Spain offers foreign citizens favourable loan terms thanks to the low Euribor rate. Maximum LTV ratio70%Minimum loan amount€50,000Fixed ratesFrom 2.5% per annum Loan termUp to 30 yearsMinimum ageof borrower18Maximum ageof borrowerby the end of the loan term 65 Maximum percentageof monthly incomefor mortgage 35% Documents To obtain a mortgage loan in Spain, lendees must submit the following documents to the bank: passport copy of preliminary sales contract tax return for the previous and current years extract from a credit bureau statement of account surplus from a bank in the lendee’s country of permanent residence tax identification number Número de Identificación de Extranjero), assigned to foreign buyers in Spain prior to signing any agreements or once they have put down a deposit for the property. All the documents must be translated into Spanish and notarised. Loan applications usually take 2-5 weeks for approval. Extra costs Non-recurring mortgage costs in Spain tend to amount to about 1% of the property value. There are also additional annual property insurance payments of about 0.2% of the property value. Property appraisaland Due Diligence About €500 Property insurance0.2% of the propertyvalue per annumMortgage arrangement fee1% of the loan amountEarly repayment penalty0.5% of the remaining debt amount (the rate varies depending on the bank)

Mortgages in Spain

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Mortgages in Spain

Spain offers foreign citizens favourable loan terms thanks to the low Euribor rate.

Maximum LTV ratio 70%
Minimum loan amount €50,000
Fixed rates From 2.5% per annum
Loan term Up to 30 years
Minimum ageof borrower 18
Maximum ageof borrowerby
the end of the loan term
65
Maximum percentageof monthly
incomefor mortgage
35%

Documents

To obtain a mortgage loan in Spain, lendees must submit the following documents to the bank:

  • passport
  • copy of preliminary sales contract
  • tax return for the previous and current years
  • extract from a credit bureau
  • statement of account surplus from a bank in the lendee’s country of permanent residence
  • tax identification number Número de Identificación de Extranjero), assigned to foreign buyers in Spain prior to signing any agreements or once they have put down a deposit for the property.

All the documents must be translated into Spanish and notarised.

Loan applications usually take 2-5 weeks for approval.

Extra costs

Non-recurring mortgage costs in Spain tend to amount to about 1% of the property value. There are also additional annual property insurance payments of about 0.2% of the property value.

Property appraisaland
Due Diligence
About €500
Property insurance 0.2% of the propertyvalue per annum
Mortgage arrangement fee 1% of the loan amount
Early repayment penalty 0.5% of the remaining
debt amount
(the rate varies
depending on the bank)

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