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.

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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.

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

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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).

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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.

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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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