A mortgage loan? Cash?
Michael Elsom
Michael Elsom
The way you buy a property in Spain depends on your available capital and mortgage capacity. You can either purchase with a bank loan or with cash. Even if you have the funds to buy outright, financing is often recommended to keep liquidity and possibly access a higher-value property.
For residents, banks usually finance up to 80% of the lower amount between the purchase price and the appraised value. Buyers must contribute the remaining 20% plus 10–15% for purchase costs such as taxes, notary, and registration.
For non-residents, banks generally finance between 60% and 70% of the property value. This means you should have 30–40% in savings, plus 10–15% for transaction expenses. Mortgage terms for non-residents are shorter, usually 20–25 years, and interest rates can be slightly higher.
In all cases, a NIE (Foreign Identification Number) and full financial documentation are required.
Finding the ideal home or investment in Spain is not just a transaction but a journey, and I am here to guide you every step of the way.
With a global perspective and a deep understanding of what truly makes a house a home, I help my clients navigate the Spanish property market with confidence. Whether you are searching for your dream home or the perfect investment, I offer a professional and personalised approach to ensure the process is clear, seamless, and tailored to your needs.
If you're ready to take the next step, let's talk!
What do I need to know to apply for a mortgage loan?
A home loan or mortgage consists of obtaining money to buy, refinance or improve a home.
Steps in the process of buying a property.
A brief and simplified explanation of the process of buying a property.
What are the expenses associated with buying a home?
There are several expenses associated with buying a home. When deciding to buy a house, it is essential that you know and take into account, at least, the four types of basic expenses.