Obtaining a Mortgage in Spain
Mortgages are available in Spain, although the lending criteria have become stricter. As with most mortgages the two main criteria are the property details and the buyer’s financial situation.
In Spain the amount given on a mortgage differs on the type of land the property is built upon:
- On Urban land, for example, Golf complexes or Urbanisations, you are able to obtain up to 80% of the purchase price or bank valuation (always the lowest amount).
- On rustic land, i.e. fincas (or country properties) a maximum of 60% is available.
As with solicitors, there are banks which specialise in certain types of property and it is important to use the right bank for either rustic/inland property or coastal/urban property.
When you have found the property you wish to buy, the bank will send a Tasador (valuer) to the property to do a valuation. The value calculated is based on the quality of build, the size and location of the property, and its legal status. This is called the “Tasacion” and is the document the bank uses to make you an offer. This process usually takes around 3 weeks.
Which Company To Choose
Mortgage Direct have been operating in Spain since 2006. During the last 12 years, they have cemented their place as the leading independent broker in Spain. They offer a premium broking service to clients of all nationalities and secure the best possible deals.
Ideal Country Property has chosen to collaborate with Mortgage Direct over other brokers/intermediaries for the following reasons:
- Qualified advisers
- Native English and Dutch-speaking brokers some of whom can also communicate in Spanish, Portuguese and German
- Work with all lenders offering finance for Spain
- Exclusive deals (see below)
- Mortgage quotes within 24-48 hours
- No obligation advice delivered in a professional and friendly manner
- Competitive fees for a premium service
If you wish to find out more about getting finance in Spain, Mortgage Direct are available to discuss your options with you and to provide a no obligation mortgage quote.
They are completely independent and have a wealth of experience in a market where contacts are everything and premium service is key.
If you wish to get a general idea of your mortgage costs, please feel free to use the Mortgage Calculator below: