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Obtaining a mortgage in Spain

There has been an increase in the number of house sales in Spain during the first quarter of 2015, which has also been reflected in the rise of number of mortgage applications.

When purchasing a property in Spain one may need to take out a mortgage with a Spanish bank. It is often the case where the client lacks knowledge with regards to the requirements and documentation that have to be provided for the banks before applying for a mortgage.

For example, if you are a British citizen interested in applying for a mortgage to buy a property in Spain, the bank may ask you to provide the following documents, listed with accordance to your employment status:

1. If Employed:

  • P-60 form, also known as End of the Year Certificate, a document that provides information on the taxes you have paid during the Tax Year in the United Kingdom.
  • The last three Pay slips
  • The last Tax Return
  • Reference letter from the employer
  • Proof of other income (if applicable)

2. If Self Employed:

  • The last Tax Return
  • A letter from the Chartered Accountant confirming Net Incomes for the past two years
  • Last two years Annual Accounts
  • Proof of other income

It is also worth mentioning that if you are married and have a prenuptial agreement the banks could also request you to provide it to them.

Apart from all the documents described above, it is also common for banks to require o fill out a Mortgage Application Form, where the applicant´s economic and financial status would be summarized.

Applying for a mortgage to purchase a property in Spain

The requirements for applying for a mortgage in Spain can vary from bank to bank, just as the mortgage proposals, as they can too be more or less beneficial for you. In order to avoid any confusion and make sure that you get the best possible deal when applying for a mortgage, we recommend you give us a call and ask for an expert advice from our professionals, which is free of charge and without any obligation.