Costa del Sol Property, Property for sale Costa del Sol

GETTING A MORTGAGE IN SPAIN

Many Spanish banks will lend up to 80% of the bank's valuation to a non-resident of Spain regardless of the actual purchase price.

Spanish banks will require some evidence of income. The bank will look for evidence that the monthly mortgage payments do not exceed in the region of 33% of your net income and each bank may have different ways of assessing this.

Most Spanish banks work on net income (after income tax), not gross income and terms can be agreed from 5 to 35 years based on property type, age and income.

CONTACT NUMBERS

ESP: +34 952 81 10 10

Fax: +34 952 81 03 71

Mortgages in Spain

Below you will find some information regarding mortgages in Spain. We work together with only a handful, but some of the best mortgage brokers on this coast, and will be happy to put you in contact with them.

You can finance your Spanish property in a number of ways, just as you probably did when you first purchased a house in your own country, and both residents and non-residents may now obtain loans and mortgages against their Spanish property.

To arrange a mortgage in Spain involves the fulfilling of several requirements which are related both to the payment reliability of the client applying for the mortgage as well as the value of the property you wish to purchase.

Regarding the financial side, the monthly repayments will not exceed a 30 to 35% of the mortgage holder net monthly income.
From the value of the property, the bank entities offer a maximum of 70% loan to value. In that respect, valuations are determined by an approved valuer instructed by the lender.

The documentation required will depend on your employment status, but as a guide, the following are usually required for each applicant:

Copy of passport
P60 or tax return (if self-employed)
Latest 3 months payslips or least 2 years chartered accounts (if self-employed)
Latest 3 months bank statements
Bank reference
Employer´s reference
Nota simple