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The main
criteria for a mortgage
in Spain
All decisions to
lend are based on
affordability at
33%-40% of net income
available after
all outgoings have
been deducted (including
the new loan in
Spain)
Full documentation
will be required,
confirming income,
expenditure and
credit worthiness.
You must have a
Bank Account in
Spain in order for
your mortgage payment
to be debited (usually
with the lender
you choose).
The maximum loan
for non-residents
is 80% of the property
value, although
the normal rule
is 70% and products
are more favourable
at this amount of
borrowing
NO loans can be
accepted for the
purchase of land
for a self build
project
Maximum age limit
at the end of the
mortgage term cannot
exceed 70 years.
Interest Only is
not widely available,
although some lenders
are starting to
introduce products
for the investment
market that may
suit this type of
repayment method
Life cover is not
essential, although
recommended to protect
you and your family.
The same applies
to Buildings and
Contents Insurance.
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