# What will I need to get a Spanish mortgage



## donz (May 5, 2010)

Hi guys

Just trying to get myself in order before starting to think about attempting to get a mortgage for a property in Spain

There is Santander & Halifax in the UK who will do them but also I presume I can approach Spanish banks?

I presume first of all that I will need an NIE - how long will I need to arrange a 'flying' visit to Spain for to get this?

Also, on top of the purchase price is there anything else I need to budget for (apart from the obvious such as lawyer fees and moving fees) - the mortgage arrangement fee gets added to the mortgage.


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## xabiaxica (Jun 23, 2009)

donz said:


> Hi guys
> 
> Just trying to get myself in order before starting to think about attempting to get a mortgage for a property in Spain
> 
> ...


around here you'll need to be buying a repo directly from a bank

my OH knows a lot of estate agents of various nationalities & they all have recently reported the same problem

they have all shown properties to 'sure thing' (read 'loaded') clients recently who have approached various local banks for a mortgage - mostly 50% or less on 1 million + euro properties

every one of them has been refused - only to be approached directly by the banks a few weeks later with a guarantee of up to 90% mortgage - IF they buy a repo directly from the bank


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## donz (May 5, 2010)

really? the property we are looking at it not a repossession.....so you're saying we wouldn't get a mortgage from a Spanish bank?


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## jojo (Sep 20, 2007)

The criteria for ortgages has changed dramatically since the credit crunch, but is slowly changing again. A while ago, you needed to be a Spanish resident for two years before they would consider it, but I think they've relaxed that????

What I would do is line up to view some properties (it'll give you a feel for prices), but also arrange to visit some banks and see what they have to say, as Xabiachica says, a lot of banks hold reposessions and I'm sure would be only too happy to "sell" one of them to someone with the right credentials LOL

Jo xxx


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## xabiaxica (Jun 23, 2009)

donz said:


> really? the property we are looking at it not a repossession.....so you're saying we wouldn't get a mortgage from a Spanish bank?


I don't know if it's all banks, or if it's all over Spain

but it's what is happening with several banks in my town


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## owdoggy (Jul 23, 2008)

If I were you I would go & see a (recommended) mortgage broker in the area you're thinking of.




Doggy


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## gus-lopez (Jan 4, 2010)

xabiachica said:


> I don't know if it's all banks, or if it's all over Spain
> 
> but it's what is happening with several banks in my town


Yep, it's exactly the same here with one or two of the 'cajas' who lent stupidly & are now inundated with repo's.


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