[raven102]

Good day all,

I have done some (limited) research, but could not find satisfactory answers to whether spanish banks would finance the property once a sizable downpayment is provided, and not ask for any proof of income, etc. I am thinking 30-50% of the property value.

My income is irregular, from various sources and overall I think it would be a major challenge to explain the bank my financial situation (it is very good, fortunately). As a work around, I would prefer to pay down 150-200k on 400k property and just finance the rest. Any opinions? I suppose it may also depend whether the bank owns the property in the first place?

Thank you in advance,

Raven

[Mark Stücklin]

Raven,

This opinion from Lee Lyons at The Spanish Mortgage Company:

Banks in Spain do offer mortgages to non resident applicants. The standard LTV is 50% and in exceptional circumstances up to 70% LTV. However for all spanish mortgage applications, whether resident or non resident, applicants will be assessed based on the demonstration of the income. Only official verifiable information is considered when assessing a mortgage application.
The percentage LTV require will have NO impact. Even if you are making an application of 10% LTV you will be required to demonstrate real official income in order to secure the mortgage.

[Anonymous]

if you buy a bank repo they (the banks) will turn a blind eye to income confirmation; otherwise no way jose ……. just find a bank repo – there are 1,000,000 of them?

[Author]

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