Finance
Spanish banks do offer competitive mortgages!
The size of the loan amount depends on some factors. One is the purchase price/valuation, the other is your income and assets.
Maximum will be 70% of the purchase price/valuation – for nonresident up to 70% (most banks might only be 60%) and up to 80% for people with residencia.
They ‘do not’ finance the costs related to the purchase, which as an approximate calculation would be 12 - 14% of the purchase price.
The term of the mortgage can be up to 25-30 years, but the term will be limited to the when client turns 75 years old. They will usually also require a life insurance policy.
DOCUMENTATION required for credit assessment:
Last tax return
Bank statements
Last 3-6 payslips
Copy of purchase/reservation contract or deed.
Copy of passport/s.
NIE certificate.
If you are self-employed, also the last 2-3 years trading accounts.
