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Spanish Mortgages

Applying for a mortgage in your home country can often appear daunting, so to consider applying for a mortgage in Spain can often seem a minefield for some people. This section aims to address all of the issues that may arise, and to answer all of your Spanish Mortgage questions.

There are a number of things to bear in mind:
  • Mortgages in Spain are ´attached´ to the property and written into the ´escritura´ or title deeds. So when your property transaction is completed at the notary, in addition to the buyer´s and seller´s lawyers, the bank´s representative will also be in attendance to ensure all documentation and figures are correct.
  • New properties that are available from developers will often already have a mortgage attached to them (as the developer will normally have taken a mortgage to finance construction). By taking on (or subrogating) the developer´s mortgage, buyers can sometimes save themselves the costly arrangement, valuation and administration fees in taking out a brand new mortgage.
  • There are costs associated with taking a mortgage in Spain. These should be explained in detail by your broker, bank or lawyer before you accept the terms of a mortgage.
  • Lending criteria vary from lender to lender. Typically, non-residents will be able to borrow up to 80% of the purchase price of the property or valuation of the property (subject to status).
  • To apply for a mortgage, you will need to produce proof of ID, address and earnings. In addition a credit report may also be required.
  • The interest rates of Spanish mortgages are based on euribor (Euro Interbank Offered Rate), which is typically lower than UK interest rates.
Further detailed information can be found via the menu on the right hand side of this page.
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