactly the same for both residents and non-residents , some differences may arise.

And those differences stem from the basic conditions of the loan. As we said, no matter how many days per year you stay in the country the factor that defines if you are a resident or not , the mortgages you can get are exactly the same. However, you will enjoy more favorable conditions if you are a Spanish resident. In this section, we will analyze the basic information that you need to know when requesting a mortgage as a foreigner.

We are talking about the different conditions you can expect to get after receiving your offer. This is something really important to know, as it will help you have clear expectations of the money you will need and what it will all cost you. And, after the application of the new law that we talked about before, it has dropped significantly. The Spanish system is much simpler than the mortgage system in the UK , for example. And here we basically find fixed or variable mortgages. This is a crucial step.

Calculating how much exactly will you need to pay, beforehand, to buy the property. How much money you need to have in the bank today to be able to purchase, not taking into consideration the mortgage to be received.

And, in order to know that amount, you should bear in mind:. That is what you will have to pay at the beginning without any loan. The terms are usually from 5 to 40 years maximum. If you are a non-resident you will be moving towards the lower end of this range , and residents will usually get years term to repay the mortgage. Furthermore, there may be additional restrictions.

This will vary from bank to bank, but they will concede loans to be fully repaid before you reach 75 years old. More than that will be really rare. Prepare and submit the required documents.

You will need to submit a list of documents that identify yourself, help the bank know your income and debts, and taxes you pay. After the bank analyzes the documentation and your particular situation, they will make you an offer. Usually, that will simply be their first offer, not the best one you can get. Now that you know about how much money you will need to have in order to purchase the property, you need to open a bank account in Spain. That is where the repayment money will be withdrawn every single month.

You will have time to compare that first offer with other banks, trying to get the best possible deal. Our advice is to bring the initial offer to other lenders so they can match it. Then, bring that counteroffer to the initial bank to get the best possible deal. After knowing all your options its time to decide. Be cautious and choose the best possible alternative.

Bear in mind that you will have to be paying that loan back for probably over 20 years.

763,000
* €/m2
Mortgage Conditions
295 m2 | 6 bedrooms | 5 bathrooms | Furnished | Parking place | Swimming-pool | Gardens
If you're buying a property in Spain, you may be considering taking out a loan to finance part of the purchase. Getting a Spanish mortgage is definitely possible. If you are serious about purchasing property in Spain and require finance, you should start arranging your Spanish mortgage almost before you do anything else. Since Mortgage Direct have been liaising with banks, estate agents and international property buyers in Spain's ever-changing mortgage market. Get expert advice or do an affordability check to determine your eligibility for a mortgage.

The advantages of arranging your Spanish mortgage at the start of your property search are as follows:. This website has a new design and we are still sorting out some bugs. Please bear with us. Login or register to read articles without any adverts in the text. Skip to content. Just like any advanced economy Spain has a developed mortgage market with numerous lenders offering a bewildering variety of Spanish mortgages.

For most people there are good reasons for financing at least a part of a property purchase with a mortgage. Should you use a Spanish mortgage, or a mortgage on your property at home? To remortgage in Spain, as anywhere, is to change the basic conditions of your mortgage. These can include the amount, period of loan, interest rate paid and the type of repayment schedule.

Euribor 12 month is the interest rate most commonly used to calculate mortgage payments in Spain. It is used for both variable and fixed rate mortgages in Spain.

This would be a big mistake if you find that you are having problems paying the mortgage in Spain. The longer you ignore the problem, the more it is likely to cost you in the long run. Term of mortgage — most mortgages can be arranged with terms of 25 years for non-residents and 30 years for residents , usually up to a maximum age of For non-residents, some banks have a maximum year term.

The lenders all use what is known as a debt-to-income calculation as the basis for deciding whether applicants will qualify for a mortgage. In basic terms, this means that your monthly debt commitments, including the new mortgage, must not exceed a given percentage of your net monthly income.

There are many other variables to take into account, but this gives a very basic idea of how the banks assess the applicants for the mortgage. Again, we strongly advise working with one of our brokers, as they have an in-depth understanding how each bank works. The process from start to finish usually takes weeks, but there can sometimes be delays that are outside of the control of the broker or the lender.

Your broker can advise on sensible timescales for payment of deposits and timing of completion, as well as deal with any delays if they arise. The Qualifying Criteria The lenders all use what is known as a debt-to-income calculation as the basis for deciding whether applicants will qualify for a mortgage. Application Process Initial, no obligation, assessment - speak to a brokers or complete an online form and they will advise you on whether a mortgage approval is likely and what conditions could be possible.

Mortgage quote — following the initial assessment, your broker will aim to send a full mortgage quote within hours. Submit application form — your broker will assist you with completing the relevant application form and they will submit this on your behalf with the appropriate supporting documents, which they will request once you have agreed to proceed with the application.

Decision from lender — if the mortgage is approved, the broker will confirm the conditions and ask if you wish to proceed.

Set up bank account and instruct valuation — a bank account will be set up and you will be asked to deposit enough funds to cover the valuation fee. Valuation report — if the valuation is no lower than the agreed purchase price and the property has no legal issues, the completion arrangements can be made. Completion arrangements — the broker will work with the bank and your lawyer and they will confirm the funds necessary for completion, which must be transferred as soon as possible to your account with the lender.

551,000
* €/m2
159 m2 | 8 bedrooms | 3 bathrooms | Furnished | Parking place | Swimming-pool | Gardens
A pre-agreement with the seller. If you're buying a property in Spain, you may be considering taking out a loan to finance part of the purchase. Getting a Spanish mortgage is definitely possible. Records of your current assets.

