Firstly beware of the ultra-low rates you may see on the internet as they are likely to only be available to Spanish residents. Non-resident rates are always higher. In addition some ultra-low rates will also require you to take out life insurance and also deposit a large sum of money with the lender. These additional requirements can make the actual rate more expensive than the slightly higher rates offered elsewhere, which don’t come with strings attached. So beware!
You can check out some of the more popular products in our Spanish Mortgage rates table, but we work with a number of banks that will lend to non-residents so do get in touch so we can find you the product and rate most suitable to your circumstances.
Not unless you want to borrow more than €2m – in which case we can work with UK-based Private Banks. However if you are looking for a loan size of less than that, the only option is to use a retail bank based in Spain. Which is where we can help – so get in touch!
Firstly beware of the ultra-low rates you may see on the internet as they are likely to only be available to Spanish residents. Non-resident rates are always higher. In addition some ultra-low rates will also require you to take out life insurance and also deposit a large sum of money with the lender. These additional requirements can make the actual rate more expensive than the slightly higher rates offered elsewhere, which don’t come with strings attached. So beware!
You can check out some of the more popular products in our Spanish Mortgage rates table, but we work with a number of banks that will lend to non-residents so do get in touch so we can find you the product and rate most suitable to your circumstances.
Yes, Spanish banks will lend to self-employed persons. You will need to have tax returns and company accounts dating back a minimum of 2 years, but ideally 3. Bear in mind that the Spanish banks will look at the salary you have taken from your business and may not take into account the dividends – so please get in contact with us so we can help you understand how to best present your situation to the Spanish banks to avoid jeopardising any Spanish mortgage application.
We work closely with the Spanish banks on our panel of lenders to ensure that our clients mortgages are processed as efficiently as possible so purchasing with a Spanish mortgage shouldn’t hold up your purchase.
Unlike the UK, they don’t use income multiples in Spain. Instead they use a debt-to-income ratio, whereby they want to see that you don’t spend more than around 40% of your monthly income paying off your contractual debts (so that’s your mortgages, car finance, credit cards where you don’t pay the full amount each month, personal loans, child maintenance. To see what you can afford simply plug your information into our Spanish Mortgage Calculator.
The time taken from submitting an application (with all the paperwork) to receiving the formal mortgage offer will take around 4-6 weeks with IPF, but it can take much longer if you go to a bank directly!