Why Mortgage is the best property investment in Spain
Whether you purchase a property in cash or think about different finance options, it is not always an easy decision. If you have the funds to buy the house it does not always make sense to tie up your capital, and many clients today consider a mortgage instead. Many consider buying a property in the Balearic islands as a property investment in Spain due to the rising prices and market demand.
There are many factors that can influence such an important decision and following are just some of the reasons why people consider it when buying a property in Spain today:
The interest rates are at a historic low and the 12-month Euribor remains in negative figures. Interest rates are extremely competitive in comparison to previous years and are expected to remain low for the foreseeable future.
You will maintain liquidity and will not tie up your money in one asset. This enables you to invest your funds in other areas in order to maximize your return on investment. It can also allow you to purchase a more substantial dream home or leave you with enough funds to make capital improvements to your new home.
There are tax implications when buying a property in Ibiza or buying property in Spain. Taxes are more than double the European average, with no economic justification! In high-end properties, it is extremely important to consider the substantial wealth tax and inheritance tax implications. The reduced tax obligation may be a seriously important advantage when considering finance support for the purchase.
If you decide you need funds at a later stage, it is harder to obtain an equity mortgage down the road than to take out a mortgage when you buy the property. For this reason, you should balance out your options from the very beginning. That being said, if you do find yourself in these circumstances, a mortgage may still be obtained.
In general terms the maximum mortgage available is up to 70% loan-to-value for non-residents and up to 80% loan-to value for Spanish tax residents (the lower of the two values between the purchase price and valuation) but this percentage can vary depending on the type of . In Spain, the maximum affordability ratio or debt-to-income is between 30% and 40%, this includes all existing debt. There are exceptional circumstances where a higher percentage can be obtained or a higher affordability ratio can be considered.
Each client and application is unique as all applicants have different circumstances and priorities and we must take into account age, nationality, tax residence and other factors to see which are the best options at all times for each client.
Regardless of the type, it is important to ensure the property can be mortgaged and legal advice is highly recommended (we can recommend various top law firms if required).
For each type of mortgage the rates and conditions vary between banks and also change on a regular basis. Due to the volume of transactions and our relationship with the banks and their Management teams, the Lionsgate Capital team ensure they obtain the very best interest rates on your behalf, at all times.
With variable rate mortgages, the interest rate is typically lower than that of fixed rate mortgage products. However, without warning, interest rates could increase or decrease subject to the Euribor or base rate applied.
Understanding the risk involved with variable rate is essential. Variable rate appeal to some people because the rate is calculated on a base rate (Euribor or other) and is typically lower than the fixed rate. In Spain, variable rates are generally fixed over a 12-month period and reviewed every 12 months subject to the base rate, however, there are banks we work with outside of Spain that offer other alternatives.
With a fixed rate mortgage you are able to accurately budget as the payments do not change. Although the interest rate will be slightly higher, you know what your interest rate and payment will be for a fixed length of time or for the full term of the mortgage.
Regardless of which you chose, in Spain the type of mortgage and type of rate generally do not change throughout the term of the mortgage so it is very important the correct decision is made right from the beginning.
If you are a Spanish tax resident you have different products available and opt for a higher loan to value, of up to 80% or even 90% loan to value in some cases, depending on the valuation.
Equity release is not common in Spain but can be obtained for certain purposes on properties that are mortgage-free, please contact our team and we will study your individual case.
If you work on yachts or do not have to declare tax on your income, we can help you find the best mortgage from over 20 lenders, with a maximum finance of up to 70% of the purchase price (or the valuation if lower).
We offer Lombard loans to our Private Banking clients, where an investment portfolio either in Spain or abroad is used as collateral to borrow funds in Spain and maximize their return on investment. Lombard loans can also be used in addition to a mortgage to maximise taxation and return on investment.
Interest-only mortgages are not currently available in Spain, with the exception of construction mortgages where the first 18 to 24 months can be interest only, until the property is finished. We do have some international banks we collaborate with that offer interest only options to private banking clients that hold a minimum investment of 500.000 euros with them.
If you wish to lower your monthly payment to the minimum, we always recommend you apply for the longest term possible, as some banks do offer longer terms than others.
If you are looking to finance the build of your own home, we can also help you obtain the best option. You must have the funds to purchase the plot, together with the project and licenses in place, the architect´s plans and quotes for the build for the application process to be carried out.
In general terms, can be 60% to 70% of the total cost of the project. Different taxes and costs apply when building a home, which your lawyer or tax advisor can confirm.
