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If you are looking for a Spanish mortgage, Dream Locations is on hand to help you every step of the way.
Dream Locations work with a large panel of Spanish mortgage lenders who can offer you a professional and tailored approach when it comes to finding you the right mortgage.
Spanish Mortgages - FAQ's
These are the most frequently asked questions we receive about Spanish mortgages. If you have a question that is not covered here, please contact us for a personal and swift response.
How much can I borrow?
If you an official resident in Spain banks typically offer larger mortgages, for example, up to 80% of a property’s value. For non-residential borrowers, traditionally Spanish banks have been willing to lend up to 70%.
How much will it cost?
As a general guide, the cost associated with the purchase of a previously occupied property equates to approximately 10% of its value. The cost associated with new-build property is approximately 12.5%. Our systems can calculate the cost more accurately by using information on the property value and Spanish mortgage required. Please feel free to contact us for further details.
How long does it take?
Each individual case is different however, you should allow between three and seven weeks from mortgage application to the funds being available. Obtaining a no-obligation Spanish mortgage quotation will give you a clear picture of how much you can afford to spend on a property. Armed with this knowledge when searching for a property will save you time, money and frustration and assist in eliminating costly delays, the potential for losing your property, your cash deposit and gazumping.
Can I have a buy-to-let Spanish mortgage?
Buy-to-let Spanish mortgages are not currently available as a specific product in the Spanish market. However, mortgages can be arranged that allow rental of the property and this income can be taken into account when working out how much you can borrow. Please contact us for further information regarding buy-to-let Spanish mortgages.
Can I have a Spanish self cert mortgage?
At the current time we do not know of any lender who will consider applications on this basis. However, every lender has individual requirements in terms of documentation with some requiring less than others. Please contact us for further information regarding non-status Spanish mortgages.
What supporting documents are required for a Spanish mortgage?
As a basic guideline the following documents are required to verify your income:
A copy of your last P60;
A copy of your Inland Revenue Tax Calculation if you have one;
Copies of your last three payslips;
If you are self-employed you will need:
Copies of the last three years’ annual accounts;
Copies of the last three years’;
Income Tax Calculations issued by the Inland Revenue;
Copies of the last three months bank statements.