Frequent question: Can a UK citizen get a mortgage in Spain?

There are no UK lenders offering mortgages in Spain. Some Foreign Banks based in Luxembourg, Monaco and Switzerland may consider the property in Spain, but their minimum purchase price is € 2 million and minimum loan €1 million.

How much deposit do I need for a mortgage in Spain?

For a Spanish mortgage, you will generally need a minimum deposit of 30% of the property’s purchase price, with borrowing rates currently starting around 2% (lower for premium clients). “The maximum mortgage for non-residents is 70% of the purchase price or valuation, usually depending on which is lower.

Is it difficult to get a mortgage in Spain?

Spain has a very competitive mortgage market and as a result, there’s plenty to choose from when it comes to loans. However, non-residents buying Spanish property with a mortgage have more limited access to loan types and conditions.

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Can UK citizens buy property in Spain?

Can Brits still buy a property in Spain after Brexit? Yes, absolutely. The nationality of the buyer does not affect their capacity to purchase a property in the country. As long as they find a seller, agree on a price, and are willing to pay that specific price, the property will be theirs.

Can you get a mortgage in Spain as a non resident?

Spanish banks that offer mortgages to non residents include, Banco Santander Central Hispano, Banco Bilbao Vizcaya Argentaria (BBVA), and CaixaBank. You will end up paying anywhere between 10%-15% of the value of your purchase in Spanish taxes and fees when using a Spanish mortgage lender.

Which UK banks offer Spanish mortgages?

Banco Bilbao Vizcaya Argentaria (BBVA) is one of the few banks offering mortgages to UK borrowers purchasing properties in the UK and Spain.

Can I live in Spain if I buy a house?

Of course! There are no restrictions on buying property in Spain, whether it’s commercial, residential or land. In fact, Spain encourages investment by foreigners, both resident and non-resident.

How do expats get a mortgage in Spain?

Let’s now dive into each of the 6 steps you will need to follow in order to get a mortgage in Spain as an expat:

  1. Prepare and submit the required documents. …
  2. Receive a mortgage pre-offer. …
  3. Open a bank account. …
  4. Compare and accept the offer. …
  5. Agree with the offer. …
  6. Mortgage completion.

What do you need to apply for a mortgage in Spain?

Common documentation needed for mortgage applications in Spain

  1. Valid ID card of each applicant. …
  2. Application form from the corresponding bank signed by all applicants.
  3. Employment record of each applicant (this must be dated within the previous 30 days)
  4. Your latest income tax return.
  5. Account movements of the last 3-6 months.
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Can you get a 90 mortgage in Spain?

As is the case in most countries, Spanish banks require loan applicants to fulfil a series of conditions and supply plenty of paperwork. … The maximum loan can be as high as 90% for principal home loans (although 80% is much more common) and for up to 30 years.

Can UK citizens buy property in Spain after Brexit?

Whether you are an EU citizen or not, you still have the right to buy property in Spain after Brexit. The costs of buying a property remain the same whatever your nationality and, broadly speaking, include purchase tax, a Notary’s fee, a property registry fee and your lawyer’s fees amongst other miscellaneous expenses.

Can Brits retire to Spain after Brexit?

Can Brits still retire to Spain? The answer is simple: yes. It is still possible to retire to Spain after Brexit, even though the path has now changed (things are not that simple now that Brits are subject to the same immigration rules as non-EU citizens).

How long can a UK citizen stay in Spain after Brexit?

UK citizens in Spain will be able to remain for a period of 3 months at a time, staying longer than this will require a visa. To spend more than 90 days in Spain in a period of 6 months Brits will need to acquire a Spanish Schengen visa.

Can I get a mortgage in UK to buy abroad?

You can’t use a UK mortgage product to buy a home abroad. You must instead get an ‘overseas mortgage’ – normally from a lender in the country you want to purchase in. … Deposits overseas can be a lot more than the 5% or 10% you might pay here in the UK.

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Can you get a 100% mortgage in Spain?

Mortgages for non-residents in Spain are typically 60-70%, but you can get up to an 100% mortgage on a bank repossesion home when you buy with Iberian Properties. … Bank Repossessions naturally attract attention as they are associated with genuine bargains.

Can you get a buy to let mortgage in Spain?

Fixed rate Mortgages in Spain are generally for the full term and available at competitive rates. … Buy to let mortgages, using rental income as part of the affordability assessment are not available but the Banks in Spain do not prevent you from renting out the property.