These are the most frequently Asked Questions about Mortgage in Spain:

Q: I am not a Spanish resident - can I get a mortgage in Spain?

A: 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)

Q: How much can I borrow?

A: The maximum amount that will be advanced is 80 % for a non-resident and 80 % for a resident of the value of the property, or the purchase price whichever is lower.

Q: Can I get a mortgage on any type of property?

A: Yes, loans are now available to purchase of any type of residential property, whether a small apartment, townhouse, large villa, traditional finca or new development.

Q: Where exactly can I purchase property and still obtain mortgage finance?

A: You can purchase property in Mainland Spain as well as on Balearic and Canarian Islands.

Q: How long does all this take?

A: 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.

Q: Do I need insurance on my property?

A: Yes, it will be a condition of your mortgage that fire cover to protect your property is taken through an approved insurance company.

Q: Are there any redemption penalties?

A: Redemption penalties (known in Spain as early repayment commissions) are applied by almost all banks. These vary between 0,5 - 1,5%.