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Start arranging your Spanish mortgage early on

Spanish MortgageAlong the coast of Spain you will find property that could put you into a state of nostalgia. It is the perfect place for a summer home, the winter getaway, or just a nice romantic place to live in. Whether you choose Marbella or Malaga, you are bound to enjoy the exotic beauty that Spain provides. Acquiring property in Spain is not as difficult as it may seem. However, a prudent investor will begin to arrange a Spanish mortgage well in advance in order to benefit in the long run.


Decide on the type of Spanish mortgage


  • Prior to delving deeper into the world of Spanish mortgages, it is best to explore the plethora of options available to you. Choices are numerous and some are listed below.
  • You can opt for a Repayment Spanish mortgage which is up to 80% of the value of the property. This comes with a very good interest rate and you get a maximum of forty years to pay it back.
  • The other option is an Interest-only Spanish mortgage where for the first fifteen years you need to only pay interest as long as the loan amount does not exceed 70% of the loan value. This also allows you forty years to pay it back.
  • A fixed rate Spanish mortgage will cover up to 70% of the property value. However, it has a cap of fifteen years for repayment.
Pointers for preliminary research

There are some things that you will need to know before starting your search for a property in Spain. Although this is not an exhaustive list, it will give you an opportunity to plan your Spanish mortgage in advance.

  • Eligibility: Are you eligible for a Spanish mortgage? It helps to find out early on before you get your hopes up. A good mortgage broker will be able to analyse your case and offer you advice on how to become eligible.
  • Proof of income: It is important to ascertain whether you can get a home mortgage in Spain. In most cases, all it takes is to prove your income. Once this crucial step is covered, you should be able to get at least 80% for residential valued property. If the actual purchase price is lower than the value of the home you will be able to get a Spanish mortgage to cover the entire home.
  • Cost: The second thing you might think about is what the cost of the Spanish mortgage will be in Spain. This can differ based upon the value Malagaof the home. But a home loan of 100,000 euros can cost up to 4000 euros for closing. If you are a developer and you are building your own home you can get the maximum amount between 50% and 60% depending on the type of construction. Your Spanish mortgage terms can go up to 25 years.
  • Financing: How are you planning to finance the mortgage? You have several options such as raising the capital from home, hiring a mortgage lender, using an international mortgage provider or local financing.

While opting for Spanish mortgage, begin your research as early as possible, whether you are buying or building a house. If you begin to put your Spanish mortgage together in advance of your actual move date or even construction start date, you will feel more at ease when the money actually goes to work for you. Spain is an excellent choice for a relaxing lifestyle. By planning ahead you will realise that all the trouble you took was well worth it!


Steve Magill is the right source for more information on the Spanish mortgage market. He is a partner in  and a Fellow in the British Association of Entrepreneurs (FBAE). He holds international renown for having hands-on experience in this field.


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10 secrets every spanish property buyer should know
10 Secrets Every Spanish Property Buyer Should Know
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