Calculator for Pre-Approval Mortgage in Spain and Portugal
Planning to invest in property in Spain or Portugal? Whether you're a resident or non-resident, understanding how much you can borrow for a mortgage is essential. Use our user-friendly mortgage calculator to get a quick estimate based on your circumstances.
How It Works:
Select Your Residency Status: Choose whether you're a resident or non-resident.
Enter Property Details: Input the property's purchase price or valuation.
Discover Your Borrowing Limit: Get an estimate of how much you can borrow.
Consider Additional Costs: Factor in fees and taxes for a comprehensive budget.
For Residents of Spain:
Residents can typically secure mortgages covering up to 80% of the property's purchase price or valuation. This means that if you're a resident, you may need to provide a down payment of 20% of the property's value.
For Non-Residents Buying Property in Spain:
Non-residents purchasing property in Spain generally face different conditions. The maximum amount non-residents can borrow is typically capped at 70% of the property's purchase price or valuation. Additionally, non-residents might encounter higher interest rates and shorter repayment terms compared to residents.
Fees and Taxes in Spain:
When buying a property in Spain, it's essential to budget for various fees and taxes, which can be approximately 12% of the purchase price. These costs typically include:
Notary Fees: For the legal aspects of the property transaction.
Property Registry Fees: To ensure the property is properly registered.
Value Added Tax (VAT): Applicable to new properties, currently set at 10% (rate may vary).
Transfer Tax (ITP): Applicable to resale properties, varying by region (6% to 10%).
Other Costs: Legal fees, property valuation fees, and mortgage arrangement fees (if applicable).
These additional expenses should be considered on top of the down payment to create a thorough financial plan for your property investment.
Make informed decisions about your Spanish property investment by calculating your mortgage eligibility with our tool.
How It Works:
Select Your Residency Status: Choose whether you're a resident or non-resident.
Enter Property Details: Input the property's purchase price or valuation.
Discover Your Borrowing Limit: Get an estimate of how much you can borrow.
Consider Additional Costs: Factor in fees and taxes for a comprehensive budget.
For Residents of Spain:
Residents can typically secure mortgages covering up to 80% of the property's purchase price or valuation. This means that if you're a resident, you may need to provide a down payment of 20% of the property's value.
For Non-Residents Buying Property in Spain:
Non-residents purchasing property in Spain generally face different conditions. The maximum amount non-residents can borrