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
|Maximum percentageof monthly
To obtain a mortgage loan in Spain, lendees must submit the following documents to the bank:
- 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’scountry 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
|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
(the rate varies
depending on the bank)