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Mortgages in Spain are available from a variety of different sources including Spanish banks, Offshore lenders, some UK banks and a number of private banks throughout Europe.

We search the entire market, including all of the above to bring you the very best selection of Spanish mortgages for your property purchase be it in mainland Spain, Tenerife, Gran Canaria, Ibiza or Majorca.

Apply right now for your free no obligation Spanish mortgage quote!

Tenerife Mortgages
70% Spanish mortgages

Currently Spanish mortgages are available to non residents for up to 70% of purchase price in Spain at rates from 2.8% with both capital repayment and interest only options.

There are various conditions which may prohibit you from achieving a 70% mortgage (even if you are a high earner with a good credit report) so place speak to us about your options before you go handing over a reservation or deposit – especially so if your funds are limited and you really do need 70%.

If you require more than 70% then we may have some options for you. It is possible to purchase bank repossession or distressed developer property in Spain whereby we can apply for mortgages of up to 100% of the purchase price. Please contact us for further details.

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Lowest Spanish mortgage rates from 2.9%

The lowest interest rate available for a mortgage in Spain is currently 2.9% and is applicable to loans at 70% of the purchase price. This is currently the lowest possible mortgage rate in Spain for non-residents.

When you come to purchase your property you need to pay the difference between the mortgage and the purchase price as well as the costs involved. These costs are typically between 10% and 12%. If you are just starting your research into buying a property in Spain then you should first find out what you can afford by finding out how much you can borrow.

La Caixa banco pastor spain

Spanish Banks

There are more than 100 banks in Spain that offer mortgages. Unfortunately less than half of that number offer Spanish mortgages to non-residents who are purchasing holiday homes in Spain. Worse still, of the 50 or so currently offering non-resident Spanish mortgages many are simply not suitable due to the many unfair conditions they place on their mortgages. Non-Residents are seen as an easy way of cross selling profitable products and when you don´t know your way around these banks (and some of them have some familiar names but are NOT the same as back home) it is easy to end up paying far more than you should and very difficult to ensure you find the best banks specifically for you.

Ibercaja deutsche bank Caixa Galicia

Using a broker

There are many other examples of why shopping around the banks just on interest rate alone is not a smart idea. What you will be charged in a bank will, in many cases be higher than what we can obtain as high volume mortgage brokers and you may end up with higher opening fees and higher rates of interest. There are also several products in Spain which are not available directly. Many product providers do not have offices or any presence in the country again highlighting the problem with limiting yourself to the “high street.” It is often the case that direct applicants are turned down first due to different restrictions and criteria in different branches of the same bank. Because of the tendency of different branch managers to increase rates or limit availability the only way to truly compare the market is to work directly with the mortgage departments of the banks – many of which are located in Madrid

No matter what you may read on the internet about different lenders here, the market is changing very quickly and there is no substitute for an experienced mortgage broker to guide you through from start to finish ensuring you a trouble free purchase. On the other hand there are still a number of unscrupulous brokers charging large fees or hiding fees amongst the costs or taking fees upfront so you must also be careful about who you chose to represent you.

Look after your own best interests and your wallet by filling in our no obligation contact form below for free impartial advice.

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