Do I Qualify

Mortgages are available for mainland Spain as well as the Canary and Balearic islands.

Eligibility and criteria

  • Mortgages are available in Euros only
  • Available on a Capital & Interest repayment basis only
  • The maximum loan to value for a purchase is 70% for resale properties (although 60%-65% more typical) for resale properties and ‘new build’ properties.
  • The maximum term of any mortgage is 30 years (to age 70 maximum) however this varies depending on the type of loan.
  • The minimum loan amount is €100,000 with no maximum.

Affordability

To qualify for a mortgage in Spain, a calculation is used to establish whether you can afford to maintain the mortgage repayments.  This will automatically happen when you complete our enquiry form and we will not charge you for this service.

Your existing liabilities, including your UK mortgage or rental payments, loans, credit card payments and maintenance are taken into account, together with the proposed Spanish mortgage payments. All this must not typically exceed 30% of your monthly net income. For example if your net joint monthly income is £2,500, 30% of this equates to £750. If your only liability is your current UK mortgage payment of say £300 per month, this would leave a balance of £450 for your Spanish mortgage repayment.

The amount you can borrow is also restricted by the maximum loan to value as mentioned under Eligibility and Criteria.

Proof of income requirements

If you are employed:
Your last three month’s payslips
Your latest P60 and employers reference
Your last three month’s personal bank statements

If you are self-employed:
Your last three year’s Audited Accounts and Tax Returns
Your last three month’s personal bank statements.

Other documents will be required and will be confirmed when application forms are sent to you

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