Van Dam Estates: GIPE certified real estate agent in South Spain

Information about mortgages in Spain

Home Mortgage Spain

There are more than 500.000 people from the United Kingdom that owns a property in Spain. Some of them owns even more than one property. So, a lot of people from the United Kingdom already have made the step to be a proud holiday home owner in Spain.

When you know which holiday home you would like to buy, you can give us the order to start the home buying process. First we are going to negotiate for you about the price, terms and conditions. We do have a lot of knowledge but foremost a lot of experience about this negotiation process.

Furthermore we do need to look for a way to fund or finance the purchase of the holiday home. It depends on your personal situation and wishes the finance can take place. A number of possibilities that are to be considered are:

When you take a mortgage in Spain there are a number of things to know.

Taking a mortgage in Spain is more expensive than in the United Kingdom. Below is presented a list of costs that are relevant for buying a property in Spain:

You can take a mortgage in Spain in most cases until a maximum of 60% of the taxation amount for non-residents and 80% for residents. Usually you will have to pay about 40% plus all costs and fees by own funds. Furthermore you will have to pay the difference between the taxation amount and the purchasing price by own funds.

The rates and duration of the mortgage depends on many factors:

The mortgage is at a Spanish bank almost always based on an annuity with a variable interest rate. The mortgage stops at an age of the mortgage taker at 75 years. When you are 50 years then maximum mortgage duration will be 25 years.

We do have contacts with various Spanish banks who are willing to look at your situation. If you'd like we will assist you in getting the quotations. If you wish to receive a rough estimate of your monthly expenses, assuming a certain mortgage amount, we can assist you in this. We work closely together with Banco Mare Nostrum.


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