In order to obtain a mortgage in Spain you must meet certain requirements of the banks to comply. There are three requirements you must meet:

1. Maximum mortgage finance 60-70%.

Banks generally finance 60% to 70% of the purchase price or value of the dwelling. With the purchase of a home you must also take into account the additional cost (transfer tax, notary and registration fees) of approximately 10 %.

2.Sufficient income.

To get a financing in Spain in the first place you should always be able to prove income.
This can for be income from permanent employment, income from self-employment, rent income or wealth income. It should in any case be detectable. An entrepreneur must be able to show figures of the last two years.

Secondly, the banks handle an income criteria to determine the maximum height of the mortgage. Each bank uses a different calculation method but generally you can apply the following formula: 35% of your total net annual income you may (credit or rental charges) spend.

3.General customer situation.

Next to the income criteria assess the bank a mortgage application to family composition, if you rent or own a house, number and age of children, type of work, type of revenue, etc. Select Homes Spain can assess your situation whether it makes sense to start a mortgage application at the bank. Please contact us.

Specific wishes

Do you have specific wishes or requirements? Send us a list with your wishes and we will contact you as soon as we find a property that fulfills all your wishes.

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