Foreign buyers can generally finance between 60% and 70% of the appraisal value or purchase price (whichever is lower). The exact percentage depends on your income situation, fixed expenses, and financial profile. Spanish banks closely assess the ratio between your income and monthly obligations.

With a fixed interest rate, your monthly payment remains the same for the agreed term. This offers certainty and stability. A variable interest rate is usually linked to the Euribor and can rise or fall depending on market interest rates. As a result, your monthly payments can fluctuate.

In addition to the usual purchase costs, you must take into account appraisal costs, bank fees, and potentially mandatory insurance such as buildings insurance or life insurance. It is important to obtain a clear overview of all additional costs in advance so that you are not faced with any surprises.

For a mortgage in Spain, we apply the following rules of thumb:

Taxable profit (from income tax) minus tax paid = net annual income for self-employed/partnership

Spanish banks use the average of the last three years here, where the last year has the highest priority for the calculation. Therefore, the income in the last year must be sufficient.

A declining trend in annual income without explanation will also receive a negative rating from the bank.

Unfortunately, we are unable and unwilling to finance bank repossessions in Spain.

The reason is that most bank-forfeited homes have been squatted or are located in bad neighborhoods. That is often the underlying cause of a bank foreclosure in the first place; otherwise, the Spanish property would simply have been sold. There are also often other legal issues involved.

The Spanish bank selling the property often wants to get rid of it quickly, and sometimes the bank itself offers a mortgage. However, Spaanse Hypotheek does not assist with this. In this case, we refer you to the bank in question.

Yes, a mortgage can also be arranged for these purchases, but the same mortgage criteria apply here as for all other real estate purchases in Spain. This means that there is a minimum purchase price, the applicant's age must not exceed 65, and the income requirements of Spanish banks must be met.

Additionally, for a Bed & Breakfast, people often look for a Rustic property (in the countryside), which banks in Spain are generally not keen on financing. You can read more about this in the article Finca Rustica vs Finca Urbana.

Please note: for the financing of commercial real estate, expected income is NOT included in the mortgage application. The purchase is equivalent to a purchase for private use, and the requirements regarding income or assets are therefore the same. It is not customary for Spanish banks or within the culture to look to the future for your application; instead, they look at your history and the present.

It is not easy to arrange financing for building land or a plot in Spain. We strongly recommend financing the purchase with your own funds in this case.

If you still wish to arrange mortgage financing, this is only possible if you build a house yourself on the plot for a maximum of 50% of the value (based on a valuation / construction estimate).

Because permits for building land in Spain are not always entirely clear, we insist as a matter of course that a lawyer or legal assistance be engaged to ensure that the plot complies with the correct building conditions and obtains the appropriate building licenses.

In addition, you are also responsible for other costs, such as construction insurance and the construction cost estimate.

We always advise engaging a lawyer when purchasing real estate in Spain. Buying a home in Spain is just a little different than in the Netherlands, and a lawyer can prevent many problems. A lawyer can assist you with, among other things, revising the reservation and purchase contracts, checking for the correct permits, verifying whether there are any outstanding debts on the property, and checking whether the real estate is registered with the Land Registry. If desired, we can put you in touch with a (Dutch-speaking) lawyer from our network. You can read more about this on our page "Lawyer for purchasing a home in Spain".

You are free to engage a buyer's agent when purchasing real estate in Spain, but this is not a requirement. An agent guides you from A to Z in finding your dream home. For example, an agent can assist with expert, tailored advice and the best possible preparation for property viewings. If desired, we can put you in touch with a (Dutch-speaking) buyer's agent from our network.

This is possible. We are not real estate agents, but we do offer (among other things) legal assistance and purchase assistance services for buying a home in Spain. For example, to find properties, arrange viewings, check the property and permits, arrange contracts, or carry out a valuation.

