Mortgages in Spain
How to get a home loan for Spain
Mortgages or home loans (hipotecas) are available from most Spanish banks (for residents and non-residents), foreign banks in Spain, and overseas and offshore banks. In recent years, Spanish and foreign lenders have arranged a record number of spanish mortgages, the average amount borrowed being around 250000
The amount you can borrow depends on various factors such as your income, trade or profession, whether you’re an employee or self-employed, and whether you’re married, and if so, whether your partner works. Lenders may also have a maximum lending limit based on a percentage of your income, but this isn’t required by law.
Most banks offer mortgages of up to 8 per cent, although non-residents can usually borrow a maximum of 60 per cent only. To obtain a mortgage from a Spanish bank, you must usually provide proof of your monthly income and major outgoings (e.g. loans or commitments). There are no self-assessment mortgages such as in the UK and mortgages without proof of income (although advertised in the expatriate press) are difficult to find and virtually non-existent. If you want a Spanish mortgage to buy a property for commercial purposes, you must provide a detailed business plan in Spanish. Note that a mortgage can be assumed by the new owner (called subrogación) when a property is sold, which is a common practice in Spain.
La Vida Mortgages on the Costa Blanca in Spain can give you all the expert advice you need for your property purchase in the Costa Blanca region of Spain
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