Spanish mortgages explained
Click here to find mortgage brokers in Spain
Here you can learn all about finding a mortgage in Spain. Spanish Living is delighted to bring you articles that break down the Spanish mortgage market, exclusively written by renowned property expert, Mark Stucklin. Mark runs a property information website, Spanish Property Insight and writes the Spanish Property Doctor column for The Sunday Times
More useful info about mortgages in Spain
How much can I borrow?
Lending in Spain is based on the valuation of the property, your residency status, the purpose of buying as well as your income. For urban properties 70% - 80% can be achieved although for 'rustic' property only 50% is available. Depending on the valuation of the property, it is possible to get up to 120% mortgage.
What types of mortgages are there in Spain ?
Almost all mortgages are capital repayment and some include an interest only term. Fixed rates do exist but the interest rates are expensive. However, the Spanish mortgage market is constantly improving and the range of mortgage options has grown over the last couple of years.
How long does it take to arrange a mortgage in Spain?
It can take anything from 2 to 6 weeks to arrange a Spanish mortgage so 4 weeks is a good indicator. Remember to allow for this extra time after you have decided on a property and paid the reservation deposit. A month on average is needed to receive your income documents and to instruct and obtain the valuation.
How much will a Spanish mortgages cost?
In general terms if you are purchasing without a mortgage you will need to pay 10% of the purchase price in taxed charges and fees. If you are buying with a mortgage you will need to pay up to 12%.More
Frequently asked questions about mortgages in Spain
