the lending guide
qualifying for a mortgage in Spain
starting with the minimum requirements
The main mortgage applicant must be no older than 65.
75 is the oldest an applicant can be when the mortgage term is over.
You must earn a minimum of €2,000 a month, after-tax
If your income is below that threshold, it would be very difficult to qualify.
The minimum purchase price is €130,000
If the price of the property is below €130,000 then it is advisable to buy cash, using savings or a personal loan or speak directly with a bank at branch level.
What is the maximum you can borrow (LTV)
International Buyers – 70% of the purchase price is the maximum
Spanish residents – 80% of the purchase price is the maximum
What type of bank will lend me the money?
Spanish banks… When you take a mortgage on a Spanish property the loan will be with a Spanish bank. Some of the banks such as Santander are international banks, but any loan will be issued from the Spanish company and records from other international owned banks are not linked.
Foxes are fully regulated and have agreements with all the main Spanish banks and lenders.
What documents will I need to provide?
- 2 years tax returns (unless you live in UAE)
- Credit report
- Bank Statements (6 months)
- Payslips – 3 months (If employed)
If you cannot provide this documentation, you will not qualify for a loan.
use our secure customer area to share your documents
privately and securely manage the whole purchase process, keep relevant documents safe, speak with your mortgage or legal advisor securely and much more.
How will the banks score me?
They will take your net monthly income (so after-tax), and how much you spend each month managing your existing debt (mortgages, car loans, credit cards) add the new mortgage payments, and then work out what you spend per month on debt as a percentage of your income.
If this figure is over 40%, you will not qualify, under any circumstances.
DEBT / INCOME X 100
Check your debt to income ratio
Use a selection of tools to find out what your debt to income ratio is, as well as our Spanish mortgage calculator, and our my score predictor!
If you would like to apply for a mortgage in Spain and you think you have what it takes to qualify, then why not get started? our team of experienced and qualified experts are ready to help.
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