As a British or Irish citizen, can I obtain a Spanish mortgage ?

Yes, a mortgage can be obtained for any European Citizen.

What types of property can I mortgage ?

Mortgages are available to purchase or re-mortgage on residential properties such as apartments, villas or townhouses. You can obtain mortgages on new developments or on resale properties. Commercial mortgages are also available.

How much can I borrow ?

This is determined by the amount of income that you can prove. However generally the maximum mortgage is 70% of the purchase price or valuation, this applies to purchases, Re-Mortgages are generally 60% loan to valuation.

For Life Time Equity Release, the amount you can release is determined by your age and value of your property.

In some circumstances 100% of the purchase price may be possible when purchasing a repossessed property.

What documentation is required ?

You will be asked to provide the following:

For Non-residents of Spain:

• Copies of your N.I.E (National Identification Number in Spain)
• Proof of income, Current P60 & 3 pay slips
• If self employed accountants certificate or 2 years accounts
• Pension certificate (if applicable)
• 3 months bank statements showing income
• Last 3 months mortgage payment reciepts for Re-mortgage only
• A credit report from the UK or Ireland
• Copies of Passport
• Escritura (Deeds)
• Copy of Suma reciept (Council Tax Payment)

• Escritura (Title Deeds)
• Copies of passports
• Residencia certificate
• Vida de Laboral
• For self employed your last four quarters Modelo (Income/IVA)
• For employed a copy of your contract of work
• The last 3 months bank statements showing income
• Last three months mortgage payments reciepts for Re-mortgage only
• You may be asked to sign for a Spanish credit report
• Copy of Suma reciept (Council Tax Payment)

Do I need a credit report ?

Yes, you can apply for your credit report online, for UK residents we recommend www.creditexpert.co.uk for residents of Ireland we recommend www.icb.ie

Is my personal information & Documents Safe ?

Yes absolutely, we at Direct Mortgages Spain practice our advice under the guidelines of the Financial Services Authority (FSA), we strictly observe the rules of the Data Protection Act 1998, this means we do not share your personal information & documents with any other organisations other than the banks we are placing your mortgage with.

Do I need an N.I.E?

Yes. The NIE is short for Numero de Indentificacion de Extranjeros. This is a foreigner’s tax registration number and you are required to have a number if you have any financial dealings in Spain. You can apply for a mortgage without the number; however at completion the original NIE certificate would be required.

What is an Escritura or Nota Simple ?

An Escritura is the title deeds of the property, it contains information about the property such as, the location, the description and dimensions and the names of the owner. You obtain this document from the Notary after completion.

The Nota Simple is similar to the Escrtura but more basic and contains information from the Land Registry such as existing debts on the property.

What are the costs involved ?

We at Direct Mortgages Spain aim to keep the costs to a minimum. We will always provide you with a break down of all expenses incurred.

For purchasing, IVA (VAT) of 7% is applicable. There are also Notary, Lawyer, Registration & Bank arrangement fees. Usually between 12% - 13% of the purchase price should be allowed for costs.

For remortgages/equity releases the costs are much lower generally between 5% - 6% of the amount borrowed.

Can I take over an existing mortgage on a property ?

Yes! It is possible to takeover an existing a mortgage when purchasing a property. This option may also save you money on your Notary expenses. However, this process can be time consuming, you may also be tide into the original mortgage contract and bank which may not suit your needs.

Do I need a Solicitor?

We always recommend that you use a solicitor when dealing with a property purchase in Spain. If however you are arranging a remortgage or equity release, a solicitor is not compulsory. You will require an interpreter to assist you at the notary, Direct Mortgages Spain can arrange this for you.

Please email your questions or enquiry here

Our qualified mortgage consultant
will reply as soon as possible.

Please contact us for more information on:

Tel 00 34 966 795 220 or 00 34 966 790 218

Dont forget you can click on our mortgage calculator for quotes, or apply online here.

Direct Mortgages Spain is an independent mortgage broker & practices advice under the guidelines of the FSA
All mortgages & quotations are subject to change, status & valuation, your home is at risk if you do not keep up with your repayments