Mortgages in Spain - How much can I borrow?
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How much can I borrow?
There no non-status/self-certification mortgage facilities available in Spain (although renting out your property is permitted), any application needs to be supported by proof of income, i.e. if employed; copies of your last three month's payslips & copies of your latest P60/Employer’s Reference together with copies of your last 6 month’s Personal Bank Statements will be required or alternatively if you are self-employed; copies of your last three years Audited Accounts & copies of both your last 12 month's Business and last 6 month’s Personal Bank Statements will be required on application.
Unfortunately in Spain the Spanish Lenders will NOT take into consideration the proposed income the property could make in the way of rent.
Your loan is based on your joint net “take home” pay and is calculated on an affordability basis. All your existing liabilities including any mortgage/rent payments, personal and bank loans and any maintenance (i.e.: Divorce) payments together with your proposed Spanish mortgage payments must not exceed 35% of your net monthly income.
Example
If your net (joint) monthly income is £2,000, then 35% of this is £700. From that any outgoing payments are deducted, so if you pay out £200, then the Spanish lenders will consider you for a mortgage where the re-payments are no more than £500 per month.
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