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Mortgages are available in Spain, although the lending criteria have become stricter. As with most mortgages the two main criteria are the property details and the buyer’s financial situation.

In Spain the amount given on a mortgage differs on the type of land the property is built upon:
  On Urban land, for example, Golf complexes or Urbanisations, you are able to obtain up to 80% of the purchase price or bank valuation (always the lowest amount).
  On rustic land, i.e. fincas (or country properties) a maximum of 60% is available.

As with solicitors, there are banks which specialise in certain types of property and it is important to use the right bank for either rustic/inland property or coastal/urban property.

When you have found the property you wish to buy, the bank will send a Tasador (valuer) to the property to do a valuation. The value calculated is based on the quality of build, the size and location of the property, and its legal status. This is called the “Tasacion” and is the document the bank uses to make you an offer. This process usually takes around 3 weeks.

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