It is not common practice to remortgage in Spain. We can however review your current conditions and see if it is worth setting up a new mortgage and canceling the existing one, taking into account all costs, including the penalties for redeeming the existing one and the set-up costs for the new mortgage.
Whether you need financial support for a hotel, a property development or any other business, commercial mortgages vary depending on the purpose and the project. In general terms the mortgages available vary between 50% and 60% of the purchase price or valuation (the lower of the two), please contact us and our team will study your case and see which options suits best each purpose.
Financing the development of a property or a refurbishment is slightly different to a standard mortgage for spanish property. Hence we recommend strongly to first seek advice from a financing expert company such as Lionsgate Capital prior to you starting your project. As we work with all the banks in Spain, we will be able to source and arrange the best deal for:
Our team can source finance for a percentage of the entire costs of your building project (including purchase of the plot and construction costs). We will negotiate the best conditions for you with the banks.
We are looking forward to meeting you and to giving you advice on financing your new build or development, feel free to get in touch with us for a free consultation.
Please note: The information the banks provide us with changes frequently and we aim to update the information accordingly. If you have any queries at all, please contact our team, thank you.
We understand how complicated the process can be. That´s why our team takes care of every detail to ensure the process is easy and stress-free from the first contact to completion at the notary. We have put together a few guidelines to explain the process of mortgaging in Spain:
Contact us by email or by phone as soon as possible in order to see what the best option is for you as the types of mortgages available, terms, conditions and costs are different in Spain to those in other countries. It is important your timing is right as you will need to produce various documents to process your application and find out how much you can borrow.
After an initial conversation with one of the Lionsgate advisors to discuss exactly what you are looking for, what your personal circumstances are and what the best mortgage for you is, we will explain the terms, monthly payments, interest rates, fees, etc. and will send you an application form and a list of supporting documents required to move forwards.
Our team will study your application and documents and pre-under-write your mortgage, your affordability ratio will be calculated and a basic property check will ensure the property can be mortgaged. The maximum affordability ratio or debt-to-income is between 30% and 40% in Spain, this includes all existing debt and the new loan you are applying for. A summary will be prepared by the Lionsgate team to send to the 5 to 6 top banks (out of 20) that best match your profile and preferences to see if the mortgage is viable and which are the best conditions that can be obtained.
Once the team receives the feedback from the 5 to 6 banks, your application will be presented to the 2 to 3 banks that offer the best overall conditions. The banks will carry out a risk assessment, and confirm the approval of the mortgage subject to the property valuation. Terms and conditions always depend on each client ́s personal circumstances and also vary from bank to bank, however, our team always strives to obtain the very best finance solution for each and every Lionsgate client.
After you have accepted an offer, a certified surveyor must visit and value the property and as long as the valuation is correct with no warnings or conditioning clauses, the bank will be able to issue the formal offer and proceed to open a bank account for you. In Spain, the mortgage and the bank account must always be with the same bank. If a client prefers an official valuation to be carried out before the process starts, our team can also arrange it.
For the purchase, you will need to have a Spanish identification number (NIE), which your lawyer can arrange. This takes some time and we recommend you begin this process as soon as you decide to purchase a property. The NIE can also be obtained in the Spanish embassy in your country of residence. We always recommend our clients to have a lawyer throughout the process and and if necessary, we can recommend excellent lawyers to suit each client´s preferences and requirements.
Once everything is in place and after confirming with the bank and lawyer, your Lionsgate advisor will send you the final breakdown of costs, listing the various fees and taxes related to your purchase which in general add up to between 11% and 14% of the overall purchase price. At this point, you will also know the exact amount you will need for the remainder of your purchase.
On the day of completion, the mortgage must be available together with sufficient funds for the remainder of the purchase and costs. Completion takes place and is witnessed by a notary and two deeds will be signed, the mortgage deed and the purchase deed. Your advisor will be with you throughout the process until the very end!
The duration of the process varies between banks and clients. In general terms we recommend a minimum of 4 to 6 weeks allowance, but there are always exceptions that can be made. Please contact our team for further advice and to help guide you through the process on how to apply and get a mortgage for spanish property.
Following is a list of the documents required for the application. We have a check-list of documents for each nationality and tax-residence and also for other types of mortgage applications such as self-builds, developments and transactions in company names that we will email you after our initial conversation and based on your personal circumstances.