As a standard, a mortgage with a Spanish bank must be repaid before your 75th birthday. The minimum term for a mortgage in Spain is 10 years and the maximum term is 25 years. Are you 55 years old? Then you can get a mortgage with a term of 20 years. In the event that the mortgage is taken out by two people, the oldest person in the couple is always considered.

Spanish Mortgage offers options for a term of 30 years and a maximum age of 80, subject to conditions. This depends on your purchasing profile.

It is possible to finance a maximum of 70% of a purchase in Spain. This means that at least 30% must be financed from personal funds, which you must be able to demonstrate, for example, with a savings account statement. Personal funds in a holding company are also included. The equity in your Dutch home is not counted as personal funds. You can read more about this on our page How much can I borrow from a Spanish bank? The Spanish bank always calculates the mortgage based on the lowest value. This is either the purchase price or the appraisal value. Therefore, we always recommend having an appraisal carried out in advance.

Not always. Life insurance is a requirement at many Spanish banks, but there are exceptions. Spanish banks often offer a discount on the mortgage interest rate when taking out additional products such as life insurance. However, the costs for this insurance in Spain can add up considerably. We advise you to inquire about this when requesting a mortgage offer.

Yes. The property must always be individually insured, and the bank must be listed as the beneficiary on the policy. Even if you purchase or own an apartment insured through the Homeowners Association, you are required to take out separate building insurance. We recommend taking out building insurance with the Spanish bank providing the financing, as they also have an interest in collateral that is in good condition. Additionally, Spanish banks often offer a discount on the mortgage interest rate when purchasing additional products such as building insurance. We advise you to inquire about this when applying for a mortgage offer.

Yes. For a mortgage with a Spanish bank, an appraisal carried out by an independent party is always required. If the appraisal turns out to be lower than the purchase price, the bank will grant a mortgage based on this lower value. As a result, your financing may turn out lower than expected. If you engage an independent appraiser yourself, it is advisable to first check with the bank where you wish to apply for financing whether they recognize this appraiser to avoid double costs. We can also assist you with this.

In Spain, it is not common to include this condition in the reservation contract. We therefore always recommend having this condition included in the contract. This gives you time to secure the mortgage and can prevent potential problems should the financing not go through for any reason.

Yes, that is certainly possible. It is often more complex than for an employee, but that is precisely our specialty, and we are happy to think along with you. For example, download our free white paper for entrepreneurs. In it, you will find exactly how it works for you and what you need to consider. We also offer the mortgage pre-scan for entrepreneurs, during which we review your documentation and provide a customized quote.

In principle, a mortgage application can be submitted by a maximum of two people (tax partners). Sometimes the bank makes an exception and may explore the possibility of granting a mortgage in the name of more than one person. Generally, however, this entails higher costs, as both the bank and Spaanse Hypotheek have more work involved, including the collection and assessment of documents.

To find out if you qualify for a multi-person mortgage, we advise you to have a pre-scan performed by us.

No, it is not possible to obtain an interest-only mortgage in Spain. In Spain, they do not have interest-only mortgages, and only annuity repayment is permitted. As a result, you pay a fixed monthly amount for principal and interest on a mortgage. There are costs associated with making extra repayments on your Spanish mortgage.

It is possible to obtain a mortgage in Spain until the age of 65.*

Every mortgage in Spain must be repaid before the age of 75. The minimum term in Spain is 10 years, which automatically means you cannot apply for a mortgage after the age of 65.

The lifestyle and laws and regulations in Spain differ from those in the Netherlands or Belgium. Spaniards traditionally take out a mortgage for life, and in Spain, they are not accustomed to pensioners taking out an (additional) mortgage; in Spain, these people generally opt for a rental property. Furthermore, in Spain, the value of collateral is the most important factor for a mortgage application (the effective value in the event of a forced sale). This proved essential during the credit crisis of 2008, when many people over 65 defaulted and the bank could not recover the debt.

