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Need a mortgage?

Are you considering to finance a property in Spain?

Below you will find information and an example of calculation of a standard mortgage inquiry in Spain. We outline this as a guide to create a realistic picture about possibilities for financing in Spain to avoid any surprises.

How much can I borrow?

Banks in Spain finance up to 70% of the bank property valuation. The most important aspect here is that you are at the time of application of the mortgage not resident in Spain. The property you purchase is seen as a second residence. In order to limit the financial risks the banks valuation is often kept low and this makes a real difference to the market value and purchase price. This way you can keep in mind that about 60% of the purchase price is to be invested from your own resources and that you can borrow approximately 40%, providing that your fixed income is sufficient.

Is my income sufficient?

The bank would make a mortgage loan up to 35% of your regular income, after the deduction of the fixed expenses and taking into account your family situation.

What is the maximum age for a mortgage in Spain?

The maximum age for a mortgage in Spain is 70 years, there are exceptional cases where the age limit can be extended.

What documents are required for a mortgage in Spain?

If the property is being purchased together with your partner, the same documents are also required from your partner.

The bank usually requires the following documents of the property you are about to purchase:

Type of mortgage:

Usually a form of annuity mortgage is used in Spain, providing with a standard part repayment (amortization) and part of interest, plus the costs of your life insurance. Of course you can choose between fixed and variable rates.

Standard duration is up to 25 years, depending on the bank, for the young people there are opportunities for duration up to 30 years.

What are my monthly mortgage payments?

Here is an example of CALCULATION:

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Please feel free to use our A4-inquiry form to communicate your wishes and ideas. If you require any further information contact us or make an appointment at our office in Caleta de Vélez.
We look forward to hearing from you.

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