Mortgage

Mortgage.
In Spain there are many banks, including a considerable number of British, German and Dutch banks who will be gladly prepared to grant you a mortgage. As a rule it is rather easy to obtain a mortgage up to 70% of the value of your property. In special cases, this percentage may even be higher.

Usually, mortgages are being granted for a period of 15 to 20 years, depending on your age. The majority of the Spanish banks do not maintain fixed interest rates for a determined period. The interest will be variable, usually at 1,25% over EURIBOR, with annual adjustments. The mortgage can be negotiated in the currency you prefer. 

Necessary documentation.
- Bank reference, copy of your passport, application form, and the sales agreement (in case of an existing home) or a copy of the "nota simple" and the reservation agreement (in case of a new construction).

- If you are an employee: the employment contract, a certification stating the time you have been employed, the latest two pay slips and certification of the annual net income.

-If you are independent: the latest tax declaration, an auditors' certificate and some documentation to prove the income situation.