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If you are planning on purchasing a property in Spain then you might need a Spanish mortgage from a foreign bank to do so. This may sound a little daunting, but it doesn’t need to be, providing you do your research before making any commitments.
In the past, variable rate mortgages were the norm in Spain. However, fixed rate mortgages with longer terms have become more common in recent years offering more stability.
In terms of the amount you are able to borrow, this will of course depend on the individual circumstances of the applicant. However, for non-residents the average is around 60-70% of the property value over 25-30 years. Those who pay Spanish taxes, working and residing in Spain, may be able to borrow more over a longer term. Again, this all depends on the individual.
Our years of experience have taught us that it is sensible to research and source your Spanish mortgage at the beginning of your journey to becoming a Spanish homeowner. On too many occasions we have seen buyers finding the property of their dreams and losing it as they do not have their funding secured in time.
When you start the exciting process of travelling to and viewing properties in Spain, you should ideally be in a position to make an offer should you find your dream home. You will have a much more enjoyable experience knowing that the funding is in place and you are financially able to make an offer and even pay a deposit on a property should you wish.
In terms of where to begin with your search when it comes to finding the best mortgage, we would strongly suggest that you use an international mortgage broker. We work alongside international mortgage brokers who specialise in Spanish mortgages and are always happy to help you with this. We make this recommendation for a number of reasons:
1. A specialist in international mortgages will understand the different property laws, regulations and taxes and how they differ from your home country.
2. They will be able to advise you on the best options to suit your individual circumstances and needs.
3. They will have bilingual staff meaning you don’t have to worry about language barriers, particularly when it comes to something so specialised with sometimes complicated terminology.
4. They will have established professional relationships in the field. This along with the volume of deals they likely process, they may even have access to better deals than if you were to approach a lender directly yourself.
5. Their professional position gives them the required knowledge to negotiate and strip out unnecessary and costly products. This could save you thousands!
Getting a Spanish mortgage doesn’t need to be a daunting or stressful experience and when you purchase a property with us, we will be with you every step of the way. From sourcing a Spanish mortgage to finding the perfect home for you, to completion and beyond, our dedicated team is always here to help.
To talk to us about Spanish mortgages or anything else at all, please do not hesitate to contact us. We are always here to help.
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