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How to get a mortgage in Spain to fund your property purchase - even if you are British and not resident in Spain
Banks in many countries will not allow foreigners or non-residents to take out mortgages for property purchases. But, the good news is that Spanish banks do allow foreigners, including British, to get a mortgage.
For many people this means the dream of owning a little piece of Spain can become a reality.
How do I get a Spanish mortgage if I am British?
Most of the major banks will offer mortgages to foreigners living in Spain or those wishing to buy a holiday home in Spain. There are also mortgage brokers in Spain who will help you get a deal that is right for you.
At Lisa Frain Real Estate, we work with many banks and mortgage advisors and can put you in contact with the best people to help you arrange your finances.
What do I need to get a mortgage in Spain?
Like in any country, you will need proof of income and proof of deposit. You may be required to have a larger deposit than a Spanish national. Typically, you will need a 40% deposit, but this can vary depending on location and your individual circumstances.
When should I get my Spanish mortgage?
We always advise our clients to get a mortgage in principle as soon as possible. This way, when searching for your Spanish home you know exactly how much you will be able to spend. It can be very disappointing to find your dream home, only to find that you cannot get a large enough mortgage to buy it.
Once you have your mortgage in principle and have found the perfect home, the bank will carry out their own investigations on the property before releasing mortgage funds.
Who should I speak to about a Spanish mortgage?
This is the easy part. All you need to do is speak to us at Lisa Frain Real Estate and we will get banks and / or advisors to contact you to explain more and get the process of applying for a Spanish mortgage started.
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