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MORTGAGES
If you consider buying property in Spain but you cannot afford to pay the total property price at the moment of purchasing, then you should apply a Spanish mortgage . Even if you are a non-resident you can raise a mortgage in Spain to buy any type of property whether it is an apartment or a house in the town or in the country side.
 Once decided to buy Spanish property you must open a Spanish bank account. After buying Spanish property, non-residents can have the same type of accounts than residents.
In Spain there are different types of bank accounts. If you want to buy property in Spain or if you already live in a Spanish property, you must open a current account to have complete liquidity that allows you to make withdrawals and all types of standing orders (like salary, pension and revenue from investment) and debit (like rent payments, bills for water, gas or electricity). When you are opening an account you will have to pay a small maintenance fee.
If you open a deposit account, your interest rate will depend on the period of time of the deposit and also on the amount you have deposited. In any case it will be higher than the rate of other accounts.
You may open a Spanish bank account in any currency quoted in Spain, as well as in Euros.
In Spain, mortgages are offered up to 80% as maximum for residents and 75% for non-residents. The financial institution will only need a proof that you will be able to raise the monthly mortgage payments. To prove this the bank will check that the sum of your monthly installment won't be higher than 35% of your monthly net income.
As the mortgage rates can be very different because the competition between Spanish banks is very keen. You should compare mortgages and search for the best mortgage rate.
To get a mortgage in Spain you have to be 25 years or older, in full time stable employment or you have been self-employed for a minimum of three years. You also need your passport or your residence permit and you will be asked for your NIF ( número de identificación fiscal ) or your NIE number ( número de identificación de extranjero ) which you can get at the foreigners department at the police station. You also have to fill in a form with the bank's general terms and conditions. The amount of your Spanish mortgage depends on your income and your financial commitments.
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