These ultra-modern homes are less than a 10 minute drive from sandy beaches, and are just a short walk from local amenities such as shops and restaurants. Cost per month over 25 years 2. Our partners at Global Currency can offer competitive rates. We understand that Spanish mortgages may seem difficult and you may be hesitant to consider one, however using finance to purchase your property may be a strategic move.

Such benefits include:. Our dedicated Spanish mortgage brokers are available to give you advice, guidance and act on in your best interest. Contact FFA today! These are levied in addition to the taxes and fees charged as standard on a purchase. Link to buying taxes In this section, we list the costs incurred when you take out a loan to buy a property in Spain.

It used to be the case that the buyer took on all costs associated with a mortgage, but in recent years, consumers have successfully won high-profile court cases against the banks and reclaimed mortgage costs.

This is not a given, however, so before signing your mortgage clause, make sure you fully understand which costs are to be paid by you and which by the bank. In order to approve a mortgage loan, the bank first needs to carry out a valuation on the property.

This is a compulsory step and costs vary depending on the property price. Expect to pay between a few hundred euros and several thousand. Note that the valuation is usually carried out by a valuer named by the bank, not one chosen by you. Who pays: since the bank is the party interested in ascertaining the value of the property it should pay this charge.

All banks charge a fee for setting up a mortgage and approving the loan. The fee is levied on the amount loaned so the more you borrow, the higher the mortgage fee. Banks generally charge between 0. Who pays: the buyer you.

AJD is levied as a percentage on the loan and the amount varies depending on the region of Spain. The notary charges a fee for the title deeds and notary services when you buy a Spanish property. Link to the buying process Buying with a mortgage involves an extra section on the title deeds with the subsequent additional charge. Who pays: there is room for negotiation on this charge and your bank may be open to paying for this.

As is the case with notary fees, Land Registry fees also rise when a mortgage is involved because the loan must be registered as a charge against the property. Who pays: as with notary fees, your bank may be open to negotiations on paying for this.

The cost of this varies depending on the size of the mortgage loan and the work involved. When you take out a mortgage in Spain, you must also contract insurance for the property covering both the building itself continente in Spanish and its contents contenido. The bank supplying the mortgage loan will offer to provide insurance cover as well — you are not obliged to take out insurance with them, but in practice, you are likely to get better terms and conditions for your mortgage if you do.

Your bank may also offer life and mortgage insurance policies. Neither are mandatory for a mortgage loan in Spain, but you may wish to look into these for additional financial security.

Always check the terms and conditions of insurance policies and beware of clauses that oblige you to take out a policy with your bank for the duration of the loan. Insurance offered by banks is not necessarily the cheapest on the market. If you are buying a property in Spain that already has a mortgage, you may want to take over the loan yourself.

Fees to transfer a loan from the vendor to the buyer are around 0. Although there are mortgage fees that you cannot avoid, you may be able to negotiate lower charges on other fees with the bank. Competition for mortgages is fierce and your chosen bank may be willing to reduce valuation and mortgage fees in exchange for your business. But be aware that in lieu of fees, the bank may charge more for the mortgage itself or apply a higher interest rate.

Skip to content. Weigh up pros and cons. Think carefully about whether a loan is financially worthwhile for you and consider the financial implications for you if when mortgage interest rates rise. For further information about the advantages and disadvantage of a mortgage in Spain, see below.

Jump to section below. Organise your Spanish mortgage well in advance. As is the case in any country, the sooner you start thinking about a mortgage application, the better.

Planning ahead gives you time to shop around for the best deal and compare terms and conditions. Leaving it until later, on the other hand, may result in less a favourable loan for you. Start your mortgage application at least two months before you plan to buy.

Prepare your paperwork in advance. Shop around. Prepare yourself in Spain. Compare costs. See The costs of getting a Spanish mortgage. These allow the bank to charge a minimum percentage interest rate even when rates are lower.

While floor clauses are not illegal, they can be considered abusive, particularly when the bank has not informed the client of their existence. Take professional advice on this if necessary. Look carefully in the mortgage contract for a clause obliging you to stay with the bank for a certain period of time in some cases, banks require you to stay with them for the entire duration of the loan.

This may not be in your interests since it restricts your ability to change to a bank with better mortgage terms later on. Also, beware of clauses tying you to certain bank products, e. Consider using a broker. Using the services of a mortgage broker may save you valuable time and money since they do the shopping around and comparing for you. Make sure you choose a reputable broker with a proven track record and registered with the Spanish authorities.

Think about the long-term implications. If you take out a Spanish mortgage, the usual term is 15 to 20 years. This is a long financial commitment. Advantages and disadvantages of getting a spanish mortgage One of your first considerations should be to weigh up the pros and cons of a mortgage loan in Spain. More potential profit Buying a property with a mortgage means you use less of your own money for the purchase and gives you extra leverage when you sell later on.

Extra due diligence If you take out a Spanish mortgage, your chosen lender will investigate the property for legal flaws and also carry out a valuation. Among them are: More costs Buying a property in Spain already comes with high costs in taxes and fees.

Personal liability Under the provisions of Spanish law, mortgage debt is personal and unlimited. Bottom line Take a long look at your finances and make a realistic budget for your purchase.

Mortgage conditions In common with banks worldwide, Spanish financial entities associate second homes with a higher risk of default on payments.

