How to use the Foxes Spanish Mortgage Calculator

Written by Mat Marsden

Mathew works in the news team and has been living in Spain since 2005

June 14, 2022

If you’re thinking of buying a property in Spain the first stages probably consist of daydreaming, searching for possible homes and locations online, informing yourself of the options and imagining the times spent there or the lifestyle you’re to enjoy if the move is fulltime. An important step along the way is assessing your financial situation, as it will tell you exactly what you can afford while also providing information about how Spanish mortgages are constructed.

You’ll find its much the same as elsewhere, but there are some subtle yet key differences, so it’s important to be aware of them and know exactly what to expect when looking for properties and applying for a mortgage. For one thing, using the Foxes Spanish Mortgage Calculator will focus your mind on the financial possibilities and up to which price you can go – in other words, help you establish a clear budget and know what the financial picture and the monthly repayments will be. 

You may be a cash buyer who doesn’t need to use a mortgage in order to complete the purchase of your property in Spain, but a lot of people in this position actually do make use of Spanish mortgages because the low interest rates (which can be locked in) and favourable conditions can make this a highly attractive option. For one thing, it frees up more of your liquid assets and allows you to earn higher returns on them. 

Have the information at your fingertips

The Foxes Mortgage Calculator Spain does the work for you. For instance, if you’ve found a Spanish property you’re interested in and would like to know how the financial details would work out, just enter the mortgage amount followed by the number of years (repayment term) you have in mind. The Spanish mortgage calculator will then work out the monthly repayments for you.

Naturally, the smaller the deposit and the shorter the repayment period, the higher the mortgage payments will be, so the calculator also enables you to ‘play around’ and tweak the inputs until you arrive at a figure, you’re happy with. Armed with this information, you not only know if the property lies within your budget but can also work out your credit worthiness – in other words, the chance of qualifying for a mortgage.

Your Mortgage Score
This tool will tell you how much you can borrow, and to do so will need to work out your income-to-debt ratio to arrive at your mortgage score. Firstly, enter your existing debts and loans – for cars, credit cards and other mortgages or purchases. Feed this information into the calculator, against the information already provided in the section above, and it will provide you with an aggregated score. Anything above 60 means you’re very likely to get the mortgage you want.

If the figure falls short of this, speak to us and we will provide you with advice and guidance, free of any obligation. Besides the Foxes Mortgage Calculator, we also provide a series of informative guides with clear, detailed and easy to understand information about the Purchase Process in Spain, Mortgage Services and also a handy How To booklet that will ensure you’re well-informed when you make decisions concerning your Spanish property purchase.

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Apply for a Spanish mortgage online
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