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CAN I GET A MORTGAGE? |
I am English citizen - can I get a
mortgage in Spain?
Yes, there is no problem
for you to get a mortgage as long as you can prove your
income.
(Ex. P60, Self-employed, pension or other tax declaration
from other country)
How much can I
borrow?
The maximum amount that
will be advanced is 80 % for a non-resident and 100
% for a resident of the value of the property.
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Can I get a mortgage on any
type of property?
Loans
are now available to purchase of any type of residential
property, whether a small apartment, townhouse, large
villa, traditional finca or new development.
Where exactly can I purchase
property and still obtain
mortgage finance?
- Mainland
Spain
- Balearic Islands
- Canarian Islands
How long does all this take?
Once
you have decided that you want to go ahead, arranging
a mortgage secured on a Spanish property it will usually
take 3-4 weeks.
Do I need insurance on my
property?
Yes,
it will be a condition of your mortgage that fire cover
to protect your property is taken through an approved
insurance company.
Are there any redemption
penalties?
Redemption penalties (known in Spain as early repayment
commissions) are applied by some banks. These vary
between 0,5 - 1%. Some others don’t charge
any penalties at all.
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How long repayment period can
I get?
You can have your mortgage from 10-40 years.
How much does it cost to value
my property?
The Bank will
appoint a valuer from the Bank's panel of valuers to
carry out a survey for mortgage purposes, the cost of
which is to be met by you before the valuation is undertaken. |
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