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Affordability check and pre-approval within 48 hours
How much can the bank lend you for your mortgage?
When choosing a home, the entity to which you ask for the loan will not normally lend you 100% of its value. That is to say, if your dream home is valued at 200,000 euros, the bank will grant you, as a maximum, a loan for an amount not exceeding 70% of the purchase price of the property. Although, depending on the entity and your particular characteristics, you can get a higher percentage.
Application Process
Steps to get a mortgage in Spain
Independent advice with no commitment
Contact us or complete an online form and we will advise you on whether a mortgage approval is likely and what conditions could be possible.
Mortgage quote
Following the initial assessment, we will aim to send a full mortgage quote within 24-48 hours.
We will assist you with completing the relevant application form and we will submit this on your behalf with the appropriate supporting documents, which we will request once you have agreed to proceed with the application
Decision from lender
If the mortgage is approved, RN will confirm the mortgage conditions and ask if you wish to proceed with the next steps: Set up bank account and the official valuation (appraisal) of the property.
Lender will bring you the binding offer (FEIN) and all the legal documents previous to the completion day
Completion day – the lender will draw up all the necessary cheques and arrange payment of the property and mortgage taxes. Once the property and mortgage deeds are signed, you become the owner of the property.
The advantages to buy in Spain
Compelling reasons to take out a Spanish mortgage include the following
Bigger budget
Perhaps the biggest benefit of all since it allows you to buy a bigger and/or better property. In areas popular with foreign buyers, extra budget often makes the difference between an average property and an exceptional one. But don’t be too ambitious – few Spanish banks allow more than 60% loan-to-value (LTV) to non-residents and 50% is often the norm.
More potential profit
Buying a property with a mortgage means you use less of your own money for the purchase and gives you extra leverage when you sell later on. Profit margins are particularly good if interest rates are low and property prices are rising (as is the case with the Costa del Sol property mar…
Taxes on buying a Spanish property
Spanish property taxes vary depending on whether you are buying a new home or a resale property. New refers to a property that has never changed hands before – in this case; it is usually sold directly by the developer. Resale refers to homes that have been sold at least once before. This includes new properties that were bought by banks or taken on by them in case of default on mortgage payments, for example.
Expect to pay between 6% and 11.5% in taxes on a property purchase in Spain in depending of the region (Comunidad Autónoma) where you will purchase your property.
New properties
You are liable for two taxes when you buy a new-build property in Spain:
VAT (IVA in Spanish) levied at 10% of the purchase price.
Stamp duty (legal documentation tax/ AJD in Spanish) at 1.5% of the purchase price.
Resale properties
There is only one tax levied on resale property purchase, and that is transfer tax (Impuesto de Transmisiones Patrimoniales/ITP in Spanish). The amount due depends on the price of the property and the region (Comunidad Autónoma) where you purchase the property.
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Our clients think about us
Remi C.
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«It fits our needs perfectly. I will refer everyone I know. Loan service is both attractive and highly adaptable.»
Sergi RM
Client
«Keep up the excellent work. It’s all good. Thank You! I have gotten at least 50 times the value from you.»
Meritxell
Client
«Nice work on your company. We can’t understand how we’ve been living without business loan!»
FAQS
Information of interest to non-residents
During the market downturn, the Spanish government moved to welcome foreign investment in real estate. This means that under certain conditions – including a minimum investment level which can be spread among several properties – investors can receive a Spanish residency permit.
The golden visa allows qualifying individuals to reside in Spain and travel throughout the EU. However, it does not allow for work or grant access to state benefits. Golden visas require an investment of at least €500,000 (without financing).
A Spanish consulate in your home country will be able to provide information about getting a Spanish golden visa.
Before applying for a Spanish mortgage, you need a Número de Identificación de Extranjeros (NIE) – an identification number for foreigners.
This number is similar to a US Social Security number or a British National Insurance number. You cannot purchase property or get a mortgage in Spain without an NIE.
If you’re in Spain, you can start the NIE application process at any local police station. Outside of Spain, the best way to apply for an NIE is to contact your local Spanish consulate.
Contenido del acordeón
Contenido del acordeón
The required documents when applying for a non-resident mortgage loan would be the following:
Photocopy of the NIE or passport.
Employment contract.
Last 3 pay slips obtained in your country of residence.
Bank statement for the last 6 months in which the salary is paid.
Last 2 Tax return.
Contract of the house to be bought.
Last three receipts of outstanding debts that you have.
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