Spanish mortgages for different types of properties
Mortgages can be obtained for the purchase of off-plan, new or existing properties.
Spanish lenders will consider applications in the name of an English or Spanish Company. This is not widely available and will be at the lender’s discretion.
For construction loans, plans must be provided at the time of application. You will need to be the owner of the land before applying for the loan. Funds will be released by the lender directly to your builder in accordance with the plans and following the bank’s valuation to ensure the agreed stage has been reached.** Please note that the Spanish Banks do not currently have an appetite to lend for construction.**
Capital raising is available on your property in Spain and the amount you can borrow will be determined by a valuation arranged by the lender. The purpose of the release of funds needs to be disclosed upfront. ** Please note that the Spanish Banks do not currently have an appetite to lend for capital raising.**
The refinance of your existing Spanish mortgage in order to take advantage of a more competitive interest rate is possible. However, refinancing will incur both costs at the Notary office and with the new lender. Certain lenders may offer to cover these costs, making the proposition more attractive.