Getting a Spanish mortgage

3POSTS

9 years ago

Hi,

I am new to the forum, so I apologies if this question has been asked before and I have missed it. Could you recommend the best company to get a Spanish mortgage from? I live in the UK, but I am looking at buying a property either in Albox or Bedar. Any advice will be gratefully received.

Thanks in advance.

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CJT 587 Member

3POSTS

9 years ago

Hi,
I have a similar question regarding obtaining a mortgage. Anyone found a bank willing to work with non residents? I'm in need of a mortgage but earn all my income outside of Spain and the EU. I am married to a Spaniard and recently applied for residency but finding it difficult to find a bank willing to work with my income earned outside of Spain. If anyone could recommend a bank they've used it would be helpful as I'm in a rent to own contract and need to secure a mortgage quickly. Thanks

readingnfl Member

14POSTS

9 years ago

Hi
I just read your message
R u saying it is near impossible to get any mortgage if you not a resident with the banks.
I am after a 20 percent mortgage. As per your text might be no good

CJT 587 Member

3POSTS

9 years ago

Hi,
To clear up my question, and to inform other expats of my experience, the banks DID say I could qualify for a mortgage. The difference was that I wanted to qualify with my wife ( who is a resident) and myself ( non resident at the time). The banks wouldn't do that. It had to be in either my name only , or hers only but could not obtain a mortgage together ( both names on the mortgage and using both incomes). This was because she was a resident and I was a non resident. The other difference was as a non resident it required 30% down, and an interest rate of around 4% 30 year fixed. For my wife, 20% down and just over 2% 30 year fixed.聽 In the end, we simply put everything in her name, and luckily managed to qualify for the amount we needed without my income.
Again, i am not an EU member either, so not sure if that makes things easier for those interested in property in Spain.