Mortgages in Spain - Main Criteria
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The main criteria for a mortgage in Spain
All decisions to lend are based on affordability at 33%-40% of net income available after all outgoings have been deducted (including the new loan in Spain)
Full documentation will be required, confirming income, expenditure and credit worthiness.
You must have a Bank Account in Spain in order for your mortgage payment to be debited (usually with the lender you choose).
The maximum loan for non-residents is 80% of the property value, although the normal rule is 70% and products are more favourable at this amount of borrowing
NO loans can be accepted for the purchase of land for a self build project
Maximum age limit at the end of the mortgage term cannot exceed 70 years.
Interest Only is not widely available, although some lenders are starting to introduce products for the investment market that may suit this type of repayment method
Life cover is not essential, although recommended to protect you and your family. The same applies to Buildings and Contents Insurance.
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