Can I apply for a mortgage in Spain?

You cannot purchase property or get a mortgage in Spain without an NIE. If you’re in Spain, you can start the NIE application process at any local police station. Outside of Spain, the best way to apply for an NIE is to contact your local Spanish consulate.

Is it easy to get a mortgage in Spain?

Spain has a very competitive mortgage market and as a result, there’s plenty to choose from when it comes to loans. However, non-residents buying Spanish property with a mortgage have more limited access to loan types and conditions.

Can you get a mortgage in Spain as a foreigner?

Can foreigners get a mortgage in Spain? Yes, foreigners can get a mortgage up to 70% of the Value of a property.

How much deposit do you need for a mortgage in Spain?

The Spanish mortgage experts

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Normally, the maximum you could borrow is up to 70% of the valuation of your chosen Spanish property. Therefore you must have at least 30% available as a cash deposit.

What do you need to apply for a mortgage in Spain?

Common documentation needed for mortgage applications in Spain

  1. Valid ID card of each applicant. …
  2. Application form from the corresponding bank signed by all applicants.
  3. Employment record of each applicant (this must be dated within the previous 30 days)
  4. Your latest income tax return.
  5. Account movements of the last 3-6 months.

Can I get a mortgage in Spain after Brexit?

Whether you are an EU citizen or not, you still have the right to buy property in Spain after Brexit. The costs of buying a property remain the same whatever your nationality and, broadly speaking, include purchase tax, a Notary’s fee, a property registry fee and your lawyer’s fees amongst other miscellaneous expenses.

Can you get a 100% mortgage in Spain?

Mortgages for non-residents in Spain are typically 60-70%, but you can get up to an 100% mortgage on a bank repossesion home when you buy with Iberian Properties.

Can you buy a house in Spain without residency?

There are no restrictions on buying property in Spain, whether it’s commercial, residential or land. In fact, Spain encourages investment by foreigners, both resident and non-resident.

How much can you borrow for a mortgage in Spain?

How much can you borrow for your Spanish mortgage? As a general rule, banks concede a maximum of 60 to 70% of the property value to foreigners. Nevertheless, if you can demonstrate that you have been living and paying taxes in Spain (at least for 2 years), you can reach to get an 80% financed.

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How long does it take to buy a house in Spain?

How long does it take to buy a house in Spain? Buying a house in Spain can be done in one day. But if you want to do a proper due diligence and if you want a mortgage it should be about 10 weeks.

Can a UK resident get a mortgage in Spain?

There are no UK lenders offering mortgages in Spain. Some Foreign Banks based in Luxembourg, Monaco and Switzerland may consider the property in Spain, but their minimum purchase price is € 2 million and minimum loan €1 million.

Do I need a Spanish bank account to buy a property in Spain?

You will need a bank account in Spain to pay the utilities invoices and the fees of the Community of Property Owners. In the case that you obtain finance to buy the property, you will also need a bank account for the mortgage monthly repayments.

What are the pitfalls of buying property in Spain?

Some of the common pitfalls of buying a property in Spain include deposit, purchase tax, issues with off-plan properties and properties being built illegally. During your research into buying a property in Spain you will have come across many stories of purchases in Spain gone wrong.

Do Spanish banks do credit checks?

Do banks do credit checks? Yes. They will carry out a Spanish credit check (called a CIRBE) to see if the applicant(s) have any existing debts in Spain and they will also ask foreign buyers to provide an independent credit report for their home country.

How long does it take to close on a house in Spain?

In order to close a property sale and purchase transaction in Spain, a homeowner must know how long their home might remain on the market. According to calculations made by idealista market experts, the period of sale of a property on the market at the end of 2020 reached an average of 6 months.

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Can I buy a house in Spain with cash?

Unless you have the cash upfront, you’re likely to need a mortgage to finance your Spanish property purchase. You can buy a property in Spain with a mortgage from a Spanish bank, but you’re likely to get a lower loan-to-value (LTV) rate than local residents³.