Are you or one of the applicants 65 or older? Then consider the following options:

Purchasing a smaller / cheaper home without a mortgage (from own funds)

Arrange a partial (personal) loan in the Netherlands for your home purchase

Choose a rental home in Spain.

The minimum age is naturally 18, but more important is that a (stable) and good income can be demonstrated.

This age is also determined based on the oldest person of a (tax) couple.

Unfortunately, defects in Spanish properties do occur. Therefore, be aware of this and have the property thoroughly inspected, for example by a lawyer. Check, for instance, whether the property has a cedula (occupancy permit). Other questions you should ask yourself include: Is the seller the rightful owner? Are there any outstanding debts on the property? This can be determined, for example, via a recent Nota Simple. To avoid problems, we always recommend engaging a lawyer when purchasing a property in Spain.

Euribor is the interest rate at which European banks lend to one another. Mortgages in Spain are often based on this variable interest rate. There are five different Euribor rates, each with a different maturity. The level of the Euribor rate is determined – in addition to the market dynamics of supply and demand for banks – by economic growth, the level of inflation, the creditworthiness of banks, and mutual trust and consumer confidence.

When you buy real estate in Spain, you pay one-off costs. There is a distinction between the costs associated with the purchase of a Spanish property and the costs of a mortgage from a Spanish bank. All costs for the buyer are never co-financed and must be paid from your own funds.

On average, the costs of purchasing a home range between 10-12% of the purchase price.

The costs of a mortgage are variable and consist of closing costs at the bank (0.5-1.5% of the mortgage amount), as well as the costs of the (mandatory) valuation and any other bank products.

You can find more information in the blog: buyer's costs for a Spanish property

Please note: purchase costs vary by region

The purchase costs of a Spanish property vary between regions. Registration duties upon the sale of your home range from 8% to 11%. Areas such as the Costa Blanca and Catalonia are more expensive than more provincial regions such as Andalusia or Murcia. Additional costs vary by region (+/- 1.5%), for example, notary and registration fees. Furthermore, a VAT rate of 10% applies to new builds on the Spanish mainland.

Banks in Spain impose many requirements on you as an Extranjero (foreigner) seeking to finance a property in Spain. That is precisely why you want to enlist the help of a professional party to assist you in presenting your application effectively to the Spanish bank. This ensures you receive approval and favorable terms.

Some requirements set by Spanish banks:

Generally, you can spend a maximum of 35% of your total (joint) net income on total gross housing and/or credit costs. They look at the costs for the Netherlands and Spain combined. This is also known as your DTI (debt-to-income ratio). You can calculate this yourself using our mortgage calculator.

The Spanish bank also looks at the continuity of your income. You must provide proof of income for the past two years. Future income is not taken into account.

Your profile matters too: the bank wants savers, as they are good investments for the bank. Ensure that you can cover at least 50% of your equity from savings and that this is demonstrably present in your bank account (preferably for the most recent 6 months).

Income from benefits is not accepted for financing to foreigners.

The age of the oldest applicant may not exceed 65 years. Read more about this.

This also affects pension income.

Contact us for other requirements.

Criteria specific to Spanish Mortgages:

Spanish Mortgage also applies the following criteria for clients:

The minimum purchase price is €150,000 for a home.

The primary income is derived from employment, self-employment, general partnership, director/major shareholder / holding company, or from income in box 2 or 3.

We do not accept income from benefits of any kind (WIA, WAO, Pension, etc.)

We accept foreign currency from most Western countries. This is related to the risk policy of Spanish banks. Western currencies are accepted because the currency risk is limited. We accept the following currencies:

EUR – Europe

BGN – Bulgaria

HRK – Croatia

CZK – Czech Republic

DKK – Denmark

HUF – Hungary

NOK – Norway

PLN – Poland

RON – Romania

SEK – Sweden

CHF – Switzerland

GBP – UK

CAD – Canadian Dollar

SGD – Singapore

BRL – Brazil

ISK – Iceland

JPY – Japan

NZD – New Zealand

AUD – Australia

Our services for real estate buyers in Spain are suitable for both people from the Netherlands and Flemings (Belgium). Our client advisors are fluent in Dutch, English, and Spanish, and can therefore assist you in multiple languages.

