Spanish Mortgage FAQ
I am a British citizen - can I get a
mortgage in Spain?
Yes, there is no problem for you to get a mortgage as long as you can prove your income from the UK. (Eg. P60, Self-employed, pension or other tax declaration)
How much can I borrow?
The maximum amount that will be advanced for a non-resident is 75%, and for a resident is 80% of the value of the property, or the purchase price whichever is lower.
Can I get a mortgage on any type of property?
Loans are now available to purchase of any type of residential property, whether a small apartment, townhouse, large villa, traditional finca or new development.
Where exactly can I purchase property and still obtain mortgage finance?
- Mainland Spain
- Balearic Islands
- Canarian (Canary) Islands
How long does all this take?
Once you have decided that you want to go ahead, arranging a mortgage secured on a Spanish property will usually take 3-4 weeks.
Do I need insurance on my property?
Yes, it will be a condition of your mortgage that fire cover protection on your property from an approved insurance company.
Are there any redemption penalties?
Redemption penalties (known in Spain as early repayment commissions) are applied by almost all banks. These vary between 0.5 - 1.5%.
How long can my repayment period be?
You can have your mortgage over 10-30 years.
How much does it cost to value my property?
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 is to be met by you before the valuation is undertaken.
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