Mortgage advice with a 98% approval rate!
We are a team of Mortgage Brokers, with more than 15 years of experience in the mortgage Spanish market, based in the Costa del Sol (Málaga).
Welcome to Finance Consulting Group
The Spanish Mortgage Experts
Thinking of buying a property in Spain?
With the help of experienced mortgage brokers in Spain, the process doesn’t have to be complicated. Our team specialises in helping foreign buyers and offers personalised advice on mortgage eligibility and financial planning.
Start with an affordability check to determine your mortgage options and get a no-obligation pre-approval. We offer up to two personalised quotes to help you make informed decisions.
Get the best possible mortgage buying a house in Spain
Save time and effort by gaining a clear understanding of the mortgage application process in Spain, ensuring a smooth experience from start to finish.
Instead of navigating an unfamiliar banking system, let our experts guide you through every step of the process. We are fully aware of the specific requirements of the Spanish market and have strong partnerships with a wide network of banks, ensuring the best conditions for non-residents.
We work with all the major Spanish banks and financial institutions, which has earned us recognition as experts in the sector. We know the industry inside out!
Holiday Home Mortgages
Holiday home mortgages are designed for non-resident buyers who do not reside in Spain. You can typically borrow up to 70% of the property’s purchase price or its valuation, whichever is lower. Lenders provide various options, including fixed, variable, and occasionally mixed rates.
In the case of variable rate mortgages, the interest rates are referenced to the annual Euribor reference rate, plus a margin, such as Euribor + 1%. At Finance Consulting Group we are committed to helping you obtain the best mortgage conditions available on the market at all times.
Construction Mortgages
Financing a construction or renovation project can be approached in a number of ways, depending on the status of the project and its overall objectives. These mortgages differ significantly from standard mortgage loans and can involve offers from both traditional banks and private lenders. This overview highlights the key considerations, but it is essential to seek professional advice from Finance Consulting Group before embarking on such a project.
If you already own a property in Spain and are looking to finance renovations, there are financing options available. The documentation required by the lender will depend on the extent of the planned refurbishment works. For minor refurbishments that do not require planning permission, lenders can only request quotes from reputable contractors. For larger projects, more detailed information will be required.
Primary residence mortgages are designed for individuals whose property in Spain will serve as their main home and who are currently paying their income tax here, or in exceptional cases, are preparing to do so. At Finance Consulting Group, we are dedicated to helping you secure the best mortgage terms available in the market at any time. Our expertise ensures that you find the most favorable conditions tailored to your needs.
Investment Mortgages
Investment mortgages are aimed at property buyers who plan to rent out their property after purchase or those who already have at least one mortgage in place in Spain. If banks determine that the property will not be solely occupied by the owner or that a commercial activity will be carried out there, they generally classify it as an investment mortgage. Typically, banks offer financing of 50-60% of the purchase price or the valuation of the property, whichever is lower, for this type of loan.
At Finance Consulting Group, we also offer alternative financing solutions for buyers with more complex investment portfolios. We can assist in arranging back-to-back loan agreements secured by listed investments, with either the lender acting as custodian or the current custodian of the assets providing security.
Commercial Mortgages
If you are considering buying a property classified as commercial premises (such as offices, shops, hotels or B&Bs), we can offer you customised mortgage solutions to suit your needs. These mortgages typically offer financing of 50-60% of the purchase price or the valuation of the property, whichever is lower, and the terms differ from those associated with residential mortgages.
When a property is purchased by an actively operating company, or if the company intends to operate after the purchase, banks classify it as a commercial mortgage. Some banks allow you to purchase through a newly established Spanish limited company (Sociedad Limitada or ‘SL’). However, if this company is only a shell entity for the acquisition of properties and will not engage in marketing afterwards, it may be possible to secure similar terms to residential mortgages. That said, banks are generally more reluctant to approve such applications because of the additional complexity involved in assessing company profiles. They tend to consider such cases favourably only when companies or their directors have strong financial track records.
Bridging Finance
In Spain, short-term bridging finance is not as widely available as it is in other countries, particularly when urgent access to funds is required. However, recent mortgage legislation allows for bridging finance to be accessible to companies when there is a commercial necessity for the funding and the asset can be transferred to the company.
At Finance Consult Group, we can assist you in arranging bridging finance across Spain for amounts exceeding €500,000, with loan terms of up to 36 months and a maximum loan-to-value (LTV) ratio of 65%. Interest rates start at just 0.70% per month, and we consider a variety of sectors for financing. A significant advantage of this type of financing is that capital repayments are not required; instead, interest can be paid monthly, annually, or rolled up until maturity.
We collaborate closely with several short-term bridging lenders, both domestically and internationally, enabling us to act swiftly to secure funding. In some cases, we can facilitate financing arrangements within just three weeks.
Frequently Asked Questions
What is a mortgage broker?
Understanding Mortgage Brokers: Mortgage brokers, also known as real estate credit intermediaries, serve as vital facilitators between individuals seeking a mortgage and banks or lending institutions.
Who Can Become a Mortgage Broker in Spain?
