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Getting a Spanish mortgage

Getting a Spanish mortgage

We work with experienced partners when it comes to finding you the right mortgage to suite your personal needs and circumstances. They will do the work for you, so you have nothing to worry about. They will negotiate the conditions of your mortgage, arrange for all the paperwork to be filled out, arrange for the valuation of the property, and liaise with your lawyer. All you have to do is give them the information and copies of official papers they need.

Frequently Asked Questions

How much can I borrow?  

A mortgage in Spain is based on the valuation or purchasing price of the property and depends on the conditions of the bank. In general 60-120% of the value can be borrowed for urban real estate, depending on the residential status of the applicant and the purpose of the purchase. For rustic and commercial properties, generally speaking, only 50% financing is possible.

What is the current interest rate?

The interest rate in Spain is based on the Eurobor. The Euribor rates are based on the average interest rates at which a large panel of European banks borrows funds from another and as such these rates are considered to be the most important reference rates in the European money market.

Banks will add a margin between 1 – 1,5% tot the Euribor depending on the type of mortgage and the circumstances of the applicant. For the latest Euribor please check the Bank of Spain.

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Getting a Spanish Mortgage

Which documents do I need?  

-Passport

-P60

-Salary slips last three months

-Bank statements last three months

-Bank reference*

-Employer reference*

-Credit report*

Additional documents needed for independent business owners:

-Tax return

-Earnings and loss statements

-Balance to date

-Business bank statements last three months

-Business bank reference*

-Accountants reference*

*Needed for 80% financing.

How long does the process of getting approved for a mortgage take?

Depending on your personal circumstances it can take from 2 to 6 weeks to be approved. Our experience is that on average it will take about 4 weeks.