Spanish Mortgage Basics

I am not a Spanish citizen - can I get a mortgage in Spain?

Yes, there is no problem for you to get a mortgage as long as you can prove your income.
(Ex. P60, Self-employed, pension or other tax declaration from other country)

How much can I borrow?

The maximum amount that will be advanced is 75 % for a non-resident and 80 % for a resident of the value of the property, or the purchase price whichever is lower.

Can I get a mortgage on any type of property?

Loans are now available to purchase of any type of residential property, whether a small apartment, townhouse, large villa, traditional finca or new development.

Where exactly can I purchase property and still obtain mortgage finance?

- Mainland Spain
- Balearic Islands
- Canary Islands

How long does all this take?

Once you have decided that you want to go ahead, arranging a mortgage secured on a Spanish property it will usually take 3-4 weeks.

Do I need insurance on my property?

Yes, it will be a condition of your mortgage that fire cover to protect your property is taken through an approved insurance company.

Are there any redemption penalties?

Redemption penalties (known in Spain as early repayment commissions) are applied by almost all banks. These vary between 0,5 - 1,5%.

How long repayment period can I get?

You can have your mortgage from 10-30 years.

How much does it cost to value my property?

The Bank will appoint a valuer from the Bank's panel of valuers to carry out a survey for mortgage purposes, the cost of which is to be met by you before the valuation is undertaken.