Spanish Mortgages - Useful Information

Finding the right mortgage is tough enough but can get even more tricky when abroad and foreign customs and languages come into play! The good thing about Spain is that it has become such common practice for foreigners to buy Spanish property that there are ample resources to help you make the right choices.

According to recent studies Spain, along with France and Bulgaria, is fast becoming one of the best EU countries for obtaining an overseas mortgage. In Spain there are now over 275000 registered Britons, plus a whopping estimated 500000 unregistered. Over half of these people are living in rented property and for this reason many Spanish banks like La Caixa offer special services in English to facilitate foreign buyers.

International Banks with Spanish Mortgages

Many international banks now offer special 'Spanish mortgages' which are specifically catered to the Spanish housing market and deal with every aspect of translation, lawyers and insurance. Some of the most reputable international banks are the following:

Banco Santander (Also known as Abbey)
www.gruposantander.es/bprivada/binternational.html

Deutsche Bank
www.db.com

Lloyds TSB
www.lloydstsb.com/mortgages/spanish_mortgages.asp

Natwest
www.natwestinternational.com/spanish.asp

Applying for a Spanish Mortgage

When applying for a mortgage in Spain you need to make sure you have the following:

  • Valid Passport, residence permit or Spanish ID card (NIE)
  • Spanish tax declaration for the last financial year (P60 form in UK) or if you are self-employed you need to provide tax slip for the last two years.
  • Your last three salary slips.
  • Your last three bank statements (account statement for last three years if you are self-employed)
  • Resale Properties: Property deeds of current owner.
  • New Building: Declaration deed from developer.