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Application process

Here is a simple step-by-step guide to how the mortgage process works

Initial advice with no obligation

There is no initial charge for simply discussing your situation with us. Most enquiries will lead to us sending a mortgage quote outlining a potential mortgage for you.

Fully independent advice

We can offer you products from all the leading banks in Spain (including all international banks) and will endeavour to find the right mortgage product for you from the most suitable lender.

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Still have questions?

Buy-to-let products do not exist in Spain and never have. Banks do not take into account future rental income.

To be classed as a fiscal resident (one who pays Spanish income tax), usually you need to be paying these taxes before you apply. Some banks will class you as a resident with as little as 6 months’ payslips, if it is clear that you are in a long-term job with a reputable company. Others need to see at least two annual Spanish tax statements (declaraciones de renta).

It is compulsory to have buildings insurance with an insurer of the bank’s choice. In addition, life insurance is nearly always compulsory, also with an insurer of the bank’s choice. We are aware of the banks though that don’t require it.

In nearly all cases, the mortgage will be a repayment mortgage, which means the monthly payment is made up of both capital and interest. Your mortgage will be paid off in full at the end of the term. Some lenders allow you to pay interest-only during the first one or two years of a construction mortgage, but not for the purchase of an existing property.

Please refer to our Charges page for an example breakdown and explanation of the different charges. At the moment, a general guide is 14-15% of the declared purchase price.

There are many variables that affect the cost when stated as a percentage of the purchase price. For example, taxes vary from region to region and, in some cases, according to the property price. Another important factor is whether clients are applying for the maximum mortgage or a lower amount. We advise all clients to contact us for an estimated cost breakdown relative to their circumstances.

The timescales involved vary from bank to bank and at different times of the year. We usually say to allow between 4-6 weeks for the whole process and it can take up to 8 weeks to complete, sometimes longer if the holiday month of August falls in between, or if you have a complicated profile.

To determine what you can borrow, lenders look at your ability to pay and typically allow between 30 and 40% of your net monthly income after tax to pay for all worldwide debts (including the new Spanish mortgage). If you have loans, mortgages or credit cards, these will be taken into account in the calculation, as well as rental payments, alimony (compulsory maintenance payments to ex-spouses/partners or in respect of any children from these relationships) and private school fees.

In most cases, there is a redemption penalty of 0.5% of the amount paid off (partial of full) in the first five years and 0.25% of the amount thereafter.

We strongly recommend that you appoint a lawyer. They will ensure that all the necessary checks are carried out on the property. If anything goes wrong, a lawyer’s job is to protect your interests. We recommend that you appoint a fully qualified lawyer who is registered with the College of Lawyers (Colegio de Abogados). If you do not feel you have been sufficiently protected, you can make a complaint to the College of Lawyers and claim compensation.

This is an identity number for foreigners who register with the authorities in Spain and applicants will receive an official document with their name and number. This number must be presented for various official transactions and it is essential to have an NIE number if you wish to buy a property in Spain. Applying for the number is done via an office of the national police (Policía Nacional) and sanctioned by the Ministerio del Interior (equivalent of the Home Office). Lawyers usually assist with obtaining this number.