If you are buying a property in Spain by auction of from an Estate agent we can arrange Spanish finance and mortgages by means of a free mortgage quote through our partner Mortgage Direct.
Please Note: Spanish banks will generally loan from €50.000 upwards, please do not enquire if you require less than €50.000, get your free no obligation quote right now.
Spanish mortgages are a specialist subject, requirements and rates differ from bank to bank and can even differ from property to property!
The lending rates differ but are based on LTV (Loan to value) most banks are happy to lend up to 70% of the value of a property (not the price you pay) so the percentage you will have to find can differ depending on the individual property.
Keep in mind that it is not possible to add your buying costs to a Spanish mortgage. Buying costs such as lawyers fees, Notary fees and taxes can amount to between 10% to 15% of the property cost.
Resident Spanish Finance and Mortgages
Generally speaking you will need a 20% deposit to secure a Spanish Resident’s mortgage.
Non Residents Spanish Finance and Mortgages
As a non resident of Spain you are usually able to borrow up to 70% of the value of the property.
Interest Rates in Spain
Interest rates on most Non Resident Mortgages are linked to the central base rate in Europe, the Euribor so this will be a factor in any changes to the monthly repayments.
As in any Country there are Tax Implications when you own a property in Spain and having a Non Resident Mortgage may or may not help your tax position as a foreign property owner, so check this out with your adviser.
If you are buying a resale property from an individual or estate agent that is not a bank repossession then getting a mortgage is possible through our partner Mortgage Direct SL, 60% – 70% would be realistic, mortgages are available from €50.000 and upwards.
