How do expats get a mortgage in Spain?

How can a foreigner get a mortgage in Spain?

How to get a mortgage in Spain as a foreigner

  1. Prepare and submit the required documents. …
  2. Receive a mortgage pre-offer. …
  3. Open a bank account. …
  4. Compare and accept the offer. …
  5. Agree with the offer. …
  6. Mortgage completion.

Is it difficult to get a mortgage in Spain?

This makes a big difference, and while it is possible to get a mortgage in Spain as a non-resident, the process is more difficult. While some Spanish banks do not lend money to people living abroad, whether Spaniards or expats who are not registered as residents, many others will, but with added conditions.

Can a British citizen get a mortgage in Spain?

Non-Spanish lender

There are no UK lenders offering mortgages in Spain. Some Foreign Banks based in Luxembourg, Monaco and Switzerland may consider the property in Spain, but their minimum purchase price is € 2 million and minimum loan €1 million.

Can you get a mortgage on a house in Spain?

Spain offers the usual types of mortgages, with additional expat-focused Spanish mortgages offered by international banks and Spanish banks. Many Spanish mortgages have no restrictions on purchase price or nationality. Some products favor buyers from specific countries or buying property in certain regions.

THIS IS FUNNING:  Quick Answer: How did Spain get power?

Can you get a mortgage in Spain as a non resident?

Banks will lend less money to non-residents

While residents in Spain can get up to 80% financing when buying a main residence, non-residents can expect the majority of Spanish banks to only allow them to borrow 60% of the sale value of the property.

How much can you borrow for a mortgage in Spain?

In Spain a EU-citizen can normally borrow up to 70%, sometimes 80%, of the purchase price of the property, which is set as security. The term is normally up to 30 years even though there can be limitations due to the age of the loan taker, as the banks want the mortgage to be paid off by the age of 75.

Do Spanish banks do credit checks?

If you know how credit rating works in your home country, you may find it works differently in Spain. … All banks will check if you’re on a debtor list and will also request a CIRBE report before agreeing to allow you credit.

Is it easy to buy a house in Spain?

Finding a property in Spain

As it is easy for foreigners to buy property in Spain, there are many websites and estate agents catering to almost every language and nationality. … As a result, you may prefer to use a Spanish site instead. It is possible to buy a home before you arrive and move in directly.

What are the pitfalls of buying property in Spain?

5 common pitfalls when buying a property in Spain

  • Not having your registrations in place before the buying process. …
  • Insufficient property research. …
  • Not accounting for all of the costs involved in buying a house. …
  • Not understanding your contract(s) …
  • No preparation for future fees.
THIS IS FUNNING:  What qualification do I need to teach English in Spain?

Which UK banks offer Spanish mortgages?

Banco Bilbao Vizcaya Argentaria (BBVA) is one of the few banks offering mortgages to UK borrowers purchasing properties in the UK and Spain.

Can British citizens buy property in Spain?

Foreigners can buy a property in Spain regardless of their nationality. British buyers should not face added difficulties buying a house in Spain after the UK leaves the EU. Spanish law regarding the purchase of property does not differentiate between EU and non-EU citizens.

Do I need a Spanish bank account to buy a property in Spain?

You will need a bank account in Spain to pay the utilities invoices and the fees of the Community of Property Owners. In the case that you obtain finance to buy the property, you will also need a bank account for the mortgage monthly repayments.