It is important all documents are provided in English, Spanish, German or French where possible. Following are the main documents we require for individuals looking to mortgage:
When you buy a property in Spain, it is important to make sure you are informed of all the tax issues in advance. Many people are caught out by laws they are not necessarily aware of and this can result in more tax being paid. Professional advice will prove invaluable, and in order to make sure you are fully informed, following is some information that may be of interest to you:
Most foreigners moving to Spain or buying property in Ibiza or buying property in Spain, here understand that they will have to pay Spanish taxes such as income tax, capital gains tax and inheritance tax. Not everyone, however, is aware that non-residents buying in Spain must also pay wealth tax in Spain, rather than in their country of residence.
Spanish Wealth Tax is payable by both residents and non-residents (if they own property in Spain), although the rules are different. Residents pay wealth tax on their worldwide assets but have quite generous tax-free allowances, whereas non-residents are only liable for their net assets within Spain but miss out on some of the allowances that tax residents benefit from.
Non-residents are entitled to an individual deduction of €700,000 per person. So, for example, a non-resident married couple buying a property in Ibiza or buying property in Spain will have a combined tax-free allowance of €1,400,000 on their net estate.
The wealth tax is calculated on net assets, which means you can deduct the mortgage too, therefore considerably reducing the tax paid each year.
The wealth tax follows a progressive sliding scale, the higher the price of the property, the more you are taxed, with a cap set at 3,45% per year for properties in excess of €10,9 M!!! As stated above, the first €700,000 is the national tax-free allowance per person.
The current wealth tax rates are applicable to each person´s individual net wealth on 31st December of each year, after all relevant deductions are made are as follows:
| From € | To € | Tax Rate % | Tax Band € | Cumulative Tax € |
|---|---|---|---|---|
| 0 | 170.472 | 0.28% | 477 | 477 |
| 170.472 | 340.937 | 0.41% | 699 | 1.176 |
| 340.937 | 681.869 | 0.69% | 2.352 | 3.529 |
| 681.869 | 1.336.739 | 1.24% | 8.120 | 11.649 |
| 1.336.739 | 2.727.479 | 1.79% | 24.894 | 36.543 |
| 2.727.479 | 5.454.958 | 2.35% | 64.096 | 100.639 |
| 5.454.958 | 10.909.915 | 2.90% | 158.194 | 258.833 |
| 10.909.915 | Onwards | 3.45% |
As with the wealth tax, inheritance tax is also applicable for non-residents and residents in Spain. Each autonomous area (region) sets its own rules concerning inheritance tax for non-residents, but unlike in many other countries, in Spain it is the recipient or beneficiary that pays the tax.
Due to there being many different rules in relation to inheritance and gift tax, we recommend each individual case is consulted with a tax advisor, our team can recommend good tax advisors if requested.
Many law firms advise non-resident clients to draw up a will before a notary solely for their assets in Spain as this considerably simplifies the inheritance process if and when the time arrives.
The value of the property will be reduced by the mortgage in order to avoid tax payments but only if the mortgage is in place at the same time as the purchase. So, it makes sense to seek financial support on the first property even if you have the funds to purchase the property in cash.
In addition, it is difficult in Spain to release equity at a later stage so therefore it makes sense to seek for financial support at the time of purchase for various reasons:
We always recommend our clients to finance as much as possible upon completion in order to obtain all the benefits. A mortgage for spanish property is deductible when it is set up upon completion or during a short period of time after the purchase (a few months). In Spain it has to be linked to a Spanish property to be deductible for tax purposes. Banks are not as keen to set up a mortgage after the purchase, so it is always better to do it all at once at the notary.
The property value taken into account for wealth tax purposes is the highest of the following three values:
The same values/rules apply for inheritance and gift tax purposes in Spain.
In properties of a higher value, not only are the savings linked to the wealth tax important, but clients must also take into consideration that with the low interest rates available today it makes much more sense to mortgage and obtain an important return on propery investment in Spain by investing the funds, with the possibility of easily cancelling the mortgage in years to come if the interest rates were to go up.
Once the mortgage is approved the bank will provide us with an estimate of all costs involved. We will review these costs and include any additional costs related to the purchase and mortgage and send you a detailed breakdown so you know the exact amount to transfer in preparation for completion.
In general terms, we recommend clients to estimate 11% to 14% of the purchase price for the costs, which include the following:
Although early repayment fees are not part of the initial costs, they are an important part of the negotiation for many of our clients as they want flexibility to repay the mortgage. In Spain, early repayment penalties are generally 0,50% for the first 5 years and 0,25% thereafter, for both partial and total repayments. On fixed rate mortgages these can go up to 4% with some banks. Our aim is to always negotiate early repayment fees down to a bare minimum for all our clients.
