Mortgages for buying a property in Spain

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If you are considering buying a property in Spain,  mortgages are available for the majority of Nationalities for either House Purchase or remortgage for Home Improvements and other purposes on a case-by-case basis. Includes Spanish Residential Property in Mainland Spain, Canaries & Balearics.

Types of Spanish Mortgage: Repayment and Interest only.

Minimum Loan Amount: €30,000 loan amount and/or Purchase Price/Valuation of €90,000. No Maximum, but must not exceed 80% of valuation or purchase price (whichever is the lower) Please note, even more competitive schemes now available for 70% loans with a minimum of €30,000.

Proof of Income: There are no non-status/self-certification Spanish mortgage facilities available in Spain but minimum documentation lending schemes (up to 50% LTV) may now be considered on a case-by-case basis.

Employed - copies of your last three month's payslips & copies of your latest P60/Employer’s Reference together with copies of your last 6 month’s Personal Bank Statements will be required.

Self-employed - copies of your last three years Audited Accounts & copies of both your last 6 month's Business and last 6 month’s Personal Bank Statements will be required on application.

In Spain, lenders will NOT take any proposed Rental Income from the property into account for Spanish mortgage purposes.

Income can be made up of Earned Income, Pension, Investment or Rental Income. Please note however, that the Lender may not take all or part of these Incomes into account when determining the maximum loan available.

Your loan is based on your joint net “take home” pay and is calculated on an affordability basis. All your existing liabilities including any mortgage/rent payments, personal and bank loans and any maintenance payments together with your proposed Spanish mortgage payments must not exceed 35% of your net monthly income.

Example: Net joint monthly income £ 2,500 times 35% of that figure is £875 minus existing monthly mortgage payment £300 – No other liabilities. This leaves a balance of £575 for a proposed Spanish Mortgage payment.

Term: up to 40 years on a Repayment basis or 15 years on an Interest only basis, up to a maximum age of 80 for either type of scheme.

Currency: Euros and other Major Currencies.