Mortgages in Spain

Mortgages in Spain for your Property in Valencia

Is it a good idea to get mortgages in Spain or the country you are living in when buying a property in Valencia ? Many advise having the property and mortgage in the same currency so you don’t have to worry about fluctuations in currency exchange. Also interest rates on Spanish mortgages are currently lower than those on UK mortgages. As stated in the Guardian on 8 June 2012…

‘All the major Spanish banks have opened real estate websites (each translated into English to appeal to British buyers) to offload the new and repossessed homes on their books, promising discounts of as much as 60% off asking prices. But many experts think that prices in Spain still have further to fall and that asking prices remain a long way from reality’ – Guardian

So, does this mean if you take out a Spanish mortgage, your monthly interest payments will be lower ?

Getting Mortgages in Spain

The normal time to repay a mortgage in Spain used to be between 10 and 15 year.

However, due to the recent increase in people wishing to buy Valencia homes, many banks are now offering 95% mortgages spread over 30 years. In Spain the maximum age to take out a mortgage is 70.

So if you want to spread the mortgage over 30 years (and you’re over forty), you’ll need to buy the property with someone under forty. Once you’ve found that property you’re looking for it will take between 4 – 5 weeks (sometimes shorter) to arrange the mortgage.

What you need : Employed:

  • photocopy of passport
  • photocopy of NIE Number
  • 3 months bank statements
  • P60
  • proof of other income
  • bank reference


  • photocopy of passport
  • photocopy of NIE Number
  • 3 months bank statements
  • 2 years company accounts (tax returns)
  • proof of other income

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