Can
i get a mortgage in spain?
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Many questions usually
comes hand in hand with a big decision such as buying
a property abroad.
How can I get a spanish mortgage?
Is a mortgage in spain available on any kind of property?
Spanish mortgages will below answer the most common questions
about mortgage and loans for properties in spain. |
I'm an English citizen - can I
get a mortgage in Spain?
- Yes, there is no problem for you to get a spanish mortgage
as long as you can prove your income. (Ex. P60, Self-employed,
pension or other tax declaration from other country)
How much can I borrow?
- The maximum amount that will be advanced is 80 % for a non-resident
in spain and 100% for a resident of the value of the property,
or the purchase price whichever is lower.
Can I get a spanish mortgage
on any type of property?
- Loans are now available to purchase of any type of spanish
residential property, whether a small apartment, townhouse,
large villa, traditional finca or new development.
Where exactly can I purchase property and still obtain spanish
mortgage finance?
- On Mainland Spain, Balearic Islands and Canarian Islands.
How long does all this take?
- Once you have decided that you want to go ahead, arranging
a mortgage in spain secured on a Spanish property it will usually
take 3-4 weeks.
Do I need insurance on my property in spain?
- Yes, it will be a condition of your spanish mortgage that
fire cover to protect your property in spain is taken through
an approved insurance company.
Are there any redemption penalties?
- Redemption penalties (known in Spain as early repayment commissions)
are applied by almost all banks. These vary between 0,5 - 1,5%.
How long repayment period can I get?
- You can have your spanish mortgage from 10-30 years.
How much does it cost to value
my spanish property?
- The Bank will appoint a valuer from the Bank's panel of valuers
to carry out a survey for mortgage in spain purposes, the cost
of which is to be met by you before the valuation is undertaken.
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