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Spanish Financing


Do you need a mortgage to purchase your next home in Valencia?  That is very possible depending on your employment status and personal finances.

If you are a non-resident (do not pay taxes in Spain), you can mortgage between 60-70% of the price. Terms are typically 20-25 years and maximum age is 75 years old. Those wishing to acquire an investment property are typically required to put down 50% in cash.

If you are a resident of Spain, you can finance 80-90% with terms up to 30 years. Maximum age is 75 years old.

In either case above, you will need your NIE number and the debt-to-income ratio is typically 33% of your income. It is also important to note, that if you are applying for your non-lucrative visa (NLV), you must apply for your mortgage while you are still employed (in the USA).

Mortgage set up costs vary but are usually up to 2% of the loan. This includes an administration fee of 695 euros and an approval fee of 1000 euros which are refundable with my lender should you be declined for a mortgage.  There is a valuation cost (appraisal fee) of around 400 euros depending on the value of the property.  Banks can not charge notary fees, registrar fees or taxes.

Please let me know if you are interested in financing your home here in Valencia.  I have an outstanding mortgage broker (who speaks English) that can help you!

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