A list of the most common questions we get asked

Frequently Asked Questions

When buying a property in Spain, it is normal that you might have some questions.

Can I get a Spanish mortgage?

As a non-resident, you can get a mortgage from a Spanish bank to buy a property in Spain.

What is a NIE number?

An NIE number is a fiscal identification number that all foreigners must have if they buy a property or pay any kind of tax in Spain.

How much can I borrow?

Typically, up to 70% of the property value but the best offers are available on mortgages of around 60%.

Can I include the taxes and costs in the mortgage?

No, the mortgage amount is based solely on the property value without including any of the taxes or costs.

Can I get an agreement in principle?

Spanish banks don’t offer agreements in principal but our Mortgage Review can tell you if your proposed mortgage is viable and how much you can borrow.

How long does it take to arrange a mortgage?

The whole process from applying through to completion usually takes around 4-6 weeks.

Spanish vs UK mortgage – which is best?

It is advisable for the mortgage to be in the same currency as the purchase price of the property, to avoid shortfalls due to fluctuations in the exchange rates.

Do I need a solicitor?

An English speaking solicitor will guide you through to completion, check all the documentation is correct and translate when needed.

However, a solicitor is not obligatory, and the banks will perform many of the tasks of the solicitor when taking out a mortgage.

What about the purchase costs?

Purchase costs are between 10-15% of the purchase price depending on the region in Spain.

Under the new law – who pays the mortgage stamp duty?

Under the new law recently passed by the Spanish government, the banks must pay the mortgage stamp duty.

Can I “buy-to-let”?

Buy-to-let mortgages aren’t available in Spain but you can let your property out after obtaining a license from the local town hall. This is a simple procedure.

Does “subject to funding” clause exist in Spain?

Some estate agents will include a “subject to funding” clause in the reservation contract which offers peace of mind when paying a holding deposit.

Do I have to take out life insurance?

Most banks will insist on life insurance and the premiums vary a great deal. It is advisable to check all insurance requirements carefully before accepting a mortgage offer.

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About Bank in Spain

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Bank in Spain is a fully registered and certified mortgage broker in Spain.
We specialise on mortgages for international clients buying property in Spain.
We work with a range of Spanish banks to find the best mortgages for our clients.