Non Resident Mortgage Spain?
- 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.
Can UK residents get a mortgage in Spain?
Non-Spanish lender – There are no UK lenders offering mortgages in Spain. Some Foreign Banks based in Luxembourg, Monaco and Switzerland may consider the property in Spain, but their minimum purchase price is € 2 million and minimum loan €1 million. The latter is also subject the client’s overall personal financial profile.
Can you get a mortgage on a second home Spain?
Mortgages in Spain – Recent statistics suggest that 76% of Spain’s residents own their homes. This is higher than the OECD country average of 60%. In addition, Spain is open to foreign real estate investors – you don’t need to be a resident of Spain to get a Spanish mortgage or buy property. According to Spain’s Land Registry, home purchases by foreigners reached 10. 8 percent in the third quarter of 2021. British, German, and French are the top foreign nationalities buying homes in Spain.
Can I buy a house in Spain from UK?
You still have a right to buy property in Spain after Brexit – The right to buy property in Spain is not restricted to EU citizens. Anyone who can pay the purchase price is able to purchase property in Spain. Brexit has not changed that. Many people from all corners of the world buy and own property across Spain.
Do Spanish banks do credit checks?
Do banks do credit checks? Yes. They will carry out a Spanish credit check (called a CIRBE) to see if the applicant(s) have any existing debts in Spain and they will also ask foreign buyers to provide an independent credit report for their home country.
How long does it take to get mortgage approval in Spain?
How long it takes to get a Spanish mortgage – Generally speaking, the actual granting of a mortgage in Spain does not usually take more than 2 weeks if everything goes smoothly and you are well organised. In order not to make the process take longer than necessary, it is advisable to have all the documents required by the bank to study the operation ready and waiting and find out if there are different ways to speed up the process.
For example, you should be clear about which institutions you are going to send applications to, whether you are going to apply for a mortgage in Spain online or go to a mortgage broker , an intermediary that helps clients to find the loan that best suits their needs.
We review the key points to bear in mind when applying for a mortgage in Spain :.