In addition, at Spaanse Hypotheek we are familiar with both the Dutch and Belgian tax authorities and regulations, allowing us to process documentation from individuals in both countries.

Most banks are not keen on this. It is also not common in Spain, where a mortgage is often granted for a lifetime.

In certain situations, however, it is possible through one of our partners. We also offer this option via private banking. Review the criteria below. Do you meet them? Then please contact us; we would be happy to assist you through our network.

It is demonstrably sound that your profile is good, i.e., sufficient savings are available to cover the risks of refinancing (50% of the additional mortgage amount).

The mortgage amount is used for investment in another Spanish property or renovation of the current home (this also includes making it more sustainable).

The applicant's age is a maximum of 60 years.

Most banks are not keen on this. It is also not common in Spain, where a mortgage is often granted for a lifetime.

In certain situations, however, it is possible through one of our partners. We also offer this option via private banking. Review the criteria below. Do you meet them? Then please contact us; we would be happy to assist you through our network.

It is demonstrably sound that your profile is good, i.e., sufficient savings are available to cover the risks of refinancing (50% of the additional mortgage amount).

The mortgage amount is used for investment in another Spanish property or renovation of the current home (this also includes making it more sustainable).

The applicant's age is a maximum of 60 years.

It is not easy to arrange financing for building land or a plot in Spain. We strongly recommend financing the purchase with your own funds in this case.

If you still wish to arrange mortgage financing, this is only possible if you build a house yourself on the plot for a maximum of 50% of the value (based on a valuation / construction estimate).

Because permits for building land in Spain are not always entirely clear, we insist as a matter of course that a lawyer or legal assistance be engaged to ensure that the plot complies with the correct building conditions and obtains the appropriate building licenses.

In addition, you are also responsible for other costs, such as construction insurance and the construction cost estimate.

Yes, that is possible, provided you can provide verifiable income for the two years prior to the application as well as payslips from the past three months.

If you work in an industry or profession that is considered in demand (a common profession), Spaanse Hypotheek can help make this known to a Spanish bank. In this way, we bridge the gap between the Dutch professional market and Spain.

Yes, a mortgage can also be arranged for these purchases, but the same mortgage criteria apply here as for all other real estate purchases in Spain. This means that there is a minimum purchase price, the applicant's age must not exceed 65, and the income requirements of Spanish banks must be met.

Additionally, for a Bed & Breakfast, people often look for a Rustic property (in the countryside), which banks in Spain are generally not keen on financing. You can read more about this in the article Finca Rustica vs Finca Urbana.

Please note: for the financing of commercial real estate, expected income is NOT included in the mortgage application. The purchase is equivalent to a purchase for private use, and the requirements regarding income or assets are therefore the same. It is not customary for Spanish banks or within the culture to look to the future for your application; instead, they look at your history and the present.

Belastingen op Spaans vastgoed (tweede woning)

The tax system for housing in Spain differs from what you might be used to in the Netherlands. Foreign nationals also face different rules. Here are a few rules of thumb (2020/2021) to keep in mind:

Do you rent out the second home? Then you pay 19% tax on the rental income per quarter, after a cost deduction;

Do you not rent out the property? Then you pay 19% tax per year on the cadastral income in Spain;

Paying non-residential property tax (IBI) in Spain. This is comparable to property tax.

Please note: you must declare the rental income from the Spanish property to the Dutch tax authorities!

The maximum financing is 70%, meaning you must contribute at least 30% from your own funds. In addition, there are buyer's costs, such as transfer tax and notary fees. An indication of these is 10-14% of the purchase price; these buyer's costs are never co-financed and must be paid from your own funds.

