With over 30 years experience as Independent Mortgage Brokers we'll find you the most suitable mortgage for your Spanish property.
Please contact us on 0845 0945 111 to discuss all options or click the blue 'Contact Me' button at the top of the page and we'll call you back at a convenient time.
Almost all mortgages are capital repayment offering both fixed rates and variable products.
The amount of loan available is normally based upon 35% - 40% debt/income ratio up to a maximum of 70% of the property's valuation.
Self-certification mortgages are no longer available.
For a breakdown of what is generally required for a Spanish Mortgage please see our mortgage requirements page.
Spanish mortgages for non-residents are normally limited to loans of 70% of the bank valuation or purchase price, whichever is the lower.
Terms up to 30 years provided the maximum age does not exceed 75.
Arrangement fee 795 euros payable upon completion only.
Spanish mortgages for residents are generally at more favourable terms and conditions than those for non-residents, with the exception of second homes purchase.
Spanish residents benefit from lower interest rates, lower charges and higher loans to valuation. It is therefore very important to establish whether you qualify as resident or non-resident for that particular lender as early as possible.
Terms up to 30 years provided the maximum age does not exceed 75.
Lending in Spain is based on the purchase price of the property, your residency status, the purpose of buying as well as your income. For urban properties 70% can be achieved although for 'rustic' property only 50% is available.
The amount of mortgage is also based upon your income/debt ratio being between 30%-40% of nett income. So from your net income/s all uk mortgages loans and credit card payments, together with the new Spanish mortgage, repayment must not exceed the income /debt ratio. A few lenders will now offer higher income multiples.
It can take anything from 2 to 6 weeks to arrange a Spanish mortgage so 4 weeks is a good indicator. Remember to allow for this extra time after you have decided on a property and paid the reservation deposit. A month on average is needed to receive your income documents and to instruct and obtain the valuation.
When planning your Spanish purchase it is vitally important to plan the timing and movement of your deposit monies from the UK to Spain – maximizing exchange rates makes your money go further.
For further information see our maximising your deposits page.
With over 30 years experience and offices in both the UK and Spain we are uniquely placed to assist you with your purchase and any mortgage requirements you may have. We also have access to most banks and building societies offering mortgages in either Euro or Sterling.
Please contact us or go to our application form for a competitive pre-approval.
0845 0945 111
Apartado de Correos 1025
Marbella Suc 1 (Hipercor)
29660 Nueva Andalucia
Malaga, Spain