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Applying for a Mortgage in Spain
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Frequently Asked Questions

Q. How much can I borrow?
A. Usually 70%/80% of property valuation. (Up to 100% if valuation is higher than the purchase price).

Q. What are the costs?
A. New purchase-Approx 12% + 20/30% deposit of purchase price.

Q. How long to completion?
A. When all paperwork is at the lender. Seven/ten working days.

What do I need to get a mortgage in spain?

Q. Are there any redemption fees?
A. Some lending sources do some not, if this was important the lender would be chosen carefully.

Q. What if I cannot prove my income?
A. Some sources will consider the loan without this condition.

Q. Can I have an interest only mortgage?
A. Yes, any term from one to thirty years.

Q. Is life cover compulsory?
A. Not with all lenders, another item to consider.

Q. Do I need a Spanish lawyer (abogado)?
A. This would be highly recommended, as Spanish property documents can be quite intimidating.

Q. On older lives must the mortgage term be shorter?
A. Lenders mortgage will usually end at age 70 but some will extend to 80+