| Financial
Services > Mortgages
> Holiday
Homes > Spain
How much can i
borrow?
There no non-status/self-certification
mortgage facilities
available in Spain
(although renting
out your property
is permitted), any
application needs
to be supported
by proof of income,
i.e. if employed;
copies of your last
three month's payslips
& copies of
your latest P60/Employer’s
Reference together
with copies of your
last 6 month’s
Personal Bank Statements
will be required
or alternatively
if you are self-employed;
copies of your last
three years Audited
Accounts & copies
of both your last
12 month's Business
and last 6 month’s
Personal Bank Statements
will be required
on application.
Unfortunately in
Spain the Spanish
Lenders will NOT
take into consideration
the proposed income
the property could
make in the way
of rent.
Your loan is based
on your joint net
“take home”
pay and is calculated
on an affordability
basis. All your
existing liabilities
including any mortgage/rent
payments, personal
and bank loans and
any maintenance
(i.e.: Divorce)
payments together
with your proposed
Spanish mortgage
payments must not
exceed 35% of your
net monthly income.
Example:
If your net (joint)
monthly income is
£2,000, then
35% of this is £700.
From that any outgoing
payments are deducted,
so if you pay out
£200, then
the Spanish lenders
will consider you
for a mortgage where
the re-payments
are no more than
£500 per month.
<<
BACK
|
