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Whether or not you are considered a resident in Spain depends entirely on where you pay your taxes, not your nationality. If you pay your taxes in Spain, then you are a fiscal resident.
A Spanish resident mortgage is the name given to the lending agreement between a fiscal resident in Spain and a Spanish bank. As a resident in Spain, you can expect to receive better rates and terms than a non-resident mortgage applicant.
For Spanish resident mortgages, you can expect to borrow up to 80% of the purchase price of the property. Mortgage terms extend to 30 years, normally up to a maximum of 75 years of age.
We search the entire Spanish mortgage market, so you don’t have to! Using our unique relationship with each of the top banks in Spain we can offer you the best mortgage deals available.
Not sure if you qualify for a Mortgage in Spain? Our team are able to assess your individual circumstances and determine the amount in principle that you will be able to borrow from a Spanish lender.
This gives you peace of mind, as you will know how much you will be able to afford when buying your new home. Having a mortgage in principal in place also puts you in a stronger position when negotiating on the sale of a property.
To find out more about a Mortgage in Principle speak to one of our mortgage experts today, we’re always happy to give you a call and discuss any Spanish Resident Mortgage questions you may have.
This depends on the lender, but the new mortgage laws have reduced the costs associated with getting a mortgage in Spain. HomeFinance Spain will always explain any additional costs with our clients, we always try to keep any extra costs to a minimum for our clients.
Yes, taxes can be reduced by getting a mortgage in Spain. Please click here for more information: How can I reduce my taxes with a Spanish mortgage?
Yes, there was significant changes to the Mortgage laws in 2019. Read about the changes here: What are the New Mortgage Laws in Spain?
There are many benefits to getting a mortgage in Spain. One being a reduced tax bill, this can either be a reduction in your rental income tax liability or inheritance tax liability.
A mortgage also enables a buyer to purchase a more expensive Spanish property.
Lastly, and most importantly, receiving a Spanish mortgage will mean you do not have to spend your entire savings on a Spanish property – meaning you have more money to spend enjoying your new life in Spain!
Yes, you can get a fixed rate or a variable rate mortgage in Spain. For more information click here: Should I get a Fixed or Variable Rate mortgage?