Obtaining A Mortgage
If you are buying an off-plan property the developer may offer a mortgage with very favourable terms and conditions.
It is important to select the mortgage that is right for you, taking into consideration your personal circumstances. It might be that you prefer to raise capital in your home country before arriving in Spain. Do let us know if you require a Spanish mortgage so that we can ensure you bring with you all the necessary documentation and receive the expert advice you need.
If you require a mortgage and prefer to use a Spanish lender you will need to provide proof of your ability to repay the mortgage. Although terms and conditions differ from lender to lender, as a non resident you will usually be able to borrow up to 70% of the value of your property repayable over 10 – 30 years depending on your age. Generally your repayments must not exceed 35% of your net monthly income or joint monthly income if two people are applying. Costs involved can amount to 3 – 4 per cent of the amount you are borrowing.
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