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Type of Mortgages in Spain

Ghl Ibiza Mortgage Property

Type of Mortgages in Spain

Before buying a property in Ibiza, it’s important to be aware of any difference in Spanish mortgages and the buying process. This is why today we have put together this easy guide to help you have a clear idea to sort out the best mortgage for your property purchase in Ibiza.

In the last year there has been a considerable increase in the offer of different mortgage products in Spain. The offer can vary greatly between one bank and another, so it’s important to understand it perfectly before making your decision. A correct decision could bring significant savings at the beginning and over the life of the mortgage

What are the types of mortgages in Spain?

In the past, the majority offered were variable rate mortgages but now on the market, there are actually a number of products, therefore before applying to any mortgage you should consider your requirements, and value the one that fits you best.

How much can you borrow?

The bank will decide this after checking your personal and financial profile. But, in general, if you are a resident in Spain, banks can offer larger mortgages, for example up to 70–80% of a property’s value. For non-resident, banks usually are willing to lend between 60-70% on the purchase price.

Ghl Ibiza Mortgage Buying A House

How much it will cost to buy a property in Ibiza?

Bear in mind that the final purchase price of a property in Ibiza includes taxes, deed costs and other charges. In general, to the asking price, you need to add a 13–14% of the declared purchase price. Check out our previous blog “Costs and Taxes related to Buying a Property in Ibiza”.

Which documents do you need?

Before applying for a mortgage, you will need a NIE number (Numero de Identificación de Extranjeros), if you don’t have it, you can apply for this at the police station. Other essential documents are the proof of employment or income, a pre-agreement with the seller, proof that the property tax is paid to date, details of your current debts and mortgages, copies of all your existing property deeds, records of your current assets. Once you submit the completed file the bank will process everything and will make you a mortgage offer.

How long does it take?

Usually, the timescales to get a mortgage depends on the banks but, the whole process can take between 5 and 8 weeks to complete if there are no complications.

Want to know a bit more? Check out our previous blog “Buying a Property in Ibiza with a Mortgage”.

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GOULD HEINZ & LANG – Paseo s’Alamera 11
07840 Santa Eulalia, Ibiza, Spain
+34 971 339 305



GOULD HEINZ & LANG – Plaza Major
Sant Juan, Ibiza, Spain

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