Mortgages are available for any type of apartment or villa you desire, right from the modest to the luxurious. Mortgages are a great way to finance the purchase of property in Spain. You may apply for a mortgage on an apartment or villa when you decide to purchase one. The banks in Spain offer up to a maximum of 80% of the total payment amount for Spanish residents and 75% for non residents. Mortgage brokers at home or overseas may be retained, many of which have specialist schemes and special deals.

Banks in Spain give mortgages on all property regardless of cost. But you do need to provide them with enough proof that you can make the monthly mortgage payments. For this the bank requires copies of some documents like your last P60 and last pay slips. This is totally at the discretion of the bank and they may require additional documents. So always be prepared! Mortgage brokers should provide guidance on the legal and technical aspects of property purchase in Spain and review all the available financial options to ensure that you are fully informed when making such an important decision. The single most important rule, which most banks follow while sanctioning a mortgage, is that the total monthly payments to be made should not exceed 35 % of your net monthly disposable income. On an average your monthly payments should approximately 10% of the total cost of the property for previously occupied houses. It equates to approximately 12.5% in case of a newly built up property.