What can I borrow from a Spanish bank?
Unlike in the other parts in the world, a 100% mortgage is not possible in Spain. A Spaniard can get a maximum mortgage of 80%. For a non-resident the banks give a maximum mortgage of 70%. This is top financing for the bank.
The Spanish bank always calculates the mortgage based on the lowest value. This is either the purchase price or the appraised value. Suppose the appraised value is lower than the purchase price, the Spanish bank will calculate the mortgage on the appraised value. As a result, your financing may be lower than previously calculated. Always keep this in mind!
Our advice is to first have an appraisal carried out before you buy the home. If you take out a mortgage through a Spanish bank, it will always engage a recognized appraiser.
How much equity do you need?
The Spanish bank provides a maximum financing of 70% of the lowest value of the home. This means that at least 30% must be financed from equity. This amount must be demonstrable on a savings account statement. In the case of surplus value in your country of residence, it must be in your bank.
Don't forget the buyer's costs when purchasing a Spanish home. Would you like to know the complete amount that we advise you to take with you from your own funds; Then use our free equity calculation tool.
Please note: we often see that people use their home equity from the Netherlands or Belgium for their own capital, but you also need to contribute savings. Read everything about investing excess value here.
An example calculation
|Maximum financing (70% over lowest value)
|Own contribution (purchase price - financing)
What determines how much you can borrow in Spain?
The Spanish banks have a whole set of points and rules that determine how much you can or may borrow. So read carefully which mortgage requirements you must meet in Spain! Please also take the following points into account:
- The purchase price or appraisal value
- The minimum income requirements
- Your spending limit (DTI) per month
- The applicable interest rate at that time
- The monthly costs of the mortgage
- Maximum equity that you can contribute
- Your purchasing profile & income class
- The location and type of home you buy
In Spain it is always a tailor-made proposal for the bank to you. Keep this in mind, so that no broker can give you a definitive outcome in advance.
Calculate your maximum mortgage in Spain:
Would you like to know how much you can borrow in Spain? Je kunt het zelf snel berekenen via onze handige online tool. Would you prefer an extensive calculation? Our specialists are also happy to calculate it manually for you: