Banks have agreed almost 30% LESS Spanish mortgages over the 12 months leading up to May 2013 and all of this in spite of the fact that banks are back in profit…in a big way…!!!
Here in Tenerife banks are supposedly allowing residents to borrow up to 80% of the value of the property, but being nearly 100% perfect in your financial status is pretty much a requirement. As a non-resident, you may be allowed to borrow up to 70% but in all probably less, depending upon what the bank decided and even then it is not that straight forward. If you are self employed in your country, then it will likely be even more difficult.
Obtaining Spanish mortgages is not getting any easier even though that banks seems to be rolling in it again…not that they ever seem to have stopped rolling in it to be honest.
To get the ball rolling in an attempt to get a mortgage from a Spanish bank, you would need to complete a fact find form so that a decision in principle could be made and you would be told what amount of funds you would be allowed to borrow.
Click the link for more information on how to obtain a Spanish mortgage.