Everything you need to know about Spanish mortgages and getting mortgage financing in Spain

Start your spanish mortgage research early on to avoid paying through the nose later

If you are serious about buying a property in Spain, and need or want to take advantage of financing, you should start arranging your Spanish mortgage almost before you do anything else.

Leaving the financial side of your Spanish property purchase until the end does you no favours at all. If you leave it too late, and have to arrange your Spanish mortgage in a rush and under pressure, it is likely that you will end up with an expensive and inflexible loan. And never forget that mortgage terms often run for many years, so you may have to live with the consequences of you decision for years to come.

Advantages of starting your Spanish mortgage search early

The advantages of arranging your Spanish mortgage at the start of your property search are as follows:

  • It costs you nothing to start early
  • Forward planning helps you clarify the advantages and disadvantages of taking out a mortgage in Spain and make the best decision as to how much, if at all, to borrow
  • Arranging your Spanish mortgage in good time allows you to find the mortgage in Spain that best suits your requirements and avoid overpaying
  • By taking steps to arrange your Spanish mortgage at the start you will have a better idea of how much you can spend on your Spanish property and can work out the likely future financial implications of your purchase
  • Having your Spanish mortgage in place reduces the risks of you losing a Spanish property that it has cost you so much to find, and means one less source of anxiety and pressure when you are trying to close on a Spanish property

Spanish mortgage guide

Always bear in mind the following when using a mortgage in Spain to buy Spanish property:

  • Your property in Spain is at risk if you do not keep up repayments on a mortgage secured on it
  • Be sure you understand the repayments and can afford them before entering into any credit agreement
  • The value of Spanish property can go down as well as up

END: Spanish mortgage guide