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Spanish Resident Mortgages
Resident mortgages in Spain can often differ from other mortgages both in Spain and the UK. However, they are quite easy to come by. It's only in the last few years that the Banks in Spain have started to relax their lending policy and are now able to offer both a broader range mortgage products and bigger percentages of the purchase price.
You will need a 20% deposit to help you get a resident mortgage in Spain but a lot of lenders are now happy to lend you up to 95% of the value of the property and in some extreme cases over 100%!!
Should you raise a deposit of 20% of the value then this will make life easier for you and will obviously make the repayments lower. One thing that is a little different with Spanish Resident Mortgages and something that you may not find in the UK is that the Banks here will very often lend on the actual value of the property not what you are paying. In simple terms if you are paying €100,000 but the property is valued by the Bank's surveyor at €125,000 then you can borrow 80% of the €125,000.
In order to get any Mortgage whether a Residents Mortgage or Non Resident Spanish Mortgage you need to supply proof of income and demonstrate an ability to repay the mortgage. View a full list of items you will need to complete your Spanish mortgage by viewing our Spanish Mortgage Checklist.
For any loan you will need to provide the Bank with a Copy of your Residence Card, Your NIE Number, Pay slips, Contract of Employment and if you are self employed, all your Bank Statements for the last 6 months.
View a full list of items you will need to complete your Spanish mortgage by viewing our Spanish Mortgage Checklist.