Some facts about mortgages in Spain
What you should know about mortgages in Spain:
- you will be given a mortgage loan in Spain only for the specific property you plan to buy;
- you do not receive funds in hand. After the transaction is concluded at the notary's office, the bank immediately transfers funds to the developer's account;
- 30-40% is the first payment. You will need to transfer this money to your bank account in a Spanish bank.
- the bank will be able to cover you up to 60% of the cost of the property. In the case of a subsequent purchase, already having a credit history, the coverage can reach up to 80%, and the conditions will be much better;
- the loan term can be up to 30 years, one of the factors is your age;
- When applying for a mortgage, you will be able to independently determine the term and amount of the monthly payment.
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