Maximum borrowing with a Spanish mortgage

The size of mortgages available in Spain is constantly changing. We keep our information completely up to date so rest assured, what you read here is what is currently available on the market.

Today, the most you can borrow for your mortgage in Mainland Spain is 70% of the purchase price. However 80% is possible in the Canary Islands. No-one is guaranteed to qualify for this amount though – regardless of good an applicant you may think you are. And no-one can borrow more than this amount – even if you can prove you don´t need the money!

For these reasons you need to speak to a professional broker before you part with any money in the form of deposits.

If you are able to raise a Spanish mortgage for 70% then you need to make up the difference (30%) plus the associated costs which are between 10% and 12%.

A quick example:

100,000€ purchase price
70% mortgage = 70,000€
30% required = 30,000€
Plus 12% costs = 12,000€

Total funds required = 42,000€ or 42% of the purchase price

To make the same calculation for a different price simply multiply the purchase price by 0.42 to see how much cash you will require (200,000€ x 0.42 = 84,000€ for example.)

Remember that 70% mortgages are not available to all applicants or for all properties so this is the minimum amount of cash required.

If, instead of 70%, you are only available to borrow 60% then the figures will be:

100,000€ purchase price
70% mortgage = 60,000€
30% required = 40,000€
Plus 12% costs = 12,000€

Total funds required = 52,000€ or 52% of the purchase price

As in the first example, a quick way to calculate how much cash you need is to simply multiply the purchase price by 0.52 (100,000€ x 0.52 = 52,000€)

I have 75,000€ cash, What can I afford with a Spanish mortgage?

If you are coming to Spain to look at property and you have a set amount of cash to spend you may want to calculate the maximum purchase price is that you can afford. There is a very simple way to do so:

With a 70% mortgage you multiply your cash amount by 2.38 eg:

With 75,000€ cash available to spend
75,000€ x 2.38 = 178,500€
178,500€ is your maximum purchase with a 70% mortgage, price taking into account all costs.