918,000
* €/m2
Top tips for getting a Spanish mortgage
255 m2 | 4 bedrooms | 1 bathrooms | Furnished | Parking place | Swimming-pool | Gardens
If you're buying a property in Spain, you may be considering taking out a loan to finance part of the purchase. Getting a Spanish mortgage is definitely possible. Since Mortgage Direct have been liaising with banks, estate agents and international property buyers in Spain's ever-changing mortgage market. Get expert advice or do an affordability check to determine your eligibility for a mortgage. Start your spanish mortgage research early on to avoid paying through the nose later. If you are serious about buying a property in Spain, and need or want to.

Be sure you understand the repayments and can afford them before entering into any credit agreement. Continue to section 5: Retirement in Spain. Choose a country:. Mortgages in Spain. Improving lending conditions Economic conditions in Spain have been improving over the last few years and house prices are increasing in many areas, especially in the cities and popular coastal towns.

Repayment or interest-only? Fixed or variable? In , this has all changed and it is possible to find low fixed rate mortgages over terms of up to 25 years, but typically a maximum of 20 years. Insurance It is also worth noting that home and life insurance is usually compulsory for all people looking to secure a Spanish mortgage, although some brokers can arrange mortgages where this is not the case, adds Monger.

Warning Your property in Spain is at risk if you do not keep up repayments on a mortgage secured on it. This means that if you default on your payments, the bank can claim on all your assets worldwide, not just on the property in Spain. So, for example, if the repossession of your Spanish property does not cover your mortgage debt, the bank has the right to come after your assets outside of Spain.

Take a long look at your finances and make a realistic budget for your purchase. If you can expect to be able to meet payments for the duration of the loan if interest rates rise or you find yourself in different circumstances, getting a Spanish mortgage could be a savvy financial decision. However, non-residents buying Spanish property with a mortgage have more limited access to loan types and conditions.

In this section, we look at the principal conditions for mortgages in Spain and the main types available. In common with banks worldwide, Spanish financial entities associate second homes with a higher risk of default on payments.

Their reasoning is that a holiday home is a non-essential asset and therefore expendable and the first to not be paid in times of financial difficulty. Consequently, the choice of mortgages and their terms are more restricted than for principal homes.

Loan-to-value LTV levels and periods of repayment are considerably lower and conditions tend to be more stringent. But for non-residents, LTV is much lower. Residents in Spain can access loans of up to 40 years, but in the case of non-residents, the typical length of the mortgage is between 15 and 20 years.

All Spanish mortgages take the Euribor interest base rate, set by the European Central Bank, and add a percentage on top. Banks are free to apply their own rates, but in practice, fierce competition means that most charge similar rates. In mid, the Euribor stood in negative territory where it has been since early Most Spanish banks were offering variable interest rate mortgages at the Euribor plus between 0.

Deciding what type of mortgage suits your circumstances best requires careful consideration, taking into account your short, medium and long-term plans. The main types of mortgages available in Spain are as follows:. This is by far the most popular type of Spanish mortgage, particularly since the Euribor has been in negative territory. On the other hand, with a variable interest mortgage you do not know how much your monthly repayments are going to be and interest rates may go up.

Less popular among Spanish buyers, although in recent months there has been more take-up on this type of mortgage. Its main drawback are higher costs — you pay more to borrow the money when interest rates are low — but on the other hand, you know exactly how much your monthly repayments are for the entire duration of the mortgage.

You are also protected from future interest rate rises because yours is fixed. Mortgages allowing the borrower to pay interest only during the first term of the mortgage usually two years are not common in Spain, particularly since the property crisis.

They are also only available to residents. Their main advantage is lower monthly repayments, but they work out more expensive because of the extra time taken to pay off the capital. You may want to consider taking out a mortgage in a currency other than the euro. The main benefit of having a mortgage in your currency e.

On the other hand, non-euro mortgages are more difficult to obtain and Spanish banks tend to charge more for this type of loan. Financial experts advise that the best way to minimise currency risks is to have the asset and loan in the same currency. In this example, you would use rental income to pay your loan. One of the disadvantages of taking out a Spanish mortgage is that the transaction involves several costs. These are levied in addition to the taxes and fees charged as standard on a purchase.

Link to buying taxes In this section, we list the costs incurred when you take out a loan to buy a property in Spain. It used to be the case that the buyer took on all costs associated with a mortgage, but in recent years, consumers have successfully won high-profile court cases against the banks and reclaimed mortgage costs. This is not a given, however, so before signing your mortgage clause, make sure you fully understand which costs are to be paid by you and which by the bank.

In order to approve a mortgage loan, the bank first needs to carry out a valuation on the property. This is a compulsory step and costs vary depending on the property price. Expect to pay between a few hundred euros and several thousand. Note that the valuation is usually carried out by a valuer named by the bank, not one chosen by you. Who pays: since the bank is the party interested in ascertaining the value of the property it should pay this charge.

All banks charge a fee for setting up a mortgage and approving the loan. The fee is levied on the amount loaned so the more you borrow, the higher the mortgage fee. Get it right away. In order to open your bank account, you will need a NIE, see our news on that. Please read our full article on that subject.

As of October , the average mortgage has an interest rate of 2. The lowest rate ever is the current rate 2. Read our dedicated article on that subject with the last available data. Check our 8 legal steps to your Spanish property. Looking for a mortgage? A lawyer? A property hunter in Spain? Ask us directly, we have a solution within our network!

Your definitive guide to your Spanish mortgage. How to get the best rates? Can I get a Spanish mortgage? It is very easy to get a mortgage in Spain. What are the documents requested? A view on your assets and debts 5.

