Spain offers really great opportunities to get a mortgage for foreigners buying a Spanish property. It encourages foreign investment in real estate.
Yes, non-residents can get a mortgage for their home in Spain! More than that, the good news came with the new mortgage law in June 2019, putting consumers in a much better position. From now on, banks are the ones in charge of paying the setup costs related to your mortgage! Which makes it all even more cost effective.
Banks are now stricter when conceding a mortgage, and they will only finance 60 – 70% of the property, due to the new regulation mention previously. Your loan is granted as a percentage of the valuation or purchase price, whichever is the lower of the two. Higher loan to values may apply where a property is being bought directly from the bank.
Type of mortgage, current rates & costs.
In Spain there are three main types of mortgages: fixed, variable (adjusted with the Euribor) and mixed (a combination of both). Fixed loans will enjoy a 2- 4% interest rate, while variable ones depend on the Euribor and on your buyer’s profile (it’s a compound rate).
Maximum terms range from 20 to 30 years; age restrictions for applicants vary from bank to bank and range from 60 to 75 years old.
How we assist you.
Our team and its reliable collaborators will help preparing for your mortgage application, deciding what type of loan to get and how much to put down, finding the best deal available and getting the best mortgage rate.
it is not only the ending that matters, but the overall experience! We make sure that while buying a property through SpainHome.Net you will get a pleasant experience with a happy outcome.