In Spain a EU-citizen can normally borrow up to 70%, sometimes 80%, of the purchase price of the property, which is set as security. The term is normally up to 30 years even though there can be limitations due to the age of the loan taker, as the banks want the mortgage to be paid off by the age of 75.
How much can I borrow to buy in Spain?
The biggest difference between residential and non-residential loans is the maximum loan-to-value (LTV) that banks will allow. Residents can generally borrow up to 80% of the property’s assessed value. Non-residents are limited to 60–70% LTV, depending on the mortgage type.
How much deposit do I need for a Spanish mortgage?
For a Spanish mortgage, you will generally need a minimum deposit of 30% of the property’s purchase price, with borrowing rates currently starting around 2% (lower for premium clients). “The maximum mortgage for non-residents is 70% of the purchase price or valuation, usually depending on which is lower.
What mortgage can I afford in Spain?
For residents of Spain, mortgages can go up to as much as 80% of the purchase price or valuation figure. However, for those purchasing a Spanish property from overseas, the maximum amount you can borrow is 70%. Non-residents will also have higher interest rates and shorter repayment terms.
Is it difficult to get a mortgage in Spain?
Spain has a very competitive mortgage market and as a result, there’s plenty to choose from when it comes to loans. However, non-residents buying Spanish property with a mortgage have more limited access to loan types and conditions.
Can I get a mortgage in Spain after Brexit?
Getting a mortgage in Spain as a UK citizen
Non-Spanish residents are usually able to get a mortgage on a property in Spain provided they can prove they have a good credit score. After Brexit, the amount a UK buyer can borrow may decrease from a maximum of 70% to 60 or 65%, in line with other non-EU nations.
Can I get a 100 mortgage in Spain?
Mortgages for non-residents in Spain are typically 60-70%, but you can get up to an 100% mortgage on a bank repossesion home when you buy with Iberian Properties. … Bank Repossessions naturally attract attention as they are associated with genuine bargains.
Which UK banks offer Spanish mortgages?
Banco Bilbao Vizcaya Argentaria (BBVA) is one of the few banks offering mortgages to UK borrowers purchasing properties in the UK and Spain.
Can a UK citizen get a mortgage in Spain?
There are no UK lenders offering mortgages in Spain. Some Foreign Banks based in Luxembourg, Monaco and Switzerland may consider the property in Spain, but their minimum purchase price is € 2 million and minimum loan €1 million.
Can you get a 90 mortgage in Spain?
As is the case in most countries, Spanish banks require loan applicants to fulfil a series of conditions and supply plenty of paperwork. … The maximum loan can be as high as 90% for principal home loans (although 80% is much more common) and for up to 30 years.
Can you get a buy to let mortgage in Spain?
Fixed rate Mortgages in Spain are generally for the full term and available at competitive rates. … Buy to let mortgages, using rental income as part of the affordability assessment are not available but the Banks in Spain do not prevent you from renting out the property.
Can I get a mortgage in UK to buy abroad?
You can’t use a UK mortgage product to buy a home abroad. You must instead get an ‘overseas mortgage’ – normally from a lender in the country you want to purchase in. … Deposits overseas can be a lot more than the 5% or 10% you might pay here in the UK.
Can I get a mortgage in Ireland to buy a house in Spain?
An Irish bank will only take security over an Irish property (i.e. within the State) and will not lend to buy property in foreign countries. This is the same in other countries; so a Spanish bank will only lend taking a Spanish property as security.
Do Spanish banks do credit checks?
Do banks do credit checks? Yes. They will carry out a Spanish credit check (called a CIRBE) to see if the applicant(s) have any existing debts in Spain and they will also ask foreign buyers to provide an independent credit report for their home country.
What are the pitfalls of buying property in Spain?
Some of the common pitfalls of buying a property in Spain include deposit, purchase tax, issues with off-plan properties and properties being built illegally. During your research into buying a property in Spain you will have come across many stories of purchases in Spain gone wrong.
What do you need to apply for a mortgage in Spain?
Common documentation needed for mortgage applications in Spain
- Valid ID card of each applicant. …
- Application form from the corresponding bank signed by all applicants.
- Employment record of each applicant (this must be dated within the previous 30 days)
- Your latest income tax return.
- Account movements of the last 3-6 months.