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Here are some of the most common questions asked about mortgages in Spain. If you have any specific question please feel free to use our Online Question Form
1. I want to buy a holiday residence in Spain - can I get a mortgage?
Yes you can. If you can prove your income, the amount that you can borrow is determined by the survey of the property (maximum 80% of valuation) and your income. Please use our Mortgage calculator to see how much you can borrow. If you can’t prove your income the amount you can borrow is limited to 120.000 euros or 50% of valuation
2. I want to buy a house for 200,000 euros and need a mortgage for 150,000 euros to be able to complete the purchase. Since I’m 55 years old I would need to apply for a loan for 15 years. What would the monthly repayments be?
Please use our Mortgage calculator to easily find out the monthly repayments.
3. What are the purchase and mortgage costs?
The purchase costs are about 10% of the purchase price and the costs for the mortgage are about 2,5% of the loan amount.
4. Can I borrow against the legal costs as well?
No, you can only lend against the purchase price without the legal costs.
5. Do I have to have a life assurance when raising a mortgage?
No, this is not obligatory in Spain but some banks offer better terms and conditions if you also sign a life insurance policy.
mySpanishMortgage can also provide you with a life assurance if you wish.
6. I’m 60 years old and I’ve heard that the mortgage must be repaid by the age of 70. If I were to take out a mortgage for 10 years the repayments would be way too high. What should I do?
The banks usually require that the mortgage be paid off when the applicant is 70 years old. Older applicants can avoid this by including their children on the mortgage deed either as applicants or guarantors. The loan amount can be to a maximum of 80% of the value of the property.
7. What if I want to make an early cancellation of the mortgage? Will the bank charge me any penalty fees?
Spanish banks usually charge 0,5-1% for early cancellation if it’s partial and 1% if you want to cancel the total mortgage amount.
8. I just changed employment, does this make it difficult for me to get a mortgage?
No, not necessarily. The type of profession that you have is more important that the history that you have with one particular employer.
9. I’m purchasing an off-plan property in Malaga , which is still in the early stages of construction and is due to be completed within one year. How far in advance can I apply for a mortgage?
You can use our mortgage calculator to see how much you can borrow but you can’t get a binding mortgage decision from a bank until about 3 months before the completion. This is because your income proof shouldn’t be more than 3-6 months old at the date of signing the mortgage.
10. How long does it take to arrange the mortgage?
The whole process usually takes about 1 month. The approval subject to valuation takes 2-3 days, it takes about 1 week to get the results of the survey of the property and the mortgage can be signed about 2 weeks after that.
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Your information (financial and contact) will not be shared with any other company and you will not be put on any email lists from 3rd parties like many of our competitors do.
Our service is not just a machine crunching numbers, it is based on people learning who you are and what you need; therefore, it is better to give us enough information so that we can communicate with you more easily.
You will not be put on any mailing lists and your information will not be resold to anyone. If you have more specific questions for us before filling out the application, you can email them to support@myspanishmortgage.com.
If you have a loan question or you are unsure about the type of financing you need, fill out the application and an a mortgage expert will contact you and then they will be able to help.
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