Mortgage Spain
An important element of the mortgage application in Spain is that the applicant is often not a resident in Spain and the property is in many cases a second home. Consequently, the mortgage application is treated differently than it would be in your own country. The most important common factor is the need for the issuing bank to fully qualify your financial position in order to assess the risks of the loan.
In this qualification process a number of things are examined. These include age, income, valuation of the property and your current cost of living. When the bank is happy with you as an applicant, normally a mortgage can be granted for up to 70% of the assessed value of the property.
