Securing a mortgage upon a property in Javea is generally straightforward and quite a similar process to that found in the United Kingdom. Domiciliary status, income, assets and employment will all affect the amount that may be offered by Spanish banks and these can vary quite significantly.
As a general guideline if you are already a Spanish resident and meet their credit criteria, the banks are likely to be willing to offer in the range of 70-80% of the value of the property. This percentage will be taken from the lowest estimation of the property value set by the bank or the agreed sale price. Non-residents will struggle to be offered much more than 40-50% mortgages, although again this does depend very much upon individual status.
The best position to be in is to already have a Spanish residency and mortgage, as then the process is comparatively straightforward. Likewise, residents making a first time purchase are very much in a similar situation to any other first time buyer. Buyers who are not yet resident will have to provide plenty of documentation – really the more that can be provided, the better – especially in the event you are self employed.
Documents Required For A Mortgage
Spanish Resident, 1st Time Buyers
- NIE & Passport
- 6 months of payslips (if applicable)
- Details & proof of other assets & savings
- Last 2 years of tax declarations
Current Resident – With Mortgage
- 6 months of mortgage payment documents
- Proof of outstanding balance & monthly payments due
- All of the above plus…
- Letter of recommendation from the bank
- If self employed, detailed proof of income