Spanish Mortgages

Spanish Mortgages - Useful Advice for Foreign Buyers

One of the great things about purchasing Spanish property as a foreign buyer is that there are masses of facilities in place to help you. If you have decided to buy a property in Spain it is worth doing your research early on to make sure you get the best deals on mortgages. According to recent studies, Spain is fast becoming one of the best EU countries for obtaining an overseas mortgage. In Tenerife, over 42,000 properties are owned by Britons alone, so to facilitate foreign buyers Spanish banks like La Caixa offer special services in English.

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:

Barclays
www.barclays.co.uk/buyingabroad/

Natwest
www.natwestinternational.com/spanish.asp

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

Deutsche Bank
www.db.com

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

Applying for a Spanish Mortgage

When applying for a mortgage in Spain you will need the following documents:

  • Valid Passport, residence permit or Spanish ID card (NIE)
  • New Building: Declaration deed from developer.
  • Resale Properties: Property deeds of current owner.
  • Your last three salary slips.
  • Your last three bank statements (account statement for last three years if you are self-employed)
  • 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.