Mortgages Information:

Mortgages are readily available in Spain through our contacts with the leading banks. Arrow Property will be pleased to assist you with all the necessary arrangements.

Loan Amounts

Spanish banks will happily offer a mortgage of up to 60% of the purchase price of the property. The upper age limit for a mortgage is 70 years of age. The repayment period for the mortgage must be fully repaid by the borrowers 70th birthday.

Repayment Period - Repayment periods are 5, 10 or 15 years as standard.

Documents required

The bank needs to see the annual income on a tax statement from the Inland Revenue and monthly proof of income.

The bank needs to establish is that the applicant has sufficient income to meet the repayments of the mortgage. Passports (or photocopies) are also required at the time of the mortgage application.

For Employed Clients

Please provide four months wage slips and the last P60 received from your employer.

For Self Employed Clients

The bank will require your last tax statement, a letter from your accountant and the last two years accounts.

The Process

After reserving your new property, Arrow Property will open a bank account with you. The mortgage can be applied for any time after this. The bank will usually offer you a mortgage in principle within three days. After your initial £2,000 deposit to reserve the property and next stage payment (depending on the amount of mortgage required), the mortgage will cover the balance. The mortgage will take effect on completion of your property. The repayments will commence the month following.

Financial Services

Did you know that, subject to status, it is possible to finance the purchase of your dream home in Spain by making use of the equity on your existing home?

This method can be useful if you require selling your home in the UK before you can purchase in Spain. This would enable you to reserve and pay the deposit on your chosen Spanish home at today’s prices and move at your leisure.

We will be happy to arrange for independent financial advice to be given to you on an unbiased and no obligation basis.