There are two types of mortgages that are offered in Spain.
· Residents mortgage - For Expats that will be living at the property all year round and have gained residency in Spain. With resident mortgages you can will receive a maximum of 80% mortgage.
· Non-residents mortgage - For expats that do not reside in Spain full time and do not pay their taxes in Spain. These types of mortgages will allow you a maximum of 70% of the purchase price or valuation depending on which is lower.
For both types of mortgage you will require a minimum deposit of 30% of the purchase price.
In some cases, if you are buying a repossessed property from a bank, you may be offered a higher lending amount on your mortgage. This can be up to 100% of the value of the property.
Deed duty |
1.8% of loan |
Bank Fees |
Between 1 – 1.5% of the loan |
Notary costs |
Maximum 0.5% of the loan value |
Valuation Fee |
Generally 0.10% of the property value |
Opening fee for the mortgage |
Dependant on mortgage lender |
All residential properties in Spain must have home insurance to cover the value of the property. Please see our Insurance page on www.propertiesforsaleinspain.com, which will give you full information on all types of Insurance in Spain and the best quotes available. You can also visit their website www.insuranceinspain.com for a more extensive advice on all things Insurance related.
· NIE – Spanish Identification number
· Proof of employment or income
· Details of your current debts and mortgages
· Copies of all your existing property deeds both in Spain and any other country that you may own property in
Shop around and find the mortgage with the best interest rates and what best suits your requirements. You may find it useful to use a mortgage broker here in Spain, they will know the in´s and out´s of all the mortgage packages available and who offers the best rates. Mortgage brokers will charge for their services, but you may find this easier than navigating the mortgage market yourself.
Spanish mortgage terms can be from 5 to 40 years. This very much depends on your age, as Spanish banks generally require the mortgage to be repaid by the time you reach 70 years old. Generally, mortgages are set for a term of 25 years, however some banks have a maximum of 20 years. Another reason why it is important to shop around - to get the best mortgage available for you.
Updated 9th June 2023