Mortgages in Spain

Currently, Spanish banks offer a varied array of loaning facilities. Some banks have special products designed for non-resident borrowers, others simply adapt the existing types to the purchasers´ personal circumstances. Although mortgages are readily available from Spanish Banks, obtaining competitive conditions for the mortgage is a task which deserves some investment in time and patience.

Very few potential borrowers ignore that banks are money makers and that they will most certainly offer you for a start the less attractive conditions for mortgages (interest rates, indexes, opening commissions, redemption penalties etc.). A well informed customer is in a position to negotiate and improve the conditions of the mortgages offered, by exposing the bank´s higher interest rates, higher commissions or inadequate indexes in comparison to other banks, since they want to keep their customers, not lose them. Never forget there are many banks around willing to improve, even by a fraction, that interest rate you are contesting.