470,000
* €/m2
Mortgage Products
299 m2 | 1 bedrooms | 2 bathrooms | Furnished | Parking place | Swimming-pool | Gardens
A pre-agreement with the seller. A mortgage in Spain is granted as a percentage of valuation or purchase price whichever Buy to let mortgages, using rental income as part of the affordability​. If you are serious about purchasing property in Spain and require finance, you should start arranging your Spanish mortgage almost before you do anything else.

Check our 8 legal steps to your Spanish property. Looking for a mortgage? A lawyer? A property hunter in Spain? Ask us directly, we have a solution within our network! Your definitive guide to your Spanish mortgage. How to get the best rates? Can I get a Spanish mortgage? It is very easy to get a mortgage in Spain. What are the documents requested? A view on your assets and debts 5. The private sale-purchase contract 7. If you have a mortgage at home, land registry information on the property and the mortgage 8.

If pensioners: Official proof of annual income. Read our detailed article on that. Can foreigners get a mortgage in Spain? How long does it take to get a Spanish mortgage? Affordability is the main underwriting criteria, the criteria does not relax at lower loan to values and nor is asset wealth considered by the Banks in Spain. Most loans offered in Spain were variable trackers linked to the 12 month Euribor. Variable rates are based on a margin above the 12 month Euribor.

It is the margin above Euribor that differs between Banks along with compulsory products and bank charges. Many Banks link compulsory products to the rate offered so in order to ascertain actual competitiveness all elements of the loan and all monthly costs attached to it must be considered.

Banks are obliged to offer you the option of one rate without linked products and one with. Loans are reviewed once a year against prevailing Euribor at review date. Check our best buy tables today. A few Banks charge a higher first year rate than the variable rate would be, this then reverts to variable in Year 2. Some Banks previously placed a minimum rate floor rate within the mortgage deed.

This practice has now stopped for all new mortgages in Spain except where the bank is allowed to protect themselves against a minus 12 month Euribor. By law from June early repayment penalties cannot exceed 0. This is for partial and full overpayment. Some lenders have lower penalties than the law and some have no early payment penalties at all. All Banks charge a fee known as the Bank opening fee or Bank arrangement fee.

This fee is taken from the loan amount at completion. Other fees associated with a loan in Spain include the valuation fee. Arrangement fees are taken from gross loan amount at completion. No fees nor any purchase costs can be added to loan if the loan to value restriction has been reached. Banks will lend against property on Urban land. Very few banks will lend on property registered as Rustica or any other classification, and if they do it will be at lower loan to values.

Very few Spanish Banks currently offer either construction loans or loans for large reforms. Where they do loan to value restrictions will apply and rates are likely to be higher. Valuation levels will only account for meters built which appear on the deeds of the property and are fully registered at land registry.

Any overbuild or extensions, or other such changes to the property that have not been registered will not be able to be valued for mortgage purposes. All lenders will use their appointed valuation company although under new legislation you may be able to select a valuation company as long as they a registered company under the Bank of Spain. Very few valuation companies offer structural valuations with full indemnity but if you require this service we can help organize one for you.

All loans, in the absence of a consumer credit act, are written into a legally binding deed which is signed by all parties at completion. Once signed it is not possible to change the terms within the deed without incurring some costs, and you are bound by the terms under law.

Any change to the deed, beyond an agreed reduction in rate, movement to a fixed rate or extension of term, is deemed as a new deed by law and all mortgage costs apply again.

Novacions so changes that can be made without a new deed will hold a maximum cost of 0. In Spain it is possible to take over or subrogate an existing loan held against the property. Whilst many Banks have stopped offering this facility due to terms on historic loans, being much better than terms on new loans, it should be explored to see if a loan exists against the property you are buying. We understand that Spanish mortgages may seem difficult and you may be hesitant to consider one, however using finance to purchase your property may be a strategic move.

Such benefits include:. Our dedicated Spanish mortgage brokers are available to give you advice, guidance and act on in your best interest. Contact FFA today!

151,000
* €/m2
166 m2 | 6 bedrooms | 6 bathrooms | Furnished | Parking place | Swimming-pool | Gardens
Start your spanish mortgage research early on to avoid paying through the nose later. If you are serious about buying a property in Spain, and need or want to. If you are serious about purchasing property in Spain and require finance, you should start arranging your Spanish mortgage almost before you do anything else. A mortgage in Spain is granted as a percentage of valuation or purchase price whichever Buy to let mortgages, using rental income as part of the affordability​.

For many years, the fixed rate mortgages offered by banks in Spain were not attractive and the vast majority of mortgages signed were with a variable interest rate. In , this has all changed and it is possible to find low fixed rate mortgages over terms of up to 25 years, but typically a maximum of. A variable rate generally means that your mortgage payments can go up or down according to movements in interest rates usually as a set percentage, as opposed to a fixed-rate mortgage which guarantees your mortgage payment each month over a set period.

Whether you opt for a variable-rate or fixed rate mortgage you will normally have to pay an early repayment charge if you want to pay off your mortgage sooner or remortgage to a new deal. But redemption penalties are low in Spain — typically 0. Redemption penalties for fixed rates are generally higher although Monger adds that Mortgage Direct can offer the same redemption penalties for fixed-rate mortgages as for those with a variable rate.

It is also worth noting that home and life insurance is usually compulsory for all people looking to secure a Spanish mortgage, although some brokers can arrange mortgages where this is not the case, adds Monger. Your property in Spain is at risk if you do not keep up repayments on a mortgage secured on it. Be sure you understand the repayments and can afford them before entering into any credit agreement.

