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If you don’t know how to get a mortgage in Spain, you will be so glad after reading this post! Did you know that the granting of mortgages in Spain is one of the most advantageous in Europe? This means that you can buy a property with minimum interest rates, and all this without the need to be a resident of Spain.

Because living the good life should be this easy, don’t you think?

Do you want to know how to get a mortgage in Spain? In today’s post we will give you some tips.

And here you can check out the requirements when buying a property in Spain. You fullfil them all, sure thing!

Mortgages in Spain, an opportunity in Europe

The mortgage legislation in Spain for the sale of property to foreigners or non-residents is one of the most advantageous compared to other European countries.

One of the main advantages has to do with the low interest rates of the transaction, as well as the flexibility to become an owner.

Main advantages

Exemption from payment of Stamp Duty

With the new mortgage law of 2019, mortgage holders have more advantages and flexibility, including the cancellation of associated costs such as registration fees or notary fees, among others.

Associated costs, such as Stamp Duty, are now the responsibility of the bank.

So, what do you have to pay in terms of associated costs? The fee for assessing the real value of the property, which varies between 300 and 500 euros, as well as the agreement fee, which is between 1% and 1.5%, depending on the bank. Although it should be noted that some banks are starting to assume these costs.

Low interest rates

Interest rates on mortgages in Spain are among the lowest in Europe. This has been the case for more than 30 years. 🙌🏻

Payment with foreign currency

If you come from a non-European country, the good news is that the mortgage payment can be made in any currency other than Euro. This also applies to UK citizens.

The advantages are great, right? Now, it is time to know how to get the mortgage and start discovering Spain as soon as possible. Keep on reading!

How to get a mortgage in Spain

General guidelines for getting a mortgage in Spain

  • For foreigners in Spain, as a general rule, a maximum of 60% or 70% of the value of the property is granted.
  • To obtain 80% or more of the financing, it is necessary to demonstrate that you have lived in Spain for at least two years, having made the relevant tax payments.
  • As for residency, it is not necessary to live in Spain: you can buy a home even if you spend only a few days a year in the country. However, in the case of non-residents, the interest rate is higher.

If you want to know how to get a mortgage in Spain, today at Sonneil we have prepared a guide with only 6 steps to get your dream apartment on the beach. 🏖

1. Prepare the appropriate documents for the bank. The mortgage should be signed with the bank that offers you the best guarantees. To do this, prepare all the necessary documents such as your payment slip and the ones concerning income, existing liabilities and the taxes you pay. An official translation of each and every document is required, such as a copy of your passport or your income sources if you work abroad.

2. Receive the offer. The bank will then make you a personalised offer based on your situation.  Please note that the first offer is not always the best.

3. Open an account to make your mortgage payment.

4. Compare and accept the offer. It is time to compare counter-offers with your bank.

5. Sign the final mortgage documents.

6. Contract additional services, such as insurance.

Do you want to have your place reserved in the Mediterranean paradise? At Sonneil we offer you apartments on the beach and we accompany you through the whole bureaucratic process, so that you don’t feel overwhelmed.

Our developments are designed to help you find the home you need, and all you have to worry about is enjoying yourself.

Because that’s what life is for. Don’t you think?