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  • Most lenders in Spain will lend up to 70% of the valuation for urbanised properties for non residents.

  • If you are looking at properties that are registered as Rustica (country Properties) then the loan to valuation may be less, approx 50-60% of its value.

  • If you are looking to buy land only then the maximum a lender will loan is 50% of its value

  • If you are looking to build a property on the land then as long as you have the approved project plan in place and have already purchased the land , the lender will lend 60% of estimated final value of the property. This can normally mean you receive all costs of the construction as this should be less than the final value. In this case, the lender releases the loan in stages with periodic valuations to verify work has been done. The loan is interest only for the construction stage.

Many lenders are now offering interest only periods for the loan which helps clients to keep their monthly repayments low to start with.

Loan terms can be up to 40 yrs with an overall maximum age of 75 yrs. Interest rates are currently around 4.25% depending on the type of loan.

For costs, you need to budget for mortgage/ lending costs as well as purchase costs. For mortgage costs we normally advise clients to budget 2-3% of the purchase price. This is to cover the lender’s arrangement fee; mortgage tax, notary and registration fees, valuation and insurance.

Proof of income is required to show your ability to repay the loan. For that we will require copies of pay slips and annual tax report statements, we will also need to see the last 3 months bank accounts showing income in. For self employed persons it is necessary to see the last 3 years accounts of tax records.

We can provide you with an initial agreement in principle by studying the following if you can provide this by e-mail:

1. If you have an idea of the purchase price of the property you are interested in and if it is registered Rustica or urbanised.
2. Your current net monthly income.
3. If you have a mortgage or regular loans, what is that amount monthly?
4. Your age (and age of anyone else to go on the application).

This will also give you a better idea of what price range to look for in your property search In respect of any further information or advice required please click the link to our financial Advice Centre - and please quote Gateway to Andalucia.

For information and huge savings on Currency Purchases and International Money Transfers to and from Spain please click this link to our Currency Specialists "Foremost Currency Group"