The bank's administrative department take care of registering the property and the mortgage and ensuring all fees and invoices are paid, including notary, registry and taxes. They eventually send you a copy of both deeds together with a copy of all the individual invoices, for this they charge between 400 euros and 600 euros for each deed, depending on the bank.
Depending on the bank, home insurance and/or life insurance may be compulsory when applying for a mortgage. Other products sometimes apply, we always negotiate the best conditions and minimum number of products for our clients.
When arranging a mortgage, it is common for the lender to charge an opening or arrangement fee for setting up the mortgage, usually between 1% and 1,50% of the mortgage amount (we always negotiate this fee for our clients too).
Lionsgate clients to date have all saved a substantial amount of money including our success fee of 1% of the mortgage (+VAT) which is paid upon completion at the notary. We have saved clients an average of 10% or more throughout the term of the mortgage. Each and every client has nothing to lose and everything to gain by contacting us!
As well as paying the taxes, you will have to pay to have the property registered in your name. This cost also depends on various factors but can be estimated at 0,10% to 0,20% of the purchase price for both the purchase and for the mortgage for spanish property.
This cost depends on various factors but the total cost is normally between 0,10% and 0,30% of the purchase price and of the mortgage for spanish property. This cost is for the deeds and there will be two deeds, one for the purchase and one for the mortgage.
Some banks charge to have the cheques issued. We always ensure this is the minimum amount and try to exempt this charge when possible.
A survey or valuation is called a tasacion in Spain. It is not necessary to obtain a mortgage pre-approval to order the valuation, but once the application is pre-approved, a valuation of the property must be carried out and is always paid for by the client. Different banks work with different valuation companies and the costs vary depending on the type of property and the value. All valuations for mortgage purposes are regulated by the Bank of Spain and the surveyors must ensure the licenses for each property are in place and that the properties are legal and can be mortgaged. We highly recommend all clients have a lawyer to carry out their own checks so the clients are reassured. As always, we are happy to recommend good surveyors and lawyers if required.
In Spain, the amount of tax payable depends on the type of property and on the region where the property is located. For the purchase, this ranges between 8% and 11% for a second-hand property (calculated on the taxable value of the property and the region).
For the purchase of a new property 10% VAT must be paid in addition to stamp duty which is between 1% and 1,50%. In Spain stamp duty must be paid for the mortgage too (this is called AJD in Spanish) and the amount varies between 1,50% and 2,25% depending on the region. In the Balearics, it is approximately 1,80% of the mortgage amount.
Following are a few examples of the breakdown of costs. We haven't included legal fees or Lionsgate fees, please bear in mind these costs are an estimate and can change as per each of the above mentioned points:
| Purchase Costs | €675.000,00 | €1.000.000,00 | €1.500.000,00 | €2.000.000,00 | €4.000.000,00 |
| Notary | €1.600,00 | €1.800,00 | €2.200,00 | €2.400,00 | €3.000,00 |
| Tax | €57.500,00 | €90.000,00 | €145.000,00 | €200.000,00 | €420.000,00 |
| Registry | €1.100,00 | €1.600,00 | €1.900,00 | €2.200,00 | €3.300,00 |
| Administrative Costs | €600,00 | €650,00 | €750,00 | €850,00 | €900,00 |
| Mortgage | €470.000,00 | €700.000,00 | €105.000,00 | €1.400.000,00 | €2.800.000,00 |
| Notary | €1.400,00 | €1.675,00 | €1.800,00 | €2.000,00 | €2.700,00 |
| Tax | €0 | €0 | €0 | €0 | €0 |
| Registry | €1.000,00 | €1.100,00 | €1.125,00 | €1.300,00 | €2.300,00 |
| Administrative Costs | €600,00 | €650,00 | €750,00 | €850,00 | €900,00 |
| Bank Opening fee | €4.700,00 | €7.000,00 | €10.500,00 | €14.000,00 | €28.000,00 |
| Mortgage amount | €68.500,00 | €104.475,00 | €164.025,00 | €223.600,00 | €461.100,00 |
The number one benefits are the wealth tax and inheritance tax. When one person is purchasing a property in Spain for over 700.000 euros you must pay wealth tax. Wealth tax is on a scale and can go up to 3.45% per year on high-end properties. The other important tax benefit is inheritance tax which is also high in Spain. When you have a mortgage the amount is deducted and the tax is only paid on the difference. We recommend you speak to your lawyer / tax advisor to see what your personal situation is.
Nowadays most clients buy in personal names, but we do have clients that purchase in company names for specific reasons or structures they have set up recommended by their advisors.
