Banks in Spain do not always offer the same conditions to clients, even if they have similar profiles. The mortgage market in Spain is quite traditional in the sense that having the right contacts is crucial if you want to get the best deals.
Lukentum has a wide range of contacts with different Banks in Spain, to offer you the best possible conditions to buy a Property in Spain.
Mortgage Products in Spain
Non-resident mortgages in Spain (60-70%)
For Hungarians who pay their taxes outside Spain, the maximum mortgage amount is 70% of the purchase price (or valuation if lower).
Resident mortgages in Spain
For Hungarians in Spain who are fiscal residents and pay taxes in Spain, the maximum mortgage is 80%.
Mortgages for retirees in Spain
If you are over age 60 and in receipt of a pension, you can still have a mortgage in Spain in your own name. It is also possible to appoint a guarantor such as a family member to secure the borrowing.
Mortgage Conditions in Spain
Interest rates in Spain
Most Banks in Spain use the annual Euribor as the base rate and then add their own margin to this: “Euribor plus X%”. Compulsory products are usually a bank account with the bank in Spain offering the mortgage and home insurance in Spain with that bank’s chosen insurer.
By using our services, in Lukentum we can secure a much lower rate than if you go direct to a bank in Spain and also a much easier processing. Although the vast majority of mortgages in Spain are variable, fixed rates are becoming more popular, especially now that the Euribor is at its lowest ever level.
Term of mortgage
Most mortgages in Spain can be arranged with terms of 25 years (for non-residents) and 30 years (for residents), usually up to a maximum age of 75.
Banks in Spain vary their financing conditions from month to month, so for more information about accurate interest rates, terms and to see if you qualify for a mortgage in Spain, do not hesitate to contact us: Tamas Csaki: +36 70 634 2499 or lukentum@lukentum.com
