If you are not able to (completely) cover the costs of a Spanish property by yourself, you  might be interested in the possibility of arranging a Spanish mortgage.

In Spain you’ll generally just find mortgages in which your monthly payments are divided in an amount of interest and an amount of repayment.

Spanish banks usually only deliver mortgages to non-Spaniards to a maximum amount of 60% up to 80% of the value of your property, as validated by the bank. Thus you will have to find a way to finance 20% up to 40% out of other resources.

For non-Spaniards the duration of a Spanish mortgage usually will be 15 or 20 years. You might also find a possibility for 25 years though, but amongst other things this period is determined by your age. Often the interest rate will be variable and founded on the so called “EURIBOR” (the average interest rates of the banks) + 1%. Fixed interest rates are offered as well. Usually the fee for the bank will be 0,5% up to 1%.

The costs for validating your property usually are about  0,15% + 16% IVA (Added Value Tax).

For more information on Spanish Mortgages this Web Site might be useful to you: www.international-mortgages.org .