We are now able to offer Spanish mortgages through our trusted partner Mortgages Direct. Get in touch if you are thinking of relocating or purchasing a holiday home.
Locations Mortgage Solutions are pleased to announce that Annelie Ash is now qualified and accredited to advise clients on Spanish property mortgages, alongside her extensive UK mortgage experience. Spanish mortgage services are provided through our trusted partner, Mortgage Direct SL who are regulated by the Bank of Spain.
We assist UK and international clients purchasing properties across mainland Spain, the Costa del Sol, and the Balearic Islands, including holiday homes, permanent residences, relocation properties, and investment properties.
Spanish mortgages work very differently to mortgages in the UK, and it is important to understand that lenders in Spain do not simply lend based on a multiple of your income.
Spanish banks will assess:
Typically, Spanish lenders will look at your total monthly commitments and ensure they remain within an acceptable percentage of your net income, usually around 35% depending on the lender and your circumstances.
For non-resident applicants, Spanish banks will generally lend up to 60%–70% of the property value, meaning buyers should also budget for purchase costs, taxes, legal fees, and associated expenses in addition to their deposit.
The Spanish mortgage process can be more complex than in the UK, with varying lending criteria, documentation requirements, and legal procedures. This is why many clients choose to use an experienced independent advisor to help navigate the process and identify the most suitable lender and mortgage product for their circumstances.
We provide straightforward, experienced guidance throughout the process, from initial affordability assessments and mortgage pre-approval through to completion.
If you are considering relocating to Spain, purchasing a holiday home, or investing in Spanish property, we strongly recommend arranging your mortgage finance before leaving the UK or committing to a purchase.
Please note: Fees apply for Spanish mortgage advice and arrangement services.
Get in touch for more information.
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CURRENCY RISK
Mortgages taken out in currencies other than the currency in which you earn are considered Foreign Currency Mortgages. Changes in the exchange rate may therefore increase the equivalent of your debt. Under the Mortgage Law 5/20019 Spanish banks have introduced mechanisms to protect consumers from exchange-rate risk.