Users' questions

Can I get a 100 percent mortgage in Spain?

Can I get a 100 percent mortgage in Spain?

Spanish Investment Opportunities Mortgages for non-residents in Spain are typically 60-70%, but you can get up to an 100% mortgage on a bank repossesion home when you buy with Iberian Properties. In many cases these can offer a better investment opportunity.

How much deposit do I need for a Spanish mortgage?

For a Spanish mortgage, you will generally need a minimum deposit of 30% of the property’s purchase price, with borrowing rates currently starting around 2% (lower for premium clients). “The maximum mortgage for non-residents is 70% of the purchase price or valuation, usually depending on which is lower.

How do I apply for a Spanish mortgage?

Documents to apply for a Spanish mortgage

  1. NIE number.
  2. Proof of employment or income.
  3. A pre-agreement with the seller.
  4. Proof that the property tax is paid to date.
  5. Details of your current debts and mortgages.
  6. Copies of all your existing property deeds (in Spain and elsewhere)
  7. Records of your current assets.

Can foreigners get a mortgage in Spain?

Whilst foreigners buying in Spain and applying for a mortgage for overseas property can expect up to 70% loan to value, criteria for non EU citizens and Spanish mortgages for expats can be affected by where the applicant resides and is a tax resident.

What are the pitfalls of buying property in Spain?

5 common pitfalls when buying a property in Spain

  • Not having your registrations in place before the buying process.
  • Insufficient property research.
  • Not accounting for all of the costs involved in buying a house.
  • Not understanding your contract(s)
  • No preparation for future fees.

Do I need a Spanish bank account to buy a property in Spain?

If you are planning to buy a property in Spain, you will need a Spanish bank account to pay utilities, local taxes and mortgage payments. Mortgage Direct can open an account for you as part of the pre-approval process.

Do you need a Spanish bank account to buy property?

You will need a bank account in Spain to pay the utilities invoices and the fees of the Community of Property Owners. In the case that you obtain finance to buy the property, you will also need a bank account for the mortgage monthly repayments.

Is buying property in Spain a good idea?

According to recent research, Spain came out as second of 33 countries as best for first-time buyers. The reasons given were a combination of reasonable property prices combined with a favourable cost of living as well as good average salary growth levels – all good reasons for buying in Spain.

Does buying property in Spain give you residency?

If you buy property in Spain you can get a Spanish residency permit (this is the correct bureacratic terminology for Spain’s golden visa), which allows you to live in Europe. In 2013 Spain passed a law that gives residency permits to non-EU citizens in exchange for a property investment of 500,000€ or more.

How much money do I need to live comfortably in Spain?

It’s possible to retire comfortably in Spain on about $25,000 a year. That breaks down to roughly $2,083 per month. Of course, it is possible to live in Spain on less — $20,000, for instance. This amount would make more sense if you decide to live farther from big cities and lead a more minimalist lifestyle.

How much income do I need to retire in Spain?

Retirement in Spain also tends to be fairly low cost. You can retire comfortably on about $2,000-2,200 a month, about $25,000-27,000 a year. Naturally, if you choose to live a bit further away from the big cities, you can retire on approximately $1,700-1,900 a month, which is about $20,000-22,000 annually.

Is moving to Spain a good idea?

There are extensive air routes, railways, ports and roads in Spain that make the country an excellent base for travel around Europe and farther afield. Also, those wishing to move abroad to Spain should be able to return home whenever necessary with minimal hassle.

Why are there 100% mortgages in Spain?

Those who know about the Spanish property market are unlikely to sniff at the type of units on offer, and that’s exactly why the banks offer 100% mortgages: to entice (typically) British buyers from abroad in a bid to offload the properties.

Where can I find repossessed properties in Spain?

Portal for repossessed and distressed properties in Spain. We offer objects direct from the Spanish banks. As partner of several leading Spanish Banks we offer the largest choice of distressed and repossessed properties (REO) all over Spain. More than 30.000 Bank Owned Properties Spanish houses for Sale.

How much does it cost to buy a house in Spain?

Our mission is to show our Properties to future property buyers. Buying in Spain does should be Fun, how much Fun should it be to find your Dream house at a Bargain Price.. Our Properties are repossessed and we offer them for the best prices on the market, Save the Deposit because we offer up to 105% Mortgage.

Where can I buy distressed property in Spain?

There is… Properties247 Offers big discounts on Villas, Apartments & Investment Properties for buyers looking to take advantage of the credit crunch in Spain, Freehold properties, distressed sales, bank repossessions, and developers who need to sell properties we have great properties, in great locations…..