Mortgages in Spain

Mortgages in Spain

Mortgages in Spain are reasonably straight forward, non-residents are normally quoted a loan to value of 60% subject to status.  The application involves providing proof of income and information of any other credit liabilities and the lender will then make a decision based on this information.  Once the client has been approved for a mortgage in principle a valuation (tasación) of the property to be purchased is required, meaning an independent surveyor (tasador) visits the property to assess the value against the loan amount required.  Once this is done and the property is deemed to be of sufficient value the lender will grant the mortgage.  Usually at this stage the buyer then pays a 10% deposit which commits buyer and seller to proceeding.

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