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When you’re buying a property in Spain, you may be considering taking out a loan to finance part of the purchase. Getting a Spanish mortgage is definitely possible for aswell residents as non-residents.
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. That means that a loan taker of 60 years of age can get a loan term of 15 years.
Non-EU citizens can normally get a loan of up to 60% of the purchase price.
Documentation necessary to obtain mortgage offer:
If employed:
Self-employed person or company:
We’ve teamed up with Habeno to provide our buyers with a quick and easy way to apply for mortgage funds. You can also apply for a pre-approval mortgage.
If there’s anything you’re not sure of, please contact us and we’ll be happy to assist.
Red Rose Property Spain is a family business based in Caleta de Velez, Malaga and has more websites and we work with the biggest international Real Estate Platforms in the world. Next to that are our social media pages our strongest point.
Avenida de Andalucia 118, 29751 Caleta de Velez, Malaga. Telephone and WhatsApp – +34-602 627 580
As real estate agency / agent in Spain we do offer a full service to our buyers.
When you can’t find what your looking for at this moment then please use our property finders wish list and we’ll get back to you with a possible interesting offer.
Simply put, non-resident mortgages are available to anyone who pays taxes outside of Spain, regardless of their nationality. The most popular option for foreigners is fixed-rate mortgages.
You will typically need to provide a down payment (a percentage of the property’s purchase price) as part of the mortgage application. The exact amount can vary but it is often around 25% to 35% of the property’s value. Lenders calculate your DTI by comparing your monthly debt payments to your monthly income.
For your mortgage application, you’ll need to show proof of earnings, address and possibly, your loan record in your country of residence. Shop around. There’s intense competition among mortgage lenders in Spain so it makes sense to compare and contrast terms and conditions. Let us help you with your perfect mortgage in Spain.
Take a look at our Facebook page and when interested in one of our Spanish properties and when in need for a mortgage just contact us inmediatly and we will help you with everything you need when buying a property in Spain.
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