Buying Property via a Spanish Mortgage

The normal limit offered to foreigners is 75% of the property value as assessed by the bank's own value. The bank will want to see proof of your income and outgoings so be prepared to come with all the necessary paperwork:

Employed individuals

 (Most Banks will class as self employed anyone who owns more than a 25% share in the company they work in)

·       Copy of a personal credit file and or annual debt statements

·       Copy of passport

·       1 to 2 personal tax returns (unless an expat living in a non tax paying jurisdiction)

·       Last 6 months personal bank statements showing pay being received and day to day activity

·       Bank reference

·       Employer’s reference and or contact of employment

Company owners

• Copy of a personal credit file and or annual debts statements
• Copy of passports
• 1 to 3 years personal tax returns for monies drawn by the individual
• Last 6 months personal bank statements showing incomes being taken and day to day activity
• Bank reference
• Latest 1 to 2 years company accounts to include profit and loss and balance sheet
• Accountant’s reference confirming the company or individual’s activity, fiscal strength and a wealth and liability statement.

 If you're employed, the bank will want to see your pay slips and proof of your monthly outgoings (other mortgage payments or rent, personal loans etc).

 If you're self-employed you'll need to provide proof of your earnings over the last 2-3 years.

Most banks insist on life insurance cover and many will only grant you a mortgage if you take out home and contents insurance with them. Most loans are payable over a period of 10-15 years but they can extend over 35 years in exceptional circumstances although the majority of banks will insist on repayment before the age of 70.

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