Welk inkomen kan ik opgeven in de hypotheekberekentool voor Spanje?

For a mortgage in Spain, we apply the following rules of thumb:

Taxable profit (from income tax) minus tax paid = net annual income for self-employed/partnership

Spanish banks use the average of the last three years here, where the last year has the highest priority for the calculation. Therefore, the income in the last year must be sufficient.

A declining trend in annual income without explanation will also receive a negative rating from the bank.

No, there is no possibility of mortgage interest deduction in Spain. Until 2013, this was the case for a first home owned by tax residents. If you buy a second home in Spain, this option has never been available.

If you rent out the (second) home, the mortgage costs can be deducted from the rental income. This must never result in a negative amount. This is primarily a matter to determine from a tax perspective. A lawyer or legal counsel in Spain can assist in determining whether this is beneficial for you.

Not always. The equity in your Dutch home is generally not counted as personal assets, but some Spanish banks make an exception to this. Spaanse Hypotheek can put you in touch with a Dutch mortgage advisor to review this.

Yes, this is certainly possible at Spaanse Hypotheek. Your current financial situation is taken into account when assessing your mortgage application. The current rental income from your property in the Netherlands is included in this, but it is included in a calculation to ensure your creditworthiness. You provide your rental income and mortgage expenses with your mortgage application via Spaanse Hypotheek.

Do you have any further questions about this? Please contact us.

No, unfortunately not. Our affiliated banks provide real estate financing for mortgage amounts starting from €90,000. The banks view lower amounts as a direct or personal loan due to the small size. You can compare this to banks in the Netherlands, which also set requirements regarding the minimum lending amount for a mortgage.

Actually, no. If you want to rent out a property and, for example, benefit from VAT, you must set up a Spanish limited liability company (a sociedad limitada, or SL) and use it to purchase the property. Do keep in mind, however, that if you wish to take out a mortgage, you must always sign personally for the loan. The bank will also always look at private income and expenses, as well as assets.

Refinancing your mortgage is not automatically possible through Spaanse Hypotheek. Our standard mortgage service is aimed at home purchases in Spain. However, there are certain exceptions, such as private banking.

In general, refinancing is almost impossible in Spain at all. Spanish banks are not keen on this and only provide financing at the time of purchase or if all of the following criteria are met:

The mortgage has been running for more than 10 years and the value of the property is now well above the original amount (a valuation is required for this).

It is demonstrably sound that your profile is good, i.e., sufficient savings are available to cover the risks of refinancing (50% of the additional mortgage amount).

The mortgage amount is used for investment in another Spanish property or renovation of the current home (this also includes making it more sustainable).

The applicant's age is a maximum of 60 years.

It is therefore important to carefully consider your choice of investing or taking out a mortgage at the time of purchase.

Please note: have you previously secured financing exceeding €1 million? Through our Private Banking option, the possibilities can of course be explored. A risk assessment will determine whether refinancing is possible, thereby freeing up financial headroom for, for example, investments or other assets.

Would you like to know more about this and do you meet the above criteria? Then please contact us, and our advisors will assist you further.

Penalty-free repayment is not common in Spain. Therefore, there are almost always costs associated with repaying your Spanish mortgage early. These costs may, for example, consist of a fixed percentage of the amount you repay in excess. This percentage can change during the term of your mortgage. This amount then serves as the penalty you pay to the bank. The conditions regarding extra repayments can vary by bank. You can read more about this on our page about repaying your Spanish mortgage.

Taking on a Spanish mortgage is not an expense, but an investment. In many cases, you will recoup the investment in our services. Our experienced consultants help you achieve the right return in the long term. We do not focus on the lowest interest rate, but on the best mortgage terms for your situation.

You can find our fee for financing services here:

No. When assessing your mortgage application, your current financial situation is taken into account. Expected future income derived from the property you wish to purchase is not considered. Therefore, you cannot include this estimated income in your mortgage application.