Looking for a Spanish mortgage? Mortgages 4 You specialise in finding intelligent, effective and flexible solutions for people requiring a mortgage in Spain or Spanish mortgage.

With access to a large panel of Spanish mortgage products and to every lender in the UK we are able to offer unique mortgage in Spain solutions to your specific requirements.

There are many options available including sterling mortgages secured solely on a Spanish property, full term fixed rates and a potential borrowing of over 100% of the property value.

With interest rates as low as 4.25% and Spanish mortgage terms from 5 to 40 years, there has never been a better time to arrange your Spanish mortgage with Mortgages 4 You.

Contact Mortgages 4 You for further information or get a no-obligation personalised quotation today!

Mortgage in Spain

Calculate your monthly payments using the Mortgages 4 You Spanish mortgage calculator

Although the Spanish mortgage calculator displays accurate monthly repayments, all Spanish mortgage offers are subject to status. For a swift, confidential and no-obligation quotation please complete our quotation form or our contact form (above) and one of our advisors will respond shortly.

Spanish Mortgages

These are the most frequently asked questions we receive about Spanish mortgages. If you have a question that is not covered here, please contact us for a personal and swift response. If you would like to receive a personal, no-obligation quotation, please complete the quotation form.

Why choose Mortgages 4 You?

As independent mortgage brokers, we have access to every UK mortgage lender and a wide range of overseas lenders, many of which have specialist schemes and special deals to the extent that we guarantee to beat any competitor broker quote. We provide guidance on the legal and technical aspects of property purchase in Spain and review all the available financial options to ensure that you are fully informed when making such an important decision.

How much can I borrow?

In general, we can arrange a Spanish mortgage up to a maximum of 80% of the property valuation. There are considerable differences between lending abroad and raising finance in the UK. Whilst the UK system applies income multiples (i.e. 3 x your gross income) the European view is based on your ability to repay the loan. Most European banks lend on the basis that your total monthly repayments (capital and interest) should not exceed 35% of your net monthly disposable income. Due to the flexibility of Mortgages 4 You, we are often able to help clients if this becomes an issue - please do not hesitate to contact us for further details.

How much will it cost?

As a general guide, the cost associated with the purchase of a previously occupied property equates to approximately 10% of its value. The cost associated with new-build property is approximately 12.5%. Our systems can calculate the cost more accurately by using information on the property value and Spanish mortgage required. Please feel free to contact us for further details.

How long does it take?

Each individual case is different however, you should allow between five and seven weeks from mortgage application to the funds being available. Why not complete a quotation request today? Obtaining a no-obligation Spanish mortgage quotation will give you a clear picture of how much you can afford to spend on a property. Armed with this knowledge when searching for a property will save you time, money and frustration and assist in eliminating costly delays, the potential for losing your property, your cash deposit and gazumping.

Can I have a buy-to-let Spanish mortgage?

Buy-to-let Spanish mortgages are not currently available as a specific product in the Spanish market. However, mortgages can be arranged that allow rental of the property and this income can be taken into account when working out how much you can borrow. Please contact us for further information regarding buy-to-let Spanish mortgages.

Can I have a Spanish self cert mortgage?

Having access to virtually every mortgage product in Spain, we have a wide range of self-cert or non-status mortgages. Self certification will allow you to declare to a lender that you can afford to repay the loan without having to provide substantial proof of income. No references will be required from your employer or accountant as part of the application.

We also are able to offer Low Documentation mortgages with income verified via Chartered or Certified Accountants certificates – this is particularly suitable for those who are Self Employed. Please contact us for further information regarding non status Spanish mortgages.

Can I have a Residents Mortgage?

You will normally need to be living and working in Spain (or deriving a proven income) to obtain a residents mortgage. Lenders require you reside in Spain for a minimum of 6 months to qualify, but more typically 1 year. These mortgages will typically allow loans of over 80% of the value of the property – often up to 100% over terms of 30 to 40 years.

Can I Re-mortgage?

Due to the costs and government taxes in re-mortgaging we advise our clients to obtain the most suitable mortgage for their needs for the term of the loan. Re-mortgage costs are typically 4-5% of the loan amount. Mortgages 4 You are able to offer re-mortgage and equity release products with minimum costs or even fees free, including lenders fees and valuations. We can make a no obligation check to see if a re-mortgage is a suitable and viable option.

What about Developers Mortgages?

We always recommend you check the details and costs of the mortgage offered to you by a developer. Typically the developer can subrogate (transfer) the existing loan on the property to the buyer. However, the development will have the same mortgage product for each property – which may not be suitable for all purchasers. We offer a no obligation search against the whole of the Spanish non-resident mortgage market to ensure you are able to select the most appropriate mortgage product for your needs.

What supporting documents are required for a Spanish mortgage?

As a basic guideline the following documents are required to verify your income:

• A copy of your last P60
• Copies of your last 3 payslips
• A copy of your Inland Revenue Tax Calculation if you have one

If you are self-employed you will need:

• Copies of the last two years' annual accounts
• Copies of the last two years' Income Tax Calculations issued by the Inland Revenue
• Copies of the last three months bank statements

This is not an exhaustive list and additional documents may be required. Also, Spanish mortgages are available that require less documentation.

Got another question?

Contact Mortgages 4 You for further information or get a no-obligation personalised quotation today!