Spanish mortgages

Let us help you find the best Spanish mortgage

We work with Siddals. Their experienced, multi-lingual staff take the hassle and the cost out of arranging your mortgage. They search through all the mortgages available on the market to select the best product for you, they negotiate the terms and conditions of the loan, supply the lender with your paperwork, arrange the valuation and co-ordinate the completion process with your lawyer so all you have to do is provide the paperwork and leave the rest to them.

Unlike other mortgage brokers, Siddals do not charge for their services but receive a commission from the bank, so using them does not cost you a penny extra. Moreover, due to well-established relationships with the Spanish lenders, Siddals offer better products than you can achieve by approaching the banks directly, so using them can actually save you money as well as time and effort.

Current products include interest-only mortgages, re-mortgages, equity release products, bridging loans, construction mortgages and lots more. Whether you are moving to live in Spain, purchasing a holiday home, investing in the Spanish property market or are already a Spanish resident, Siddals offer friendly mortgage, tax and financial advice and have the expertise to obtain the best product for you.

For professional and honest advice, more information or to apply for a mortgage, complete the form below, visit the mortgages in Spain website.

Frequently asked questions about mortgages in Spain

How much can I borrow?

Lending in Spain is based on the valuation or the purchase price of the property, depending on the lender. For urban properties 60% - 120% can be achieved depending on the residency status of the applicant, and the purpose of the purchase. For "rustic" and commercial property only 50% is usually available.

What types of mortgages are there?

Most mortgages are on a capital repayment basis, although some banks now include an interest only term, or offer fixed rates.

Products change frequently, so to receive an accurate idea of the mortgages available, please contact one of our advisors.

What is the interest rate?

The interest rate in Spain is based on the EURIBOR, which is the European Central Bank base rate and changes every month (see Euribor Rates). Banks will charge a spread over the EURIBOR rate. The spread is normally between 1-1.5%; therefore 3.75 % (depending on mortgage product type and applicant's circumstances) is a good indicator of the rate available to non residents, although we can usually improve on this. In comparison to the UK, for example, where the rate is currently 4.75%, repayments in Spain are considerably more affordable.

How do I repay the mortgage?

We can refer you to a commercial exchange company who can arrange a fixed exchange rate for your monthly repayments for a specified period of time. This means that the repayments on your mortgage remain the same regardless of exchange rate fluctuation. This would be revised annually and is only applicable to certain mortgage products.

What documents do I need?

Employed Applicants

  1. Passport
  2. P60
  3. Last 3 months pay slips
  4. Last 3 months bank statements
  5. Bank reference *
  6. Employers reference *
  7. Credit report *

Self Employed Applicants

  1. Passport
  2. Tax Return
  3. Profit & Loss accounts for return
  4. Balance sheet to date
  5. Last 3 months personal & business bank statements
  6. Bank reference *
  7. Accountants reference *
  8. Credit report *

* Required for 80% borrowing.

How long does it take to complete?

Depending on your circumstances, the process can take from 2 weeks to 6 weeks. We recommend an average of 4 weeks to our clients.