Mortgages Spain Non Residents?
- Víctormanuel Paz
What is a Non-Resident mortgage? – A non-resident Spanish mortgage refers to a lending agreement that is offered to individuals who are not a fiscal resident in Spain. As a non-resident in Spain, you will typically be offered a mortgage of 70% of the purchase price of the property.
(Residents can expect to be able to get around 80%. ) The longest term you will be able to borrow for is between 20 to 25 years. Getting a mortgage as a non-resident in Spain can be difficult, that is why we recommend you seek professional help from HomeFinance Spain.
Fixed rate mortgages are by far the most popular option for non-residents. As fixed rate mortgage rates help lenders offset some of the risks associated with lending to those who are not fiscal residents in Spain. Non-residents can also expect to pay a 3% retention fee if they sell their Spanish property.
What is the criteria for a Spanish mortgage?
How much can you borrow for a Spanish mortgage? – For a Spanish mortgage, you will generally need a minimum deposit of 30% of the property’s purchase price. The lender will then finance the remaining 70%. This percentage could be slightly more for Spanish residents and less for non-residents and people buying a vacation home or investment property. .
How much deposit do you need for a mortgage in Spain?
Deposit – For a Spanish mortgage, you will generally need a minimum deposit of 30% of the property’s purchase price, with borrowing rates currently starting around 2% (lower for premium clients). “The maximum mortgage for non-residents is 70% of the purchase price or valuation, usually depending on which is lower.
Can I get a mortgage in Spain after Brexit?
Can I buy a house in Spain after Brexit? Foreigners can buy a property in Spain regardless of their nationality. British buyers should not face added difficulties buying a house in Spain after the UK leaves the EU. Spanish law regarding the purchase of property does not differentiate between EU and non-EU citizens.