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Our experience of the Spanish property market has shown us that Spanish mortgages are a common area where overseas buyers of Spanish property pay more than they need to for lack of insight into the market.

Please always remember the following when using a mortgage to finance the purchase of Spanish property:

• Your property in Spain is at risk if you do not keep up repayments on a mortgage secured on it.
• Be sure you understand the repayments and can afford them before entering into any credit agreement.
• The value of Spanish property can go down as well as up.

Arranging your Spanish mortgage early on saves you money

If you are serious about buying a property in Spain then you should start arranging your Spanish mortgage almost before you do anything else. Leaving the financial side of your Spanish property purchase until the end does you no favours whatsoever. If you leave it too late, and have to arrange your Spanish mortgage in a rush and under pressure, it is likely that you will get an expensive and inflexible Spanish mortgage. And never forget that Spanish mortgages run for many years so you will have to live with the consequences of your decision for years to come.

The advantages of arranging your Spanish mortgage at the start of your property search are as follows:

• It costs you nothing to start early.
• Forward planning helps you clarify the advantages and disadvantages of taking out a mortgage in Spain and make the best decision as to how much, if at all, to borrow.
• Arranging your Spanish mortgage in good time allows you to find the mortgage in Spain that best suits your requirements and avoid overpaying.
• By taking steps to arrange your Spanish mortgage at the start you will have a better idea of how much you can spend on your Spanish property and can work out the likely future financial implications of your purchase.

Having your Spanish mortgage in place reduces the risks of you loosing a Spanish property that it has cost you so much to find, and means one less source of anxiety and pressure when you are trying to close on a Spanish property.

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© Mark Stucklin of Spanish Property Insight – Everything you need to know about Spanish property

More information about mortgages in Spain:

Start arranging your Spanish mortgage early on

Overview of the Spanish mortgage market

Spanish mortgage costs explained

Is a Spanish mortgage a good idea?

Spanish mortgages vs UK Mortgages