Mortgages

Finding a mortgage in Spain can be a complicated and daunting experience even if you do speak Spanish. Which bank should I use, do they compete with rates and terms, how much of a deposit will I need, will they speak English? These are questions we can answer for you. We evaluate the best and most up to date offers available from a range of mortgage sources in Spain and the UK, giving you all the answers you need to decide which is the most suitable option for you.

10 Key Facts

• As a non Spanish resident you can apply to borrow up to 75% of the purchase price.  As a resident you can borrow upto 90% (credt crunch permitting)
• It is necessary to have enough cash to fund the deposit  plus the notary fees and other costs. The notary fees and (approximately 8%).
• Depending upon your age you can borrow for up to 30 years.
• Fixed, variable, capped, repayment and interest only loans are all available in Spain.
• There are no specific ‘Buy-to-let’ products but some future rent can be taken into account when applying for the loan.
• “Income is King!” in order to qualify your income must satisfy the Bank.
• Net or Gross income may be used, depending upon the bank applied to.
• There is a comprehensive list of paperwork required for each application.
• Rates vary dramatically from one to bank to the next, typically the best rates are for 80% repayment loans; the more unusual and flexible the finance solution the more expensive it tends to be.
• Introductory rates rarely tell the true story of what you will pay long term. Many banks use the Euribor 3 or 12 month index plus a hidden margin.

We can also offer a range of additional services to ensure your property purchase is completed satisfactorily and your legal and protection requirements are fully taken care of.

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