Financing a purchase from abroad

The essentials

• How much you can borrowNon-residents can typically borrow up to 70% of the property value, rising to 75% with select lenders. Spanish tax residents can borrow up to 80%. Banks look at your debt-to-income ratio to decide what you can afford.
• Fixed or variableSpanish banks offer both fixed rates for the whole term and variable rates. Terms usually run 25–30 years, or up to the age of 80.
• The other costsFees and taxes on the purchase and the mortgage set-up are generally 12–14% of the property price, depending on the region. The bank will usually want to see you have these funds before it agrees the mortgage.
• How long it takesGet approved in principle before you start looking — it sets your price range and shows a seller you can move quickly. Allow the bank about a month to approve the loan and value the property.

Tim, our mortgage specialist, works with licensed partner brokers who have access to better deals than the high street, and can help you get pre-approved.