Maximum Mortgage Spain
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Maximum mortgage Spain
Requirements maximum mortgage
There are three main conditions:
1. Maximum mortgage Spain 60-70%
Generally banks finance 60% to a maximum of 70% of the purchase price or of the appraised value of the property (the lowest value prevails). When buying a home you need also to take into account the purchase costs and mortgage costs.
When buying a so-called finca or rural property the maximum mortgage in Spain will be limited to 60%. The rest has to be financed with your own resources. This can be accomplished by increasing your mortgage in your home country or with personal savings. We are happy to think of solutions with you, please contact us.
2. Sufficient demonstrable income
To get a maximum loan in Spain you should always be able to prove income. This may be income from permanent employment or income from self- employment, rental income or property income. In any case, it should be demonstrated. A self-employed applicant must be able to show figures from the last two years. Read more here.
Secondly, the banks apply income criteria to determine the maximum loan in Spain. Each bank uses a different calculation method but generally you could apply the following formula: you are allowed to spend 35% of your net annual income on total credit or rental charges.
3. General situation
In addition to the income criteria, Spanish banks assess a mortgage on the family composition, whether you rent your home or have your own property, number and age of children, type of work, income type and sector, etc.
We can assess your situation, and decide whether it makes sense to start applying for a mortgage with the bank. Also we can calculate your maximum loan in Spain with the corresponding conditions. Please contact us.
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