Becoming a mortgage broker is not open to everyone. In Spain, the profession is regulated by Law 5/2019, enacted on March 15, which governs the contracting of mortgage loans and the role of mortgage brokers. Article 19 of this law specifically addresses “Advisory Activity in Real Estate Loans,” outlining who is eligible to act as a broker and the conditions they must adhere to.
Categories of Mortgage Brokers in Spain
According to Spanish Law 5/2019, there are three primary categories of agents that can function as mortgage brokers:
- Lenders: These include banks and financial institutions directly offering mortgages.
- Real Estate Credit Brokers: Independent agents tasked with identifying the most suitable mortgage options for their clients.
- Appointed Representatives: These individuals can only be designated by one of the previous entities—either lenders or real estate credit brokers.
Responsibilities of Mortgage Brokers
With the implementation of Spanish Law 5/2019, the obligations of mortgage brokers have become more stringent to ensure borrowers receive reliable guidance regarding their mortgage options. Key obligations include:
- Providing clear, written disclosure to borrowers regarding their ability to offer advice on specific mortgage transactions.
- Presenting clients with comprehensive information on available mortgage products prior to providing advisory services. This ensures borrowers understand whether they are receiving guidance on a broad range of products or just those from specific lenders.
- Disclosing any fees associated with the advisory services upfront.
- Collecting detailed information about clients’ profiles to tailor recommendations that align with their financial situations and needs.
- Supplying clients with a physical or durable copy of all advice given.
- Clearly outlining the content, scope, and terms of the advisory service in advance and formalizing it through a contract.
How much can I borrow on a Spanish mortgage?
If you’re thinking about buying a home in Spain, whether it’s for an investment or a vacation property, most non-residents will need a mortgage to make the purchase.
The percentage of the property’s value that a bank is willing to lend is known as the loan-to-value (LTV) ratio, and this can vary depending on the bank. Typically, non-residents can borrow up to 70% of the property’s value, though many lenders feel more comfortable offering up to 60% LTV.
As a non-resident, it’s also important to keep in mind that interest rates tend to be higher and repayment periods shorter. For residents of Spain, we can often secure up to 80% of the property’s value, and in some cases, even up to 90-100%, depending on the circumstances.
For a quick idea of what you might be able to borrow, feel free to use our mortgage calculator at Finance Consulting Group!
How long does it take to get a Spanish mortgage approval?
We can secure written pre-approvals in as little as 48 hours, though the full process may take up to 10 working days depending on the lender.
When applying for a mortgage in Spain, lenders focus on two main factors:
Loan-to-value (LTV) ratio: For residents of Spain, banks typically offer up to 80% of the property’s purchase price. For non-residents, the maximum loan currently available is 70%, although 60% is the more common amount granted.
Debt-to-income (DTI) ratio: Your overall debt and income are key considerations for mortgage approval in Spain. Lenders use this information to determine how much you can afford to pay monthly on your mortgage, typically allowing your total debt to represent a certain percentage of your gross income. Most lenders accept a DTI of around 30-35%, though this can rise to 40% in specific cases.
With Finance Consulting Group, we aim to streamline the process, making it as efficient as possible for you to get the mortgage approval you need.
How long does it take to get a Spanish mortgage approval?
We can secure written pre-approvals in as little as 48 hours, though the full process may take up to 10 working days depending on the lender.
When applying for a mortgage in Spain, lenders focus on two main factors:
Loan-to-value (LTV) ratio: For residents of Spain, banks typically offer up to 80% of the property’s purchase price. For non-residents, the maximum loan currently available is 70%, although 60% is the more common amount granted.
Debt-to-income (DTI) ratio: Your overall debt and income are key considerations for mortgage approval in Spain. Lenders use this information to determine how much you can afford to pay monthly on your mortgage, typically allowing your total debt to represent a certain percentage of your gross income. Most lenders accept a DTI of around 30-35%, though this can rise to 40% in specific cases.
With Finance Consulting Group, we aim to streamline the process, making it as efficient as possible for you to get the mortgage approval you need.
Do we have to pay a consultancy fee to find out how much we can borrow on a Spanish mortgage?
No, we work on a no-mortgage, no-fee basis. We analyse your case and get preliminary quotations from banks on your behalf, completely free of charge.
What is the process involved in securing a Spanish mortgage?
We begin by understanding your needs and walking you through the process of securing a Spanish mortgage. Once you provide us with the necessary details, our experienced support team will present your application to the banks that best align with your requirements.
After receiving the mortgage offers, we will guide you through your options and assist you in choosing the mortgage that best suits your circumstances. At Finance Consulting Group, we aim to make the process as smooth and efficient as possible.
Can I get an interest-only mortgage in Spain?
At this time, interest-only mortgages are not offered in Spain. Most lenders have moved away from this type of mortgage, focusing instead on more traditional repayment structures.
Is there an upper age limit for securing a mortgage in Spain?
In Spain, obtaining a mortgage becomes more manageable as you approach retirement age, since banks consider your pension income when assessing your loan eligibility. Typically, loans can extend until your 75th birthday, and in some cases, they may even be available until you reach 80 years of age.
