Financing

FINANCING PURCHASE

It is wise to obtain information about the different payment options. In some cases we can adjust these for you in consultation with the client, so that they better suit your personal situation.

• New construction home
• Existing home
• Key-ready home

FINANCING OPTIONS FOR YOUR PROPERTY IN SPAIN

• Pay with your own resources
• Taking out a mortgage on the home in Spain
• Make use of the equity in your current home
• Buy together with your child(ren), where they become co-owners

FINANCING YOUR PROPERTY IN SPAIN: IMPORTANT ASPECTS TO KNOW

When financing a home in Spain, there are important things to take into account:
Spanish Mortgage Conditions: A Spanish mortgage is usually only provided upon completion of the home. For example, if you want to finance 70% and the payment arrangement is 40-30-30 (such as with a new-build home), you must first pay the 40% and 30% yourself before you can use the 70% mortgage upon completion. We can often negotiate payment terms with construction companies that better suit your personal situation. A Spanish bank will want to value your home as soon as it is (almost) ready.

Valuation costs: If you ask multiple banks for a mortgage quote, you will have to pay for each valuation cost. An indication of rates and monthly costs can be given without a formal appraisal.

Factors Affecting Mortgage Terms:
The rates and term of the mortgage depend on several factors, mainly related to the risk:

• The percentage of the purchase price that you want to borrow
• Your income and assets
• Your age
• The need for life insurance

Mortgage conditions in Spain
Most Spanish banks offer mortgages on an annuity basis, which means that you repay the loan within a set period. The maximum term usually ends around the age of 75. It can be advantageous if your child(ren) become co-owners and have their own income, as this can significantly extend the term of the mortgage.

Advice and Assistance with Financing
We are in contact with various banks in Spain whose employees are happy to advise you on the options that suit your situation. If desired, we can help you make the first contact or request a mortgage quote. We are happy to make a clear calculation of your monthly costs based on a specific mortgage amount.
Contact us for more information or advice about financing your home in Spain.

Mortgage conditions in Spain

Most Spanish banks offer mortgages on an annuity basis, which means that you repay the loan within a set period. The maximum term usually ends around the age of 75. It can be advantageous if your child(ren) become co-owners and have their own income, as this can significantly extend the term of the mortgage.

Advice and Assistance with Financing

We are in contact with various banks in Spain whose employees are happy to advise you on the options that suit your situation. If desired, we can help you make the first contact or request a mortgage quote. We are happy to make a clear calculation of your monthly costs based on a specific mortgage amount.
Contact us for more information or advice about financing your home in Spain.