"IPF did a fantastic job from start to finish, expertly guiding us through the unknown territory of arranging a French Mortgage. They were professional, responsive and friendly at every stage and I strongly recommend them."
Whether you’re buying a Spanish holiday home or thinking of moving to Spain, we can save you time and money.
Compare Spanish Mortgage Rates and get the best deal on your Spanish mortgage whether you are buying a main residence or a second home in Spain, we have access to a wide range of Spanish mortgage rates.
View mortgage rate tableWondering about the budget for your Spanish home? Calculate how much your Spanish mortgage will cost and how much you can borrow.
Calculate my mortgage costsFound the perfect property or going out on a viewing trip? Start your application and we can make your Spanish dream a reality.
Let's get started
This handy guide provides the essentials for buying a property in Spain!
A step-by-step guide to help you when applying for a Spanish mortgage with IPF
We have prepared these Spanish mortgage guides to provide you with an idea of the process involved. This is what to expect if you are thinking about purchasing a dream home in Spain with a Spanish Mortgage.
All Spanish mortgages are in Euros and secured against Spanish residential property. The property can be located on mainland Spain, the Canary Islands or the Balearic Islands.
The maximum loan to value available for non-Spanish residents is currently 70% of the purchase price or the valuation (whichever is lower). This can include the estate agents fees but not the legal fees which are around 10% for an existing property and between 12-15% for a new build - depending on the location and the type of property. Existing 10% - new build 13-15% Spanish mortgages can be obtained for the purchase of a completed new-build, existing properties, main homes and second or holiday homes. Spanish Mortgages are also available for both construction projects, and purchase and renovation projects.
A variety of Spanish mortgage products are available for your Spanish property purchase. Repayment mortgages are available with both fixed rates (short and long term) and variable/mixed rates but interest only mortgages don’t really exist in Spain. Terms can be from 7 to 30 years and the mortgage must be repaid by the age of 75. Spanish mortgage rates are all based on the Euribor, the interbank lending rate set by the European Central Bank.
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!
"IPF did a fantastic job from start to finish, expertly guiding us through the unknown territory of arranging a French Mortgage. They were professional, responsive and friendly at every stage and I strongly recommend them."
"IPF provided us with a fantastic service. We were very close to our deadline for having a mortgage approval for the purchase of our new home and they were able to collate our requirements, put through an application and provide a mortgage approval within weeks. We were especially impressed with the high level of communication and specifically how Louis Cornwall kept us in the loop throughout, even through to our completion. We would highly recommend IPF!"