Mortgages are available for mainland Spain as well as the Canary and Balearic islands.
Eligibility and criteria
- We typically arrange loans in Euros
- Repayment and Interest only loans are available.
- The maximum loan to value for a purchase is 70% for resale properties and 'new build' properties.
- The maximum loan to value for a remortgage and equity release is 60%.
- The maximum term of any mortgage is 35 years (to age 70 maximum) however this varies depending on the type of loan.
- The minimum loan amount is £30,000 with no maximum.
- Mortgages can also be obtained for land purchase and stage payments where the relevant planning permissions/building licenses have been obtained. Please note that if the property is being built, funds are not availeble until the land/property has been legally registered in your name.
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 35% of your monthly net income.
For example if your net joint monthly income is £2,500, 35% of this equates to £1,000. If your only liability is your current UK mortgage payment of say £300 per month, this would leave a balance of £700 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.
What evidence of income do I need?
If you are employed:
Your last three month’s payslips
Your latest P60 and/or Employers Reference
Your last six month’s personal bank statements
If you are self-employed:
Your last two year’s audited accounts & last two years tax returns.
Your last 3 month’s personal bank statements.
Max term 35 years
£ 30,000 minimum loan
Repayment and Interest only mortgages
