Spanish Mortgage Calculator

Use our free Spanish mortgage calculator

Calculate your monthly payments for a particular example loan amount and interest rate using this Spanish mortgage calculator.

Please note that this tool is only to be used as a rough guide.

For a more detailed view of your particular requirements based on your personal financial circumstances, please click here.

Could you get this Spanish mortgage?

Complete our questionnaire and we will let you know if our Spanish lending sources can assist you get the Spanish mortgage you are looking for.

When considering buying a property overseas the Spanish property market is still busy, not only because of exchange rates but also due to the purpose of purchasing a holiday home overseas, retirement home overseas or for Spanish rentals.

Property purchase in Spain considers many factors including raising a mortgage in Spain whilst using a Spanish mortgage calculator to determine how much you can borrow in Spain and the eventual mortgage payments due.

Spanish mortgages to purchase your property in Spain are based on several factors, including your earned gross and net income after tax, purchase price, the loan amount required, the location and valuation of the Spanish property and the type of mortgage products and Spanish mortgage rates available.

The eventual loan and decision in principle available from the Spanish banks and the subsequent mortgage rates that are available will determine the monthly payment, noting that interest rates do vary dependant on the type of mortgage scheme you eventually apply for.

Other factors considered are the cost of the notary fees, Spanish Government taxes, other Spanish legal fees and a Spanish survey.

As we have over 40 years’ experience within the overseas property market, via our Spanish lending sources then can hopefully provide a suitable and competitive financial solution.

NOW SCROLL DOWN TO READ OUR TIPS FOR BUYING A PROPERTY IN Spain.

Spanish Mortgage Calculator

BUYING A PROPERTY IN Spain?

Here are our specific tips, advice and things to consider.

Do your research early

Find out how the buying process works before you even go and have a look at properties. The process of buying in Spain is significantly different to that in the UK so don’t assume that things will work in the same way.

Look into the finances early

Work out your budget. Look at the total cost of buying including legal fees, taxes and so on. Identify how much of a deposit you are likely to need and when that is payable. If you need finance to help fund the property look into this as soon as possible.

Do not try and cut corners to save money

It is likely to cause you a problem in the future. If there is a problem with the property it is better to find out before you buy as solving problems afterwards can be much more expensive. Not obtaining a survey or a valuation or cutting corners with legal fees is very short sighted.

Think about why you are buying and be honest with yourself

A property for personal use is often very different from a property that you would rent out, which in turn is often very different from a retirement property.

If you are buying for an investment do your research and be realistic about the amount of income that you can get from the property

Do not believe the sales hype in relation to number of weeks rental or money per week – carry out your own investigations into the true figures.

Think about exit strategy when you buy

If you are likely to want to sell the property in the future then think about who is going to want to buy your property from you and how marketable it is likely to be. Just because you like it doesn’t mean that other people will.

Think about inheritance at this stage

Make a Spanish Will to make sure that your wishes are followed and that the inheritance is carried out in the most tax effective way.

Take advice on who should own the property before you buy

The form of ownership is probably the most important decision that you will make when it comes to the property and has a major effect on taxes and inheritance. Taking advice now can save you thousands of pounds (if not tens of thousands of pounds) later on. Once you have completed many of your opportunities are lost.

Use an independent lawyer to help you buy your property

Do not use the lawyer who is acting for the seller, use one who is interested only in protecting your position. Make sure that your lawyer understands both Spanish law and also the law of your home country as there is an interaction between the two jurisdictions in terms of taxes and inheritance.

Investigate your ongoing obligations after you have bought

Once you have bought your property there are still things that need to be done. You will have to pay certain annual taxes. You may have to pay community fees. It is recommended that you have contents and buildings insurance Understand your obligations in Spain and also your obligations back home.

This information has been kindly provided by Peter Esders of Judicare.

E-Mail: [email protected] and quote SLC/LSP

Free Overseas Mortgage Assessment

If you require a mortgage for financing your overseas property, please complete our questionnaire and we will let you know if we can assist further.