Mortgages in Spain

Mortgages in Spain are more available in comparison with other countries.

In Spain, the process of buying real estate is quite simple. For the registration of the mortgage is enough to present in the Spanish bank a valid passport and the following documents:

  • For Russian citizens, a certificate of income for the last 12 months, but is better for the current and the previous year. For citizens of other countries is needed similar information, if available, or revenue account of the tax authorities during the same period.
  • Extract from the personal bank account in your country for the last 12 months, which shows that the money goes to the account regularly. This is because salary, for example, in Russia, is often not directly transferred to the employee’s bank account, and the workplace.
  • Certificate of work indicating the position, the salary and hours of work.
  • If you are self-employed, and have your own business, the company registration certificate and corresponding pages of the document, which states that the company belongs to you, or you are the co-owner of it.
  • It is not obligatory, but it is desirable, information of the bank about the existence of the deposit, if it has them.
  • Not necessarily, but preferably a certificate issued by the possession of the public authority, another department or house with its size in square meters and proof that there are no restrictions.

All previous documents and information have to be translated into Spanish and certified with your apostille. The validation of the submitted documents, will not be carried out by the bank!

Mortgages in Spain are generally issued for 5-25 years, in some cases up to 30 years. For people who are not nationals of Spain or the countries of the European Union, the size of the mortgage is currently at a maximum of 50% of the appraised value of the property acquired, or the purchase price, which is specified in writing. On the other hand, the size of the mortgages granted by the bank is always calculated based on the lower of these two values.

In the case of real estate purchase a married couple is encouraged to submit all documents preferably from both sides. Before making a mortgage loan agreement, the buyer opens an account in his name in the appropriate bank, which receives funds Of credits assigned by the bank and credited at the expense of the seller’s real estate and then to monthly account begins to withdraw the amount of credit amortization.