FAQs about financing
Q: Are Spanish mortgages available with fixed and variable interest rates?
A: Normally, loans are made with the interest rate fixed for one year. This can, however, be extended to a 5-year period.
Q: How much can I borrow?
A: There is no legally stipulated loan ceiling. Mortgages of 50–80% of the property value are most common, depending on the bank chosen.
Q: What does it cost to take a mortgage loan in Spain?
A: It depends on the size of the sum. Normally, it will cost 3–5% of the sum borrowed. Some costs are fixed, others variable.
Q: What is the simplest way for me to pay the ongoing costs for my property in Spain?
A: We recommend that you open an account with a Spanish bank and set up autogiro payments and Internet banking. Many Spanish banks operate Internet banking in English.