Non-resident Spanish Mortgages
It is now possible for non-residents in Spain to obtain mortgages of up to around 80-85% of the valuation of the property. This means you can be living part-time or even full-time in the UK and still obtain a mortgage from a Spanish bank.
For mortgages above 50% you will need to provide proof of income etc as you would with a similar mortgage application in the UK. If you don't want to provide proof of income, then some Spanish banks will offer a 'Self-Cert' mortgage usually up to around 50% of the property valuation, which means that you don't need to provide any proof of what you are earning, but you do certify that you are earning enough to cover the outgoings.
Most banks will lend according to their own valuation of the property. In many cases this can work in your favour, as if the bank's valuation of the property is higher than your purchase price, you are able to borrow a higher LTV (Loan to Value) which means that you deposit can be smaller.
Non-resident Spanish mortgages can be for a term of up to 40 years although 30 years is more common.
They can be either repayment mortgages or interest only mortgages which will obviously be cheaper. Banks will lend to applicants up to 75 years old usually.
If you are a resident or non-resident in Spain and considering a mortgage or remortgage, give us a call or get an instant online mortgage quote here..
Spanish Mortgage Information
Non-Resident Spanish Mortgages