Get a Mortgage in Spain

We can help you get a Spanish Mortgage

We can help you get a Spanish Mortgage.

You have  have arrived at this page because, we assume, you are not a cash buyer. Getting a Spanish mortgage can be a minefield. Being in a foreign country will also mean you are unlikely to know which banks offer the best rates and deals.

Non-resident

Moreover, you most likely have limited time in Spain as you are a non-resident. So, who do you turn to? Real estate agents can help find you a Spanish mortgage, but they will most likely be receiving a commission for their efforts. This may not be the most transparent of situations.

Transparency when getting a mortgage

That’s why, it’s important to turn to an independent lawyer, who has your vested interests at heart. At Zuuring independent Lawyers in Marbella, we guarantee to find you the best deals for a Spanish Mortgage. So, call us now for a free consultation.

It’s important to know that Spanish banks ARE WILLING TO GIVE mortgages to non-resident purchasers of property in Spain.

The maximum period of a Spanish Mortgage is 30 years but depends on the purchaser’s age. You can also still obtain a mortgage up to the age of 65 – 75 years.

You can borrow may be up to 70% of the Bank’s valuation of the property, but this also depends on your income and assets. Furthermore, you will also need to provide proof of your ability to repay the mortgage. As a result, most banks will require monthly earnings exceeding three times your stipulated monthly mortgage repayment.

Most Spanish mortgages are variable-rate mortgages, although you may also find some fixed-rate and interest-only mortgages.

As Spain is in the Euro, Spanish mortgages which are variable-rate will fall under the Euribor base rate set by the European Central Bank. Banks in Spain will add their rate on to the Euribor base rate such as  “Euribor + .41%”.

• You will need your tax returns from the last two years.
• A Bank reference that includes a telephone, fax number, title holder and account number.
• Bank statements for the last three months.
• Statements of current assets and liabilities.
• Employed: You will also need to provide a letter from your employer stating the length of employment, salary, etc., and your last three pay slips.
• Self-employed: you will need to provide a profit and loss statement signed by a Chartered Accountant .
• Experian Report.

Please note that there are other costs involved when taking out a Spanish Mortgage.

Property Valuation Fee: The property will need valued by an appraiser before being offered a Spanish Mortgage. As the purchaser, you are responsible for this fee.

Mortgage Set-up Fee: Most banks and lender will charge a set-up or “opening” fee of around 1% of the mortgage.

Early Cancellation Fee: You should be aware that most lenders will charge you if you decide to repay your mortgage early.

Notary Fee: When a property is bought with a mortgage, a Notary must be involved and they will apply a fee for this service.

Mortgage Insurance: In Spain you must take out insurance if you opt for a mortgage. You may also consider taking life insurance, although this is not necessary.

Stamp Duty: In Spain this is known as AJD and is calculated as a percentage of the mortgage.

Deed Arrangement Fee: This is the lender’s fee for outsourcing to a “gestoria” so that the deeds of the property are registered at the Land Registry.

Land Registry Fee: Finally, and after completion you must pay a land registry fee for completing the Registration.

Please take this costs into consideration before putting a down payment on a property. Contact us now on  (34) 952 906 185. We can help you get your perfect Spanish mortgage deal.