Continue to section 5: Retirement in Spain. Before finding Mortgage Direct, my boyfriend and I applied for a mortgage on our own and were rejected because as we found out , some Spanish banks do not like dealing with Americans due to the complicated tax situation.

Simon has been extremely helpful as our mortgage broker for a property purchase in Spain. His advice was invaluable and he ensured the whole process went smoothly, from securing the mortgage offer all the way to completion.

Skip to content. Mortgage Direct - Leading Broker in Spain. Mortgage Direct Service. Fast Track Approvals. Exclusive conditions. We negotiate the terms and conditions with various banks to bring you exclusive mortgage conditions only available to Mortgage Direct. Mortgage products available in Spain. Mortgage Direct can offer you exclusive terms and conditions. Holiday Home Mortgages. Paula Reece, UK. Giles Kwei, UK. Antonia Heath, UK.

Larry Heugatter, USA. Mortgage for property in Tarragona. Donald Storrie, Ireland. Jessica Abell, USA. Click on any flag to get an automatic translation from Google translate. Spaniards and Foreigners are very active on the Spanish real estate market: both are buying the most since If the bank gets formal pre-approval from its risk department, then they send the mortgage offer.

When the bank gets the client confirmation accepting the offer then they open the account and send account details. The bank orders the valuation and gets the approval of the mortgage. Then they send an official mortgage offer. The bank arranges completion with the client or legal representative in Spain. Get the best mortgage rate in Spain. Please note that the mortgage cost is an average. In general, foreigners will get higher rates due to the fact that their assets and incomes are not in Spain but in their home country.

We developed a detailed mortgage calculator: Payment schedule, monthly payments,…. During the year, we had more than Follow this link to read our detailed article on the mortgage activity in Spain.

Discover the best new build projects in Spain available right now. About 6 weeks. Although, we have to say that since the new law got into effect in August , there is a new 'cooling-off' period of 10 days, so this increases a little bit the timing for getting a mortgage.

The obvious answer is yes.

648,000
* €/m2
Mortgage Direct Service
240 m2 | 2 bedrooms | 6 bathrooms | Furnished | Parking place | Swimming-pool | Gardens
Proof that the property tax is paid to date. albir-properties-for-sale.com.ru › Spain › Advice. A mortgage in Spain is granted as a percentage of valuation or purchase price whichever Buy to let mortgages, using rental income as part of the affordability​.

Login or register to read articles without any adverts in the text. Skip to content. Just like any advanced economy Spain has a developed mortgage market with numerous lenders offering a bewildering variety of Spanish mortgages. For most people there are good reasons for financing at least a part of a property purchase with a mortgage.

Should you use a Spanish mortgage, or a mortgage on your property at home? To remortgage in Spain, as anywhere, is to change the basic conditions of your mortgage. These can include the amount, period of loan, interest rate paid and the type of repayment schedule.

Euribor 12 month is the interest rate most commonly used to calculate mortgage payments in Spain. It is used for both variable and fixed rate mortgages in Spain. If you plan to buy property in Spain, read our guide to see what Spanish mortgages are available to expats and how to apply. In the last couple of years, the property market in Spain has finally picked up after a long slump following the financial crash. In November , house prices increased by 5.

Spanish mortgage lenders offer an array of mortgage products specifically designed for foreign and expat investors, and the government operates a special visa-and-property scheme. During the market downturn, the Spanish government moved to welcome foreign investment in real estate. This means that under certain conditions — including a minimum investment level which can be spread among several properties — investors can receive a Spanish residency permit.

The golden visa allows qualifying individuals to reside in Spain and travel throughout the EU, though it does not allow for work or grant access to state benefits. A Spanish consulate in your home country will be able to provide information about getting a Spanish golden visa. Spain offers the usual types of mortgages, with additional expat-focused Spanish mortgages offered by international banks and Spanish banks. Many Spanish mortgages have no restrictions on purchase price or nationality, though some products favor buyers from specific countries, or buying property in certain regions.

The biggest difference between residential and non-residential loans is the maximum loan-to-value LTV that banks will allow. Some banks might only be willing to provide a mortgage to foreign buyers for their own real estate listings.

In this case, your options for getting a mortgage may be closely tied to a particular property. Most Spanish mortgages are variable rates linked to the yearly Euribor European inter-bank offered rate plus a margin. For example, with Euribor at Many lenders also offer fixed-rate mortgages, which range from 2.

Property transfers in Spain are done through public deeds of purchase, which must be certified by a notary. The sale is not official until the notario signs using his firma protocolizada , for which fees apply. As soon as the notary certifies that all the documents are in order, the deed is ready for taxes.

Residential properties are subject to various Spanish taxes, which are all paid by the buyer. For example, transfer tax in Madrid is set at 6. The stamp tax also varies by location and ranges between 0.

This practice has now stopped for all new mortgages in Spain except where the bank is allowed to protect themselves against a minus 12 month Euribor. By law from June early repayment penalties cannot exceed 0.

This is for partial and full overpayment. Some lenders have lower penalties than the law and some have no early payment penalties at all. All Banks charge a fee known as the Bank opening fee or Bank arrangement fee. This fee is taken from the loan amount at completion. Other fees associated with a loan in Spain include the valuation fee. Arrangement fees are taken from gross loan amount at completion. No fees nor any purchase costs can be added to loan if the loan to value restriction has been reached.

Banks will lend against property on Urban land. Very few banks will lend on property registered as Rustica or any other classification, and if they do it will be at lower loan to values.

Very few Spanish Banks currently offer either construction loans or loans for large reforms. Where they do loan to value restrictions will apply and rates are likely to be higher.

