To be classed as a fiscal resident (one who pays Spanish income tax), you need to be paying at least two annual Spanish tax statements (declaraciones de renta).

Not at the moment, banks penalise you for buying with the intention of renting out the property.

Unfortunately they don’t. Mortgages in Spain are based on repaying the capital with interest from day one. For construction mortgages, it might be     possible, but only for one or two years at the start.

To determine what you can borrow, lenders look at your ability to pay and typically allow between 30 and 40% of your net monthly income after tax to pay for all worldwide debts (including the new Spanish mortgage). If you have loans, mortgages or credit cards, these will be taken into account in the calculation.

The timescales involved vary from bank to bank and at different times of the year. We usually say to allow between 4-6 weeks for the whole process.

In Spain are not in the habit of going to a lawyer since the procedure is usually carried out almost entirely by the bank. But it doesn't hurt to have specialized advice that protects your interests and guides you through the process.

The expenses related to the purchase vary from region to region. In Andalusia the tax is 8% or up to 10%, plus notary, property registration and administrative expenses must be added. The expenses related to the mortgage are borne by the bank, except for the appraisal.

Once the purchase and the mortgage deeds are signed by a notary, the bank is in charge of managing all the payments and registering the property in your name. This process usually takes around 4 months, once the bank is finished, the bank will notify you to deliver the property deed duly registered.

Once the purchase and the mortgage deeds are signed by a notary, the bank is in charge of managing all the payments and registering the property in your name. This process usually takes around 4 months, once the bank is finished, the bank will notify you to deliver the property deed duly registered.

Interest rates fluctuates according to the economic situation, but are similar to the rest of the countries of the European community. There is the possibility of requesting the mortgage at a fixed or variable interest rate referenced to the Euribor index.

This is an identity number for foreigners who register with the authorities in Spain and applicants will receive an official document with their name and number. This number must be presented for various official transactions and it is essential to have an NIE number if you wish to buy a property in Spain. Applying for the number is done via an office of the national police (Policía Nacional) and sanctioned by the Ministerio del Interior (equivalent of the Home Office).

The bank arranging the mortgage will have a panel of companies they use and will usually select one at random, but the client has the right to provide the appraisal from a company approved by the bank of Spain. All valuation companies must be approved by the Bank of Spain.

The search for financing can be very difficult and complicated. We facilitate and accelerate the process, also ensuring preferential terms for the volume of business we contribute. Conditions that are not available to the direct customer. We can also save the possible difficulties that we may encounter both for the correct valuation and the registration situation of the property.

Yes, it is the most convenient, they are the ones that work the best and most competitive in terms of conditions and interest rates.

In principle yes. As long as 1/3rd of the total net monthly pension income supports the new Spanish mortgage payment and any existing debts and significant expenses. Please note, the mortgage will have to be repaid by age 75.

Lending in Spain is based on the lower of the valuation or purchase price of the property. The maximum that non-residents (those who do not pay Spanish income tax) can borrow is 70% of the lower figure.