F.A.Q.
Frequently asked questions about our mortgages in spain.

European and Spanish Mortgages and loans for none residents in Spain is available if you find your dream holiday home somewhere in the sunny Spain. You can read "Can I get a mortgage" for more detailed info. Other important info is "Mortgage Costs" where you find info about other costs then the actual purchase sum.

Below you will find some frequently asked questions about Spanish Mortgages in spain:

1) Do I have to have life insurance when raising a mortgage in spain?
- No, it’s not necessary in Spain.

2) When calculating the % of the selling price bank will lend against, is VAT or a transfer tax included?
- No, you can only lend against the purchase price without the legal costs.

3) Resident of UK, thinking of buying home in Spain in the range €130k-€150k.
How much cash would I need to put up and as result what is the max mortgage I could borrow?
- The maximum you can borrow is 80% of the purchase price as non-resident in spain.

4) I am buying a new build property near Alicante which is due to be completed in May 2006. How far in advance can I apply to you for a mortgage?
- As the property in question is still in the early stages of construction. When you buy off plan the mortgage can only be raised by completion. The only way to secure a mortgage in Spain is against the property and as long as the property is not completed we can't secure the mortgage. You can apply already now and have the mortgage approved in writing but we can’t do the survey until 1 month before completion.

5) I am interested in buying a property in Spain - holiday flat - but have been told about an NIE (?) form which I believe is needed before I can do anything - Mortgage included - is this true??
- No, you can purchase and apply for a mortgage but you will need a N.I.E number by completion which will be your Spanish tax number in the future.

6) I am about to buy a property in Spain which will require stage payments, can you supply a mortgage that allows stage payments?
- Yes, if the land and all the licenses are in your name we can do an interest only mortgage with stage payments.

7) How long does a mortgage take to organise?
- It takes approximately 2 weeks to arrange the mortgage from the day we have all the requested documents.

8) I am 54 years old, what is the longest period you would grant a mortgage for?
- All Spanish banks want the mortgage to be paid off before you are 70 years old so the answer to your question is 16 years.

9) We have chosen a property on the Costa del Sol and want a buy-to-let mortgage, is there such a thing in Spain?
- In Spain we don’t have “buy to let” mortgage but a normal re-payment mortgage will allow you to rent out your property.