Valuation levels will only account for meters built which appear on the deeds of the property and are fully registered at land registry. Any overbuild or extensions, or other such changes to the property that have not been registered will not be able to be valued for mortgage purposes. All lenders will use their appointed valuation company although under new legislation you may be able to select a valuation company as long as they a registered company under the Bank of Spain.

Very few valuation companies offer structural valuations with full indemnity but if you require this service we can help organize one for you. All loans, in the absence of a consumer credit act, are written into a legally binding deed which is signed by all parties at completion. Once signed it is not possible to change the terms within the deed without incurring some costs, and you are bound by the terms under law.

Any change to the deed, beyond an agreed reduction in rate, movement to a fixed rate or extension of term, is deemed as a new deed by law and all mortgage costs apply again. Novacions so changes that can be made without a new deed will hold a maximum cost of 0. In Spain it is possible to take over or subrogate an existing loan held against the property.

Whilst many Banks have stopped offering this facility due to terms on historic loans, being much better than terms on new loans, it should be explored to see if a loan exists against the property you are buying. The key benefit of subrogation used to be it avoided having to pay mortgage deed tax as this was only applicable on a new loan set up. With all Banks now picking up this cost subrogation may be more difficult to obtain.

Obtain the best possible currency rates and expert on information of when to transfer based on market conditions. Spanish Conveyance Solutions is our sister company offering a complete end to end buying, selling and information services.

Spanish Banks require certain documents are presented in order for them to assess a loan. No self certified or minimum documentation loans are available. All Spanish Mortgages are full status.

Spanish mortgages are not regulated what precautions you can take to make sure you still get best possible information. Construction mortgages in Spain Company purchases Best buy loan tables Mortgage costs.

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518,000
* €/m2
203 m2 | 3 bedrooms | 5 bathrooms | Furnished | Parking place | Swimming-pool | Gardens
Start your spanish mortgage research early on to avoid paying through the nose later. If you are serious about buying a property in Spain, and need or want to. This month in our Spanish mortgage example series, we'll be looking at a property valued at €, We often get questions about what finance is available to. Records of your current assets.

Its main drawback are higher costs — you pay more to borrow the money when interest rates are low — but on the other hand, you know exactly how much your monthly repayments are for the entire duration of the mortgage. You are also protected from future interest rate rises because yours is fixed. Mortgages allowing the borrower to pay interest only during the first term of the mortgage usually two years are not common in Spain, particularly since the property crisis.

They are also only available to residents. Their main advantage is lower monthly repayments, but they work out more expensive because of the extra time taken to pay off the capital. You may want to consider taking out a mortgage in a currency other than the euro. The main benefit of having a mortgage in your currency e. On the other hand, non-euro mortgages are more difficult to obtain and Spanish banks tend to charge more for this type of loan.

Financial experts advise that the best way to minimise currency risks is to have the asset and loan in the same currency. In this example, you would use rental income to pay your loan. One of the disadvantages of taking out a Spanish mortgage is that the transaction involves several costs. These are levied in addition to the taxes and fees charged as standard on a purchase. Link to buying taxes In this section, we list the costs incurred when you take out a loan to buy a property in Spain.

It used to be the case that the buyer took on all costs associated with a mortgage, but in recent years, consumers have successfully won high-profile court cases against the banks and reclaimed mortgage costs. This is not a given, however, so before signing your mortgage clause, make sure you fully understand which costs are to be paid by you and which by the bank.

In order to approve a mortgage loan, the bank first needs to carry out a valuation on the property. This is a compulsory step and costs vary depending on the property price. Expect to pay between a few hundred euros and several thousand. Note that the valuation is usually carried out by a valuer named by the bank, not one chosen by you. Who pays: since the bank is the party interested in ascertaining the value of the property it should pay this charge.

All banks charge a fee for setting up a mortgage and approving the loan. The fee is levied on the amount loaned so the more you borrow, the higher the mortgage fee. Banks generally charge between 0. Who pays: the buyer you. AJD is levied as a percentage on the loan and the amount varies depending on the region of Spain. The notary charges a fee for the title deeds and notary services when you buy a Spanish property.

Link to the buying process Buying with a mortgage involves an extra section on the title deeds with the subsequent additional charge. Who pays: there is room for negotiation on this charge and your bank may be open to paying for this. As is the case with notary fees, Land Registry fees also rise when a mortgage is involved because the loan must be registered as a charge against the property.

Who pays: as with notary fees, your bank may be open to negotiations on paying for this. The cost of this varies depending on the size of the mortgage loan and the work involved. When you take out a mortgage in Spain, you must also contract insurance for the property covering both the building itself continente in Spanish and its contents contenido. The bank supplying the mortgage loan will offer to provide insurance cover as well — you are not obliged to take out insurance with them, but in practice, you are likely to get better terms and conditions for your mortgage if you do.

Your bank may also offer life and mortgage insurance policies. Neither are mandatory for a mortgage loan in Spain, but you may wish to look into these for additional financial security. Always check the terms and conditions of insurance policies and beware of clauses that oblige you to take out a policy with your bank for the duration of the loan. Insurance offered by banks is not necessarily the cheapest on the market. If you are buying a property in Spain that already has a mortgage, you may want to take over the loan yourself.

Fees to transfer a loan from the vendor to the buyer are around 0. Although there are mortgage fees that you cannot avoid, you may be able to negotiate lower charges on other fees with the bank. Competition for mortgages is fierce and your chosen bank may be willing to reduce valuation and mortgage fees in exchange for your business. But be aware that in lieu of fees, the bank may charge more for the mortgage itself or apply a higher interest rate.

