Expat loans in Spain

Expat mortgages in Spain

A number of recent changes due to the credit directive in the EU and the outcome of Brexit has thrown into question the opportunity for lending facilities in Spain.

Many expats living and working outside the EU are wondering what if any borrowing they can take when buying in Spain.

The reality is that nothing has changed for the Spanish Banks at this moment in time and there are no indications that anything will.

Whilst a number of UK and Irish Banks withdrew expat loans earlier this year the facilities for a mortgage in Spain have not changed immaterial of what currency the applicant earns their income in.

Terms and conditions

Expats from countries outside the EU can expect to gain slightly lower loan to values than those based in the EU but broadly rates are the same.

For some Banks in Spain the ability to add life cover to a loan for someone outside the EU is not possible so from this point of view the applicant may actually find they have a benefit.

Document requirements 

In areas like the UAE which has no personal tax system, the level of bank statements required to prove incomes may be higher than for other applicants, covering a full 12 months. Other means to confirm debt situation in the absence of credit files will also be required. Document requirements will be different for each application.

Spain can continue to be a good half way house for expats who have no desire to retire or semi retire back to northern Europe. Climate, quality of life and cost of living will continue to be attractive.

Read the full article:-Spanish loans for expats