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Spanish banks now granting mortgages to foreign citizens again.


The banking crisis having been largely overcome, financing facilities for the purchase of property in Spain have been re-established by the major Spanish banks. This mortgage-secured financing is principally based on certain requirements which are ‘standardised’ according to the country of origin of the loan applicant, although this does not preclude singular operations from being studied.

It is important to note that age will be an important factor in granting a loan and, obviously, so will the existence of evidence of a sufficient economic capacity and of its capability of being preserved over time.

Another key factor to these financing facilities is that the granting of such mortgages must be aimed at the purchase of up-market properties (i.e. from € 500,000 upwards).

The main financing facilities are focused on the traditional British, Irish, French and Nordic markets, without forgetting the Russians, who have played a central role in boosting the high-end property market.

Among the documents which these Russian clients are required to submit are their income tax returns, company certificates and payslips <<SPRAVKA NDFL>>, <<NBKI>>, bank reference letters and bank account statements.

It should not be forgotten that it will be an important factor in assessing the mortgage application that the portion of the price of the property and taxes not covered by the loan (about 50% to 60%) should come from the applicant’s accounts with banks located in their own place of permanent residence or place of work.

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