Arranging your non-resident mortgage in Spain (Espana)

Often buyers have a variety of reasons for buying a home in Spain. For example, many people buy a holiday home with an idea of living there permanently or semi-permanently after they retire. If this is the case, there are many more factors to take into account other than simply buying a holiday home that you will occupy for just a few weeks a year. If, on the other hand, you plan to work or start a business in Spain, you will be faced with a whole different set of criteria.
 
Legal advice: Take care and get legal advice before signing any documents. A lot of property in Spain (Espana) is sold before building has even started, in which case you will need to get proof of planning permission and plans of the property itself, and often foreign people sign contracts thinking they are expressing a formal interest in building plans whereas in fact they are legally binding themselves to a house purchase.

More and more people buying property in Spain consider taking out a mortgage with a Spanish bank to finance their purchase in this country. Not only expats, but also property investors, and regular visitors to Spain etc.

Getting a mortgage with a Spanish bank does have certain important advantages - low interest rates.

You will be expected to prove ability to pay (i.e. wage slips from the last 3 months and bank statements of the last 6 months or, if you are self-employed, copies of your last 3 years accounts (with an auditor's stamp) and copies of you last 12 month's business bank statements and your last 6 months personal bank statements). Income received from renting the property will not be taken into account by Spanish banks.

You will also be required to have a NIE (Numero de Identificación para Extranjeros) which is like an ID number everyone needs (residents and non-residents) in order to buy or sell property in Spain.

100% LTV available on Re-Sale Property subject to Lender Valuation
P.O.A for Arrangement fee