Skip to content. Weigh up pros and cons. Think carefully about whether a loan is financially worthwhile for you and consider the financial implications for you if when mortgage interest rates rise. For further information about the advantages and disadvantage of a mortgage in Spain, see below. Jump to section below. Organise your Spanish mortgage well in advance.

As is the case in any country, the sooner you start thinking about a mortgage application, the better. Planning ahead gives you time to shop around for the best deal and compare terms and conditions. Leaving it until later, on the other hand, may result in less a favourable loan for you. Start your mortgage application at least two months before you plan to buy. Prepare your paperwork in advance.

Shop around. Prepare yourself in Spain. Compare costs. See The costs of getting a Spanish mortgage. These allow the bank to charge a minimum percentage interest rate even when rates are lower. While floor clauses are not illegal, they can be considered abusive, particularly when the bank has not informed the client of their existence. Take professional advice on this if necessary. Look carefully in the mortgage contract for a clause obliging you to stay with the bank for a certain period of time in some cases, banks require you to stay with them for the entire duration of the loan.

This may not be in your interests since it restricts your ability to change to a bank with better mortgage terms later on. Also, beware of clauses tying you to certain bank products, e. Consider using a broker. Using the services of a mortgage broker may save you valuable time and money since they do the shopping around and comparing for you.

It is also possible to appoint a guarantor such as a family member to secure the borrowing, which can have potential inheritance tax benefits if they are also a part-owner in the property.

Construction mortgages — for those wishing to build their own homes, banks offer construction mortgages. If you intend to run a business the lenders will ask for business plans and, where applicable, accounts for any previous business operating at the premises, as well as what previous experience you have had running a similar business. Generally speaking, they require that you contract different products with them and they give discounts to the rate for taking each product.

By using one of our recommended brokers they can secure a much lower rate than if you go direct to a bank. Although the vast majority of mortgages are variable rate in Spain, fixed rates are becoming more popular, especially now that the Euribor is at its lowest ever level.

A typical fixed rate for a year term could be 2. Interest-only — this is only offered for construction mortgages in Spain and, where offered, it is only for 1 or 2 years at the start of the term. Term of mortgage — most mortgages can be arranged with terms of 25 years for non-residents and 30 years for residents , usually up to a maximum age of For non-residents, some banks have a maximum year term.

The lenders all use what is known as a debt-to-income calculation as the basis for deciding whether applicants will qualify for a mortgage. In basic terms, this means that your monthly debt commitments, including the new mortgage, must not exceed a given percentage of your net monthly income. There are many other variables to take into account, but this gives a very basic idea of how the banks assess the applicants for the mortgage.

Again, we strongly advise working with one of our brokers, as they have an in-depth understanding how each bank works. The process from start to finish usually takes weeks, but there can sometimes be delays that are outside of the control of the broker or the lender. Your broker can advise on sensible timescales for payment of deposits and timing of completion, as well as deal with any delays if they arise.

510,000
* €/m2
235 m2 | 8 bedrooms | 10 bathrooms | Furnished | Parking place | Swimming-pool | Gardens
Since Mortgage Direct have been liaising with banks, estate agents and international property buyers in Spain's ever-changing mortgage market. Get expert advice or do an affordability check to determine your eligibility for a mortgage. albir-properties-for-sale.com.ru › Spain › Advice. A pre-agreement with the seller.

Although the vast majority of mortgages are variable rate in Spain, fixed rates are becoming more popular, especially now that the Euribor is at its lowest ever level. A typical fixed rate for a year term could be 2. Interest-only — this is only offered for construction mortgages in Spain and, where offered, it is only for 1 or 2 years at the start of the term.

Term of mortgage — most mortgages can be arranged with terms of 25 years for non-residents and 30 years for residents , usually up to a maximum age of For non-residents, some banks have a maximum year term. The lenders all use what is known as a debt-to-income calculation as the basis for deciding whether applicants will qualify for a mortgage.

In basic terms, this means that your monthly debt commitments, including the new mortgage, must not exceed a given percentage of your net monthly income. There are many other variables to take into account, but this gives a very basic idea of how the banks assess the applicants for the mortgage. Again, we strongly advise working with one of our brokers, as they have an in-depth understanding how each bank works.

The process from start to finish usually takes weeks, but there can sometimes be delays that are outside of the control of the broker or the lender. A view on your assets and debts 5. The private sale-purchase contract 7. If you have a mortgage at home, land registry information on the property and the mortgage 8. If pensioners: Official proof of annual income. Read our detailed article on that.

Can foreigners get a mortgage in Spain? How long does it take to get a Spanish mortgage? Do I need a Spanish bank account to buy a property in Spain? How much can I borrow for a mortgage in Spain? What are the costs of buying a house in Spain? What is the interest rate in Spain? Who are the foreigners living in Spain in ? Golden Visa in Spain: Your ultimate guide!

Swedish property buyer's guide in Spain. Subscribe to our Free Weekly newsletter. Get the best news concerning the real estate market of Spain! Thank you for your download, we hope you are satisfied with our software. Contact FFA today! Spanish mortgages for a Costa Blanca property This month we will be highlighting these fantastic new apartments in Pilar de la Horadada, Alicante that have just been released!

Seen the home of your dreams? Have any Spanish mortgage questions?

