Mortgages in Spain in 2024
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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 borrowerbythe 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
Extra costs
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 remainingdebt amount(the rate variesdepending on the bank) |
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