Welcome… we are pleased to provide expert help and guidance in obtaining your dream home in Spain. We aim to answer the 3 Key questions that you might be asking if you are considering a mortgage for your Spanish property.
Request your Free 60s Spanish Mortgage Quote
Complete the quick form below and we will send you some indicative rates, terms and enable you to price up the monthly cost for your mortgage in Spain.
The Top 3 Questions Clients Ask
How much can I borrow?
How much will the mortgage cost?
How much Deposit and Fees should I expect?
Book a FREE Spanish Mortgage Discovery Call
Get specialist advice and guidance from experts who have decades of industry experience. Additionally, our unique relationships with lenders will provide you the possibility to buy your dream home in Spain.
We have great relationships with banks specializing in mortgages for….
What’s more, our service is entirely ONLINE, that’s right.. you don’t need to leave your home or get a flight to obtain and secure a mortgage approval, we can assist with the whole process virtually!
Not only that, our finance network and partnerships mean we can provide a full 100% cross-border service with Regulated UK mortgages to release capital to increase your deposit funds for your overseas purchase from your property in the UK (criteria dependent). We have helped many clients secure 100% finance with our services!!
Spanish Mortgages Calculator Explained
If you’re looking for a Spanish Mortgages Calculator then this guide is for you and will help you to be ready to secure a mortgage in Spain.
Arranging any mortgage abroad is difficult and a nightmare to know where to start and whether the information you might receive is correct.
Banks in Spain since a recent law change do not offer the same conditions to clients, even if they have similar circumstances. For example, if the client is earning US Dollars one bank may accept this while another will flatly refuse. Additionally, since Brexit, many Spanish banks will now view British citizens buying in Spain, not as fellow EU citizens but as Non-EU applicants and so British clients will be assessed in the same way as a USA / Canadian or Australian might be.
The mortgage market in Spain is very traditional in the sense that having the right contacts usually in the form of a clued-up mortgage broker is crucial if you want to get the best deal and terms.
Spanish Mortage Types
For Non-Residents who pay their taxes outside Spain, the maximum mortgage amount is 70% of the purchase price (or valuation if lower). For fiscal/tax residents who pay Spanish taxes, the maximum mortgage is 80%.
Mortgages for retirees – If you are over age 60 and in receipt of a pension, you can still have the mortgage in your own name provided it is deemed affordable.
Commercial – If you are buying a property for commercial use the lenders will ask for business plans and accounts for any previous business operating at the premises, as well as what previous experience you have had running a similar business.
Construction mortgages – for those wishing to build their own homes, banks offer construction mortgages. These are complicated to explain and you should definitely speak to a broker, but broadly speaking you can potentially borrow 60-70% of the land and construction costs combined.
Spanish Mortgages Calculator Conditions
Interest rates – Most lenders use the annual Euribor as the base rate and then add their own margin to this, for example, “Euribor plus 2%”. Unlike the UK market, most banks require that you contract different products with them and they give discounts to the rate for taking each product. Although technically not compulsory products, they are often presented like that, for example, we have heard of some cases where life insurance with the bank’s chosen insurer has been made compulsory costing the client €100s per month. Other products that are often pushed or insisted on are a bank account with the bank offering the mortgage and home insurance with that bank’s chosen insurer.
By using one of our recommended brokers they can secure deals that have no compulsory products attached to them and often at a much lower rate than if you go direct to a bank yourself. Check out our quick quote request to find out more at Spanish Mortgages Calculator.
Although the vast majority of Spanish mortgages are variable rates, fixed rates are becoming more frequent. A typical fixed rate for a 20-year term could be as low as 2.49% to 2.79%, this is an exceptional value for this length of fixed and you won’t see rates like this in the UK.
Interest-only – this is only offered for construction mortgages in Spain usually only for 1 or 2 years at the start of the deal.
Term of mortgage – most mortgages can be arranged with terms of 30 years up to a maximum age of 75.
The Qualifying Criteria For Spanish Mortgages Calculator
The lenders all use what is called debt-to-income calculation as the basis for deciding whether applicants will qualify for a mortgage. To explain, this means that your monthly debt commitments, including the new mortgage, must not exceed a given percentage of your net monthly income.
The typical percentage is between 35-40% DTI (Debt to Income ratio)
Here is a basic example of how the calculation works for an employed applicant whose only debt is the repayment mortgage on their main residence:
Applicant earns £5,000 after tax per month
40% of £5,000 = £2000 (DTI)
less UK mortgage of £500 = £1500
So, they have the equivalent of £1500 per month they can “afford” for the new mortgage in Spain.
Based on average rate and term parameters the applicant is likely able to borrow approx €350,000 to €370,000 taking into consideration currency x-change.
We advise working with one of our advisors, as they have an in-depth understanding how each bank works and you can request a quote in 60 sec at
How To Process Spanish Mortgages Calculator Application
Free Quote – complete a 60-sec quote request to see if a mortgage approval is likely and what conditions could be possible.
Free Mortgage Discovery Call – following the initial quote if you want to discuss your circumstances you can book a free consultation on ZOOM or Whatsapp
Free Mortgage Approval – if you wish to proceed, there are two simple steps to complete step 1) Complete the online mortgage form & Step 2) Upload your documents to our secure cloud server. Your advisor will submit the approval in principle from the lender and advise you of the result.
Full Mortgage Application & Offer – At this point, once you want to proceed with the application, then the 1st Part broker fee is due €595/ £535 & required booking fees which are refundable should they not be able to secure the mortgage. The mortgage is then fully submitted along with the appropriate documents to obtain the full lender-approved offer. Once the offer is released the 2nd part broker fee is payable.
Euro bank account & valuation fee – We can assist to open a bank account and you will be asked to deposit enough funds to cover the valuation fee.
Valuation report – A valuation is conducted and on its approval, the completion arrangements can be made.
Completion – Your broker will work with the bank and your solicitor and they will confirm the funds necessary for completion. Once the funds are in the account, the lender will prepare everything and then decide on a completion date at the notary.
The Notary and lender representatives will arrange payment of the property and mortgage taxes from the funds. Once the property and mortgage deeds are signed, you become the owner of the property.
Timescales For Spanish Mortgages Calculator
The process from start to finish usually takes 8-12 weeks, depending on many factors. Each purchase can be case-by-case sensitive so best to speak to your solicitor and broker who can advise on sensible timescales for timing of completion.