Frequently asked questions regarding finances when buying a property in Spain.
Normally, Spanish mortgage lending is made with the interest rate fixed for one year. This can, however, be extended to a five-year period.
There is no legally stipulated loan ceiling. Mortgages of 60–80% of the property value are most common, depending on the bank chosen.
It depends on the size of the sum being borrowed. Normally, it will cost 3-5%. Some costs are fixed, while others are variable.
We recommend that you open an account with a Spanish bank and set up autogiro payments and internet banking. Many Spanish banks operate internet banking in English.
Remember that the property purchase price is not the only sum you need to account for to buy a property in Spain. There are numerous other fees and taxes, so you need to allow around 12-15% on top of the purchase price to cover all of these costs.