Mortgages on Spanish residential property are readily available and are similar in format to UK mortgages. The bank will expect a Bank valuation on the property and the size of the mortgage will be based on that with a mortgage of approximately 60-70% available for non-residents and 70-75% of the value of the property for residents.
Applicants should expect to provide the following documentation along with the valuation.
Last tax declaration…P60
Personal details…address in the UK, passport copy etc
Letter from your UK bank
Last three payslips or previous years accounts if self-employed
Once these details have been supplied the bank will normally have an answer for you within 2 weeks.
Many UK residents have recently been re-mortgaging their houses so that they can release sufficient equity to purchase or part-purchase a property in Spain or elsewhere overseas. You already have some equity you may still need a mortgage of some sort to complete on a house purchase. If you talk to us, we will help you find the best mortgage to suit your financial circumstances.