Mortgage in Spain

Property finance in Spain

Do you need a mortgage in Spain for financing your purchase of a property in Spain? Do you have a property in mind to buy and do you want to know whether you can buy this and if there are finance possibilities to get a mortgage in Spain?

Applying for a mortgage in Spain can be complex. It is therefore very important to make the right choice mortgage in spain which fits your current and future situation.

Mortgage in Spain

Here some general conditions when closing a mortgage in Spain:

  • Redemption is going through a annuity mortgage
  • Maximum duration is 25 years
  • Maximum final age is 75 years.

A personal advice is required and can be beneficial in financing your home in Spain.

Indepent mortgage advice in Spain

We collaborate with an independent mortgage broker in Spain. They have over 20 years experience in providing mortgage advice. They can advise and guide you through the entire process. They are in direct contact with all major banks (national and international) that provide financing in Spain. They can offer you the best rates and terms for new construction, renovation and resale properties and mortgages for all nationalities. They take care of everything for you from A to Z, so you do not have to worry. Once the mortgage is closed they continue to advise if needed.

Would you like to receive a free quote for your financing? Then click on the banner and fill in the application form. You will receive a quote within 24 hours.


Frequently asked questions about financing and mortgages in Spain

Which documents are needed?

To ensure that the application for your Spanish mortgage runs smoothly, it is important that the correct documents are provided.
The more complete the mortgage file, the faster the mortgage application will be agreed.

Hieronder een overzicht van de minimaal benodigde documenten:

If employed

  • Last 3 payslips
  • past tax return
  • Account statements last 6 months
  • Mortgage banking Transcript of current property in home country
  • credit registration in home country

If independent – free lance worker

  • Last two tax returns
  • Laatste twee jaarrekeningen
  • Account statement last 3 months
  • Mortgage banking Transcript of current property in home country
  • credit registration in home country
  • Leases at rents

How long does it take to close a mortgage in Spain?

Once the sale has been concluded, it is of great importance to apply for a mortgage as soon as possible.
A mortgage has several stages, the most important application for financial approval, the bank and the valuation.
In total can be considered a 4-week time from start to actually close the mortgage and the clients is going to notary for completion. Depending on the situation it can be faster or slower, once we know the mortgage file, we can give an accurate indication of the time schedule.

What is the minimum contribution of own resources?

Before going to start your house search, it is recommended to have your total budget clear, so you are not wasting time to look at properties you cannot afford and if you find your dream property you can proceed.
Basically, you can finance up to 70% in Spain, so that means you own the remaining 30% of the sales price (or appraised value!) and you have to pay the costa of purchase, between 10-15% of the sales price. With country properties a maximum of 60% or the appraised value can be financed.

As an example: at a purchase price of € 200,000 at least € 84,000 should be paid by own resources (42%), this includes the purchasing cost.

Below a calculation example:

  • Sales price € 200,000
  • Estimated purchase cost 12% € 24 000
  • Total cost € 224,000
  • 70% Mortgage € 140 000
  • From own resources € 84,000

    What is the maximum funding for a’finca rustica’?

    Financing a rustic property in Spain is possible. Not all banks do this, but there are plenty of banks that do so. The maximum mortgage amount for a’finca rustica’ is 60% of the price of the home or the appraised value, the lower of the two prevails.

    An appraisal of a’finca rustica’ may be less than fair market value. A house in the ‘campo’ will be assessed differently than a house or apartment in a town or city.