Mortgage for Spanish property, how to get?

How to get a mortgage for spanish property

We will review in details every step you need to take in order to get a mortgage in Spain. Good news is that the lack of the full amount for the purchase of real estate is NOT a problem! Since Spain is one of the few European countries that are very loyal to issuing mortgages to foreigners.

Traditionally, Spanish banks offer foreign borrowers the mortgages of up to 60% for purchasing the second home. However, the maximum mortgage in Spain is usually 80% of the purchase price for a primary home. The interest rate is from 3 to 5% per annum, and Spanish mortgage terms range from 5 to 40 years.

The size of the down payment is usually 40-50% of the value of the property. Spanish mortgage opening fee (which is set by the credit committee) is typically from 1 to 2%.

Currency of mortgage is euro. The format of mortgage repayment is a monthly payment. Method of mortgage repayment: withdrawals from your personal bank account in Spain.

When issuing a mortgage, banks take into account:

  • The total value of the property,
  • and your payment-ability.

In this case, the bank considers the exact property you are going to buy as a deposit. Obviously, before getting a mortgage, a Spanish bank will require the property to be valued by one of their own authorized appraisers. Banks DO NOT take into account the price that the seller requests for this property. In addition, before you mortgage your property, the Bank obliges you to insure it against fire and other disasters. 

So, here is the list of the documents, required for your mortgage in Spain:

  1. Passport copy.
  2. Your NIE number.
  3. Proof of employment or income.
  4. Your latest income tax return.
  5. Your pre-agreement with the seller (the Private contract, we mentioned in the previous video).
  6. Proof that the property tax (IBI) is paid to date.
  7. Details of other mortgages or loans that you may have.
  8. Certificate from work authorities (Vida Laboral), showing your past work history.
  9. Records of your current assets.
  10. Marriage certificate or any prenuptial agreements (if available).

Also, to confirm your financial solvency, we recommend you provide the documents to the bank, proving your ownership of the real estate in your country or another country (naturally, if there is any). The mortgage contract is signed in the presence of a notary, after which the deal is registered in the PROPERTY REGISTER OF SPAIN (known in Spain as Registro de Propiedad).

Naturally, the lawyers of WTG Spain guarantee you free consultation and assistance in:

  • collecting this list of documents;
  • translating them into Spanish;
  • notarization;
  • choosing the appropriate Spanish bank;
  • filling in all the forms;
  • and also we provide the presence of the personal manager of the WTG Spain Company when applying these documents to get a mortgage loan in the Spanish bank.

If you need more detailed consultation on purchasing property in Spain, do not hesitate to ask WTG Spain! We will answer all your questions with pleasure.
We sincerely hope that buying a property in Spain will be a pleasant event in your life.

WTG Spain Company - Your home in Spain is waiting for you.


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