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Mortgage Info

Mortgage Info

Whether you are looking to part-finance or obtain the maximum loan available, there are a number of choices available for financing the purchase of an overseas home; from equity release from your own country to securing a mortgage in Spain.

In some instances, property developments may offer finance via staged payments through construction on a new property or part finance on a completed property through an affiliated bank.

At DPI we always advise our clients to shop around for the best offer through a local financial advisor who can offer you truly independent advice.

A standard rule of thumb for a current loan to value criteria would provide in the region of up to 70% mortgages for non-resident buyers and up to 90% for Spanish tax residents.

In some instances, particularly bank repossessions and distressed developer deals there is the opportunity to secure higher finance rates and even subrogation mortgage offers from the original developer loans.

If you do not have local contacts we can introduce you to recommended independent financial advisors in Spain or can introduce you to recommended local bank managers here on the Costa del Sol.

If you are looking to secure finance when visiting to purchase a property be prepared, paperwork that would be required is generally as follows:

  • Proof of residence (e.g. driving license, council tax bill or utility bill)
  • Your last six months of personal bank statements that show declared income and outgoings
  • Your three most recent wage slips and latest P60 (if you are self-employed then you will need your audited accounts for the last two years)
  • Tax returns for the last two years and a letter from your accountant confirming your income and tax payments for the previous year
  • Proof of any additional sources of income you wish to borrow against
  • Copy of any tenancy agreements on buy-to-let properties
  • Details of any pension you are receiving

Contact us for further information, we are happy to assist and make the relevant introductions to professional regulated advisors.