In Spain, a distinction is made between Non-Residents (within the EU), Non-Residents (outside the EU) and Permanent Residents with regard to the amount of the mortgage :
- Non-Residents (within the EU) are people who live and work in another country within the EU but want to have a house in Spain as an investment, permanent home or for renting out
- Non-Residents (outside the EU) are people who live and work in another country outside the EU but want to have a house in Spain as an investment, permanent home or for renting out
- Permanent Residents are people who live and work in Spain and also pay their taxes there.*
In general, the Maximum amount for mortgage applications (based on the final sale price) is as follows:
- Non-Residents within the EU is 70% (30% deposit)
- Non-Residents outside the EU is 60% (40% deposit)
- Residents is 100%
Currently (April 2019) the mortgage interest rate in Spain varies between 1.4% and 1.7%. Note this is only a guide and depends very much on your personal circumstances and what you want to buy.
There is also a difference in the amount of a mortgage for buying a:
- House (existing construction)
- Building a house on a piece of land
- House (new construction)
- Off plan projects to be constructed
For requesting mortgages, we work together with a local firm, L.W. Abogados. who are specialized in mortgage applications and can negotiate the best deals.
If you want to know if you are eligible for a mortgage, contact us today via email or telephone. We would be happy to assist you with any question you might have.