Frequently Asked Questions

Do I have to take out life cover on my Spanish mortgage?

No life cover is not compulsory, although it is worth considering depending on your circumstances.


What is the maximum amount I can borrow to fund my purchase as a Non - Resident?

Previously it was possible to borrow up to 80% of the property valuation. In the current economic climate banks will now generally lend between 60% and 70% of the lower of the valuation or the purchase price. You will therefore need a deposit of between 30% and 40% of the purchase price or valuation.


When looking at the selling price to calculate the % borrowing, does the Bank add the taxes and other costs into the equation?

No, the Bank calculate the borrowing against the value of the property alone. You will need to use other funds to pay the taxes and costs.


I am thinking of buying a property in Spain. Do I need an NIE number before applying for the mortgage?

No, you can apply for the mortgage without having the NIE number as the Bank can start the application process without it. You will need to have this number before the day of completion, as it is needed for you to pay taxes in Spain.


I am 49 years old. What is the longest term for which I can have a mortgage?

Most lenders will want the mortgage to be paid off by age 70 for Non - Residents. Some lenders have now increased this to age 80. In theory you could have a 31 year term, but this would depend on financial circumstances and which provider is used.