Formalization of a Spanish mortgage


VYM CANARIAS collaborates with a number of major Spanish banks in a variety of issues, including financing.  Since 2015 Spanish banks offer much better mortgage credits conditions. During the first year the interest rate is around 3-3.5% per annum. Starting from the second year the interest rate is calculated according to the following formula: 2,5%-3% + EURIBOR (as of January 2017 it’s less then 0%).  This information may vary and needs to be reconfirmed at the moment of purchase.

Vym Canarias clients enjoy special loan facilities in many Spanish banks. 
Loan to value ratio (LTV):
  • Existing property up to 60%.
  • New property up to 60%.
  • Bank repossessions – up to 80%, in some cases up to 100%.

Spanish tax residents can obtain a mortgage for up to 80-100% LTV.

Documents required for a mortgage in Spain:
  • 2 personal tax returns.
  • Work contract (minimum 5 years).
  • Last 12 months personal bank statements showing day to day activity.
  • Certification of property free of mortgage lien in the country of residence.
  • Employer’s reference and or contact of employment.
  • A copy of a personal credit file and or annual debt statements.
  • In some cases references from the bank may be required.
  • Other documents confirming additional sources of income, such as: lease contracts, income certificates and other documents a bank may consider necessary when applying for a mortgage over 500.000€.

P.S. Banks reserve the right to request any documents they consider necessary.

All documents must be translated into Spanish with a corresponding apostille (a form of document certification in accordance with the provisions of the Hague Convention of 5 October 1961), or they must be legalized by a Spanish Consulate, or by a sworn Spanish translator (traductor jurado). We personally recommend the latter.  The originals of all documents must be brought to the notary prior to deed register.