Question: Can a UK resident get a mortgage in Spain?

Can foreigners get mortgage in Spain?

Can foreigners get a mortgage in Spain? Yes, foreigners can get a mortgage up to 70% of the Value of a property.

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.

Is it hard to get a mortgage in Spain?

Spain has a very competitive mortgage market and as a result, there’s plenty to choose from when it comes to loans. However, non-residents buying Spanish property with a mortgage have more limited access to loan types and conditions.

Can you get a UK mortgage for a property abroad?

You can’t use a UK mortgage product or deal for a foreign home. In addition, it is rare that a UK bank will lend against property in another country – even if they have branches and operations there themselves. Most often you’ll need to obtain a mortgage from a lender in the country you intend to buy in.

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Can you get a mortgage in Spain if you don’t live there?

Non-residents are limited to 60–70% LTV, depending on the mortgage type. The good news is that it may be possible to borrow significantly more of the property’s value – up to 100% in some cases – when buying a bank’s repossessed property in Spain.

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.

Can I get a Spanish mortgage in the UK?

Non-Spanish lender

There are no UK lenders offering mortgages in Spain.

Can I get a mortgage in Spain after Brexit?

And of course, after Brexit, you will not be able to apply for a mortgage in an EU country as an EU citizen – you will have to do things the same way as the rest of the world, even in places like France, Italy and Spain.

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.

Is it easy to buy a house in Spain?

Finding a property in Spain

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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.

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.

How much deposit do you need for a house in Spain?

Banks in Spain generally finance 80% of the value of the property you wish to purchase (if the property will be used as your main residence), meaning that you need to have 20% of the property value in order to pay a deposit.