Can I get a mortgage?

I am English 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 80 % for a non-resident and 100 % 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
- Canarian 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 the first year 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 10-40 years.

Do they consider rental incomes?
In general Spanish banks will not take in to account any projected rental income from your Spanish property when assessing your application. There are no specific "buy to let" products currently available.

Can I get a “Non Status” mortgage?
Most Spanish banks will assess your income net of tax and will want to see that the combined existing UK and new Spanish monthly liabilities do not exceed 1/3rd of your proven monthly net income. Non status is possible up to 50% of the value of the property.