Spanish Mortgages

Obtaining a Spanish mortgage for buying a home overseas is an exciting adventure. Although exciting, it is a big commitment and, for many, a step into the unknown in dealing with local customs and laws. One of the biggest headaches for potential overseas buyers in Spain is how to finance the purchase. The process can be simplified as much as possible by dealing with experienced advisors who have extensive knowledge of the Spanish mortgage systems.

There is no problem in getting a mortgage as long as you can prove your income.

Often, a Spanish property can be financed by releasing equity from other property.

The maximum amount that will be advanced is 80 % for a resident, and 75 % for a non-resident, of the value of the property, or the purchase price whichever is lower.

The period can be from 5 to 30 years.

Loans are now available to purchase of any type of residential property, whether a small apartment, townhouse, large villa, traditional finca or new development.

It will be a condition of your mortgage that fire cover to protect your property is taken through an approved insurance company.

The Bank will appoint a valuer from the Bank's panel of valuers to carry out a survey for mortgage purposes, the cost of which will be paid by you before the valuation is undertaken.

Even before signing this contract proof that the seller owns the property and that it is free of charges should be required. In Spain debts are charged to the property, not the owner, and any outstanding mortgage or other debt will be passed on to the buyer.