Yes. The banks prefer purchases and mortgages are in personal names or in Spanish SL´s but we also arrange mortgages for clients that wish to purchase with a foreign company.
The age depends on the bank but in general terms the maximum age is up to 75 years of age.
Because our team is impartial and you will obtain the best mortgage to suit your needs at any given time with the best interest rates and overall conditions based on your personal preferences and requirements. A small difference in the interest rate can make a very big difference over the years, and we will help you maximize your investment.
Obtaining a mortgage in Spain can be a tedious and long process, especially when comparing several banks. As long as all the information and documents you provide are correct, we can assess your situation, define a strategy, and find you the best mortgage from over 20 top banks in about two weeks, subject to the property being valued by a surveyor. From our first meeting to completion, we estimate a 4 to 6-week timeframe but we can speed the process up when necessary and required.
TheLionsgate team is here to help you with all mortgage-related aspects. We can introduce you to top real estate brokers if you have not contacted any yet. We can also begin the mortgage process prior to you finding a property. The bank offers are usually valid 1-2 months and afterwards only certain information must be updated.
The affordability calculation is based on several factors and even if it is over the standard percentages we often come up with solutions. Contact us and learn more about your options.
In order for the Lionsgate team to study your mortgage followed by the banks’ risk departments, your situation must be carefully assessed. For this reason, it is necessary to provide all information for the study. However, by working with the Lionsgate mortgage advisors you must only present the documents once instead of providing these documents to each provider separately, and you will also obtain the best offer for you from over 20 top banks.
The Lionsgate Capital team specialize in all type of mortgages and financing in Spain and we are able to accommodate special requests through our extensive partner network. Please contact us to clarify your possibilities.
Yes, there are taxes, land registry costs, notary costs, administration costs, bank charges and insurances to take into consideration when purchasing a property. We typically advise our clients to allow between 11% and 14% of the purchase price to cover these costs.
These vary from bank to bank but can include home insurance, life insurance, an alarm or other products depending on the bank. We always aim to reduce the additional products to a minimum for our clients.
Yes, by law there is a cancellation fee of 0,50% the first 5 years and 0,25% thereafter. However, we also try to negotiate these fees for our clients when necessary.
Non-residents can typically borrow up to 70% of the purchase price or valuation (the lower of the two) and Spanish tax residents up to 80%.
The minimum deposit is usually between 30% and 40% of the purchase price plus the costs involved in the purchase, which are generally between 11% and 14% of the purchase price.
We always recommend our clients to have a lawyer and we can recommend excellent lawyers to suit each client´s preferences and requirements.
The valuation is carried out by a surveyor (tasador) and depending on the bank they will accept valuations that have already been carried out or will ask to arrange them directly by the bank. The client always pays the cost of the valuation and this cost varies in relation to the property.
Every client is different and the banks change their rates, products and conditions constantly. Therefore, there is no perfect bank at all times and for this reason we make sure we find the best mortgage and bank for each client at any given time.
Fixed interest rates are usually higher than the variable rates. With a fixed rate you will know what you are paying each month throughout a given time or throughout the whole term of the mortgage. With a variable rate the interest rate will be more competitive but can go up or down as it is linked to the Euribor or base rate applied. In Spain all rates are usually fixed throughout the full term of the mortgage.
In Spain the most important thing is to choose the right bank for you and that is what we specialize in. With regards to the choice between the fixed and variable rate, this is a very personal choice, we can explain the difference but the client must always make the decision.
This is the Spanish document you need to be able to purchase a property in Spain. Normally your lawyer will obtain the NIE for you. Another option is for you to obtain it in the Spanish embassy in your country of residence.
It is a report issued in the country you reside in that shows your credit history and includes any mortgages and loans you have today.
The banks will not give you the special rates and conditions we obtain and the banks you approach may not be the best bank for you. The advice of our mortgage advisors is impartial and you will obtain the best mortgage to suit your needs at any given time with the best interest rates and overall conditions. A small difference in the interest rate can make a very big difference over the years, we have the banking experience but are on our clients’ side, in addition, we work on a success fee, so you have nothing to lose and everything to gain by contacting us.
Most banks will not accept this option but there are always exceptions, please contact us and we will see if we can help.
Clients come to us in 3 different ways: 1) Without having contacted the banks and we take care of the whole process, 2) having contacted a few banks and they ask us to take over and 3) clients also come to us with the bank´s offers and we take over to improve them, in other words, all clients at any stage of the process can benefit by contacting our team.
To find out more about how we can help you please contact our team today
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