Mortgages for Spanish property
Mortgage questions and answers
As a UK resident, is it possible fro me to get a Spanish mortgage?
Yes. You will need to provide proof of income in the form of a P60, a pension
document, or a tax declaration.
What value of mortgage I get?
Maximum mortgages offered are 80% for a non resident of Spain.
Are mortgages available for any type of property?
Yes, you can apply for a mortgage for a small apartment or a villa or a new
development
What locations can I obtain my Spanish property in?
- Mainland Spain
- Balearic Islands
- Canarian Islands
How long would it take to arrange a typical mortgage?
If everything is in place, then 4 weeks approximately
Over what period of time could I take out my mortgage?
Anything from 109 to 40 years.
What is the cost of a property valuation?
The bank appoints a valuer from a panel. The cost of the process is paid by you but by law this is the same cost whichever lender you use.
Here are 2 examples of costs associated with taking out a mortgage:
Example 1 for 100k Euros
MORTGAGE AMOUNT 100,000
Stamp Duty 1800
Land registry 710
Gestoria 204
Bank Arrangement charge 1.000
TOTAL COST IN EUROS 3.714
Example 2 for 150k Euros
Mortgage amount 150,000
Stamp duty 2700
Land registration fee 750
Gestoria 204
Bank arrangement 1500
Total 5,154 euros
The most important advice that a Spanish property agent could give anyone buying
overseas is to seek the advice of an experienced solicitor who is experienced with
established deals in residential property in Spain.
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