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Getting a Spanish mortgage

Last activity 11 February 2017 by readingnfl

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chorleygirl

Hi,

I am new to the forum, so I apologies if this question has been asked before and I have missed it. Could you recommend the best company to get a Spanish mortgage from? I live in the UK, but I am looking at buying a property either in Albox or Bedar. Any advice will be gratefully received.

Thanks in advance.

CJT 587

Hi,
I have a similar question regarding obtaining a mortgage. Anyone found a bank willing to work with non residents? I'm in need of a mortgage but earn all my income outside of Spain and the EU. I am married to a Spaniard and recently applied for residency but finding it difficult to find a bank willing to work with my income earned outside of Spain. If anyone could recommend a bank they've used it would be helpful as I'm in a rent to own contract and need to secure a mortgage quickly. Thanks

readingnfl

Hi
I just read your message
R u saying it is near impossible to get any mortgage if you not a resident with the banks.
I am after a 20 percent mortgage. As per your text might be no good

CJT 587

Hi,
To clear up my question, and to inform other expats of my experience, the banks DID say I could qualify for a mortgage. The difference was that I wanted to qualify with my wife ( who is a resident) and myself ( non resident at the time). The banks wouldn't do that. It had to be in either my name only , or hers only but could not obtain a mortgage together ( both names on the mortgage and using both incomes). This was because she was a resident and I was a non resident. The other difference was as a non resident it required 30% down, and an interest rate of around 4% 30 year fixed. For my wife, 20% down and just over 2% 30 year fixed.  In the end, we simply put everything in her name, and luckily managed to qualify for the amount we needed without my income.
Again, i am not an EU member either, so not sure if that makes things easier for those interested in property in Spain.

readingnfl

Thank you for the reply
Very helpful
Just got find a bank to help things on.

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