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In Spain there are many options available to you should you require financial assistance with the purchasing of your property, please see our list of FAQ’s


Can I get a Spanish mortgage?

If you are resident in Spain you may be able to get a Spanish mortgage depending on how long you have been resident here and of course on your financial situation.
If you are not resident in Spain you may still be able to get a Spanish, non-residents mortgage or you may feel you would prefer to arrange your mortgage from the country where you live. Both options are possibilities.

How much can I borrow?

In general, non-residents can expect to obtain a 50% or 70% mortgage (subject to status and property valuation) and residents can expect to obtain a 70% or 80% mortgage (subject to status and property valuation). Repayments are variable or fixed according to the type of mortgage you obtain

What’s the difference between a variable mortgage and a fixed rate mortgage?

With a variable mortgage your payments and interest rate can go up and down, this rate will vary depending on the European interbank offered rate whereas fixed mortgages rates are fixed and will vary, when you apply for the loan, depending on the term of the loan.
The biggest benefit of a fixed rate mortgage is that you always know exactly what your mortgage repayments will be regardless of the interest rate set by the European interbank.

When should I apply for a mortgage?

Allow yourself plenty of time to get a mortgage because different banks offer different interest repayments and you want to get the best value for your money.

Do I need a bank account to take out a Spanish mortgage?

Yes, you will need to open an account with the bank and branch in which you intend to have the mortgage with.

What do I need to open up a bank account?

You will need your passport and your NIE number you will also need a deposit amount to open the account and a further 300€ into the new account to cover the cost of the bank valuation fees.

What paperwork do I need when I apply for a mortgage in principle?

If you are employed you will need to show the latest copy of you p60 and 3 to 6 months wage slips, you will need your last 6 to 9 months bank statements showing your wage being paid in each month, proof that you have the cash balance readily available for the deposit and any other forms of earnings (allowances, pensions etc)
You will also need your NIE number.

What is a NIE number?

A NIE number is a number the Spanish use to identify someone, similar to a national insurance number. You are required to have a NIE number to purchase a property in Spain, you also need a NIE number for various other things like opening a bank account, buying a car or even registering your children into school.

What if I am self-employed?

Don’t worry, you will need all the above documents apart from the wage slips and p60, instead you will need to provide the mortgage company with your last 2 years’ worth of accounts & tax returns.

Can I get a mortgage for a property that I want to use as a rental or investment property?

Yes you can, however, loan amounts on rental or investment properties could see a higher rate of interest, this is because the banks realise that if you come to any financial hardship they make the assumption that you will default on your second property before the property that you live in.

Who can help me get a mortgage in Spain?

If you decide you want to arrange a mortgage here in Spain we have contacts with various banks, mortgage brokers and independent financial advisers whom are very professional and can talk to you directly to help with all your borrowing and financial needs.

What’s the best way to transfer my money to my Spanish account?

You can use your bank account in your home country to make transfers however you will get a poor exchange rate and normally they charge you a standard charge for each international payment you make.
The best way would be to use a specialist currency exchange company like Currencies Direct, Currencies Direct are a company that we know and trust, if you are interested in their current exchange rates click here and you will be directed to their website.