440,000
* €/m2
139 m2 | 5 bedrooms | 6 bathrooms | Furnished | Parking place | Swimming-pool | Gardens
albir-properties-for-sale.com.ru › Spain › Advice. Since Mortgage Direct have been liaising with banks, estate agents and international property buyers in Spain's ever-changing mortgage market. Get expert advice or do an affordability check to determine your eligibility for a mortgage. A mortgage in Spain is granted as a percentage of valuation or purchase price whichever Buy to let mortgages, using rental income as part of the affordability​.

Spanish mortgages are not regulated what precautions you can take to make sure you still get best possible information. Construction mortgages in Spain Company purchases Best buy loan tables Mortgage costs. Get in Touch! Have a question Click here. I have read and accept terms and conditions. Being fully prepared financially before visiting Spain will enable you to negotiate with sellers in the knowledge you are in the strongest position to buy and have the ability to move quickly without putting at risk your deposit monies.

Contact us today for guidance on how to obtain a full pre-approval for a Mortgage in Spain. Why am I best getting independent information when arranging a Mortgage in Spain. Term you can expect for a mortgage in Spain Maximum terms for a Spanish Mortgage range from between 20 to 30 years.

Types of loans available in Spain Standard repayment loans are the main product in Spain. How Spanish Banks assess affordability ratios for a Spanish mortgage Spanish Banks work off affordability ratios based on net not gross income. Only incomes shown on personal tax returns are normally taken into account. Interest Rates for Spanish non resident mortgages Most loans offered in Spain were variable trackers linked to the 12 month Euribor.

First year premium rates and floor rates attached to Spanish Loans A few Banks charge a higher first year rate than the variable rate would be, this then reverts to variable in Year 2. Early repayment penalties for a mortgage in Spain By law from June early repayment penalties cannot exceed 0.

Costs of completing on a Spanish Mortgage All Banks charge a fee known as the Bank opening fee or Bank arrangement fee. Valuation fees average 0. Home buyer valuations for a Spanish Loan Valuation levels will only account for meters built which appear on the deeds of the property and are fully registered at land registry. Spanish Mortgage deeds All loans, in the absence of a consumer credit act, are written into a legally binding deed which is signed by all parties at completion.

Subrogation In Spain it is possible to take over or subrogate an existing loan held against the property. Currency exchange Obtain the best possible currency rates and expert on information of when to transfer based on market conditions.

Currency Exchange. Legal services Spanish Conveyance Solutions is our sister company offering a complete end to end buying, selling and information services. Spanish Conveyance. Documents required for Mortgage Spanish Banks require certain documents are presented in order for them to assess a loan. Documents required. Are Spanish mortgages regulated Spanish mortgages are not regulated what precautions you can take to make sure you still get best possible information.

Mortgage regulation. Contact us. We're not around right now. Please type in your question below. We are here to help. Please type in your question. The advantages of arranging your Spanish mortgage at the start of your property search are as follows:. This website has a new design and we are still sorting out some bugs. Please bear with us. Login or register to read articles without any adverts in the text. Skip to content. Just like any advanced economy Spain has a developed mortgage market with numerous lenders offering a bewildering variety of Spanish mortgages.

For most people there are good reasons for financing at least a part of a property purchase with a mortgage. Should you use a Spanish mortgage, or a mortgage on your property at home? To remortgage in Spain, as anywhere, is to change the basic conditions of your mortgage. Now that you know about how much money you will need to have in order to purchase the property, you need to open a bank account in Spain.

That is where the repayment money will be withdrawn every single month. You will have time to compare that first offer with other banks, trying to get the best possible deal.

Our advice is to bring the initial offer to other lenders so they can match it. Then, bring that counteroffer to the initial bank to get the best possible deal.

After knowing all your options its time to decide. Be cautious and choose the best possible alternative. Bear in mind that you will have to be paying that loan back for probably over 20 years.

So taking your time to accept is crucial. Finally, signing the mortgage. You will need to go to the notary in order to finalize the process. Before getting the mortgage, banks usually need you to contract insurance against fire and other disasters for the property. From start to finish, it takes from 6 to 8 weeks to get the mortgage. Even though the process can be completed in just 4 weeks sometimes, that is something rather unusual.

The documents you need to submit are helpful to identify yourself and show proof of your income, assets, and debts. So the required documents are:. Bear in mind that all these documents must be in Spanish, so they must be legally translated or apostilled. At Balcells Group we can help you with that so they can have legal validity after the translation. Which is the ideal strategy to get the best possible rates? We will now give you 6 pieces of advice that will help you get the best rates as a foreigner :.

Knowing the exact mortgage conditions you will get beforehand is complicated. Nevertheless, most of them are variable loans. This means that they are composed of the moving percentage dictated by the Euribor , and the premium that the bank gets. At the beginning of , the Euribor was below 0, exactly at But, if you would like to get an exact idea, we can help you out.

We will be your online mortgage calculator. You just need to send us an email with all the possible information and we will send you the exact conditions you can aspire to. This can be perfect guidance when comparing so you get the best deal possible, so make the extra step and contact us!

I need help with my mortgage. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Facebook Twitter Instagram Linkedin Youtube. Mortgage in Spain for Expats by balcellsg Real Estate. Content hide. Share via: Facebook Twitter LinkedIn.

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Statistics and prices of properties with pool in Spain

Prices are going up in this area.

Average price in this area: 1,285 €/m2

The cheapest property in this area: Rent to own detached house in Alcobendas, 0

The most expensive property in this area: Hotel for sale in Nueva Andalucía, Marbella, 65,000,000 €

Cheapest areas: Aragon, Castile and Leon, Estremadura

Most expensive areas: Melilla, Balearic Islands, Andalusia

Prices are going down in the areas: Madrid, Andalusia, Canary Islands.

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