Obtaining a Mortgage
The biggest difference between residential and non-residential loans is the maximum loan-to-value (LTV) that banks will allow. Residents can generally borrow up to 80% of the property’s assessed value whereas non-residents are limited to 60–70% LTV, depending on the mortgage type.
The good news is that it may be possible to borrow significantly more of the property’s value – up to 100% in some cases – when buying a bank’s repossessed property in Spain.
- NIE
- Passport
- Proof of income
Salaried worker
- Last 2 salary slips
- Last 2 years income statement (P60)
- Letter from the company
Self-employed worker
- Accountants letter
- Last 2 years income statement
- Annual accounts for the past 2 years
- Current assets or proof of other source of incomeCredit report
- Bank statement of the past 6 months
- Age
- Resident or non-resident
- How much deposit can be put down
- Renting?
Lease contract - Already have a mortgage?
Last 2 mortgage statements
