If you find yourself short on cash, one straightforward solution is to leverage a property you already own in your current country of residence. By mortgaging this property, you can secure financing for your new property on the Costa del Sol. This approach offers several advantages, with the speed of the transaction being a paramount benefit.
Alternatively, you can explore the option of obtaining a loan from a Spanish bank. Spanish financial institutions are becoming more flexible in extending mortgages to foreigners. Typically, the terms include mortgages with a duration ranging from 5 to 15 years, often covering up to 70% of the purchase price, with an interest rate approximately 1 point above the current EURIBOR rates. Eligibility for the loan requires demonstrating sufficient income to meet monthly repayments, and the bank assesses the value of the property. The assessed value typically aligns with the market value of the property.
