We can arrange mortgages with a number of Spain’s major banking organizations. The table below has been designed to give you a guideline as to the cost per month of a mortgage. The figure quoted is per € 5,000 borrowed.

Mortgages are available for both residents and non-residents of the Canary Islands. In the case of a resident up to 80% of valuation may be granted by a bank. In the case of a Non-resident up to 60% may be granted. We should point out that banks here do not use the same criteria for valuation as do other countries therefore, the valuation figure will not necessarily be a reflection of the actual purchase price.

The bank will expect you to provide proof of both personal income and monthly expenses. This allows them to check that future repayments can be made. Proof is usually submitted in the form of tax returns or business accounts spanning the last 3 years up until today.

If you wish to use a mortgage as collateral in order to purchase a business, please remember that a bank will not loan any figure against a Leasehold purchase. However, on a Freehold purchase normally up to 50% of the bank valuation of the building can be loaned.

Should you choose to follow this last alternative, your Spanish property will be held as security against the loan, and a charge will be registered in the Property Registry.