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Mortgages in Spain

First 4 Property Spain will assist you through the Spanish Mortgage Process if a Spanish mortgage is required. We work with many banks and brokers to get you the best Spanish mortgage possible. Below you will see the general guidelines that are required to work through the Spanish mortgage process.

Spanish Mortgage Products:

  • Standard 10-30 year mortgages
  • Interest-only mortgages up to 10 years
  • Flexible Interest only mortgages with various terms depending on banks.


Requirements for Employed Applicant

  • Photo copy of Passport
  • Photo copy of NIE number
  • Last 3 months pay slips
  • Last 3 months bank statements
  • P-60 Tax return
  • Proof of other income (ex. Rental contracts)
  • Bank reference
  • Employers reference
  • Credit report

Requirement for Self Employed Applicant

  • Photo copy of Passport
  • Photo copy of NIE number
  • Tax returns for 2 years
  • Charter accountant letter to verify income
  • Last three months personal and business bank statements
  • Bank reference
  • Credit report

THE COMPLETION PROCESS will take 4-6 weeks depending on the need for a Spanish mortgage. When all is approved you or your attorney will go to the local Notary to take title and complete the sale.

THE COST of the purchase of Spanish Property will vary depending on whether you are paying cash or using a Spanish mortgage. The fees are listed below:

  • 8% IVA (VAT)
  • 1% Stamp duty
  • 1% legal fees
  • Notary Fees

Spanish Mortgage Cost

  • 1% Bank set up fee
  • 1%-1.42 % Stamp duty on mortgage amount
  • Valuation fee
  • Notary fee
  • 1% Arrangement fee

The normal fees and taxes for a cash purchase will be less than 10% and for a mortgage will be up to 12.5% .

A Spanish Lawyer is recommended

Getting an English speaking lawyer is imperative and should not be overlooked. The lawyer will check to make sure the property is legal, the debts if any registered to the property are being cleared from the sale proceeds.

They also control the flow of money through client accounts, organizes the connection of services, and if they have power of attorney can sign at the notary to complete on your behalf. We can recommend a trusted and completely independent English speaking lawyer to take you through the purchase of your Spanish property.