Get tailored advice when buying your new home in Spain from the UK
UK residents make up the largest portion of foreign property buyers in Spain at 9.5% of all foreign purchases in Spain during 2021. Historically, the volumes have been even greater, topping 30% in 2009. If you have become enchanted by the idea of buying a holiday home or investment property along the vast expanses of beautiful coastline or rugged mountain regions of Spain, Homevest and Del Canto Chambers can help you along the way.
Having decided that you finally want to voyage overseas and buy your dream house in Spain, be it on the Canary Islands, Balearic Islands or along the Costa del Sol, there is a plethora of documentation you will need.
If you are in need of tailored legal advice, we recommend getting in touch with Del Canto Chambers, a dual-qualified, multi-lingual tax law firm, experienced in acting on behalf of clients living in the UK that need legal advice for affairs in Spain.
Read on for an overview of what to expect when buying property in Spain or click here to explore how Homevest can help you compare mortgages and apply for financing with Spanish lenders.
UK citizens buying property in Spain have a wide selection of mortgage offers to choose from
Due to the strong demand in the Spanish real estate market among foreign nationals, including Britons, most banks tend to be open towards extending credit to non-residents applicants for properties in Spain.
When applying for a mortgage in Spain as a UK citizen, you should expect the following requirements:
- Minimum 30% contribution as a deposit towards the property price
- Maximum mortgage repayment of 30 years
- Minimum property value of 100,000€
- Property or land can not be in a Rustic area (Suelo Rústico)
- This is considered “non-residential” land and thus not within the municipalities approved development plan meaning that it does not have a right to live on or a valid building permission.
- The option to choose between fixed, mixed or variable interest rate.
Study your mortgage options and get started with your personalised budget here.
When buying a house and getting a mortgage you will need the following documents:
- Proof of identity (Passport)
- NIE - "Número de Identidad de Extranjero"
- The NIE number is an all-purpose ID and tax number in Spain
- Pay slips (at least last 3 months)
- Last year's P60 form for employed applicants or last 3 years of S302 forms for sole traders.
- Last year's tax return
- Proof of main residence:
- For homeowners: Land Registry title.
- For renters: Lease agreement.
- Employment contract (including annexes)
- Bank statements (at least last 6 months)
- Savings and investments statements (to prove origin of deposit)
- UK credit report
In some situations, including when having mortgaged another property already, banks will ask for additional documentation to classify eligibility and assess risk.
Get in touch with a dual-classified barrister to make the process of buying property in Spain or relocating easier
Even with all this information in your pocket, you might find yourself in need of more detailed legal advice. Del Canto Chambers is a UK-based dual-qualified law firm regulated by the Bar Standards Board in England and the Madrid Bar in Spain.
Del Canto Chambers can offer you personalised services related to, among other:
- Digital Nomad Visas
- Golden Visas
- Property taxes
- Acting on behalf of you with a Power of Attorney
If you want to realise your dream of buying a home in Spain, get in touch with Homevest to compare your mortgage options and apply with local banks. At the same time, we will be happy to also offer the services of Del Canto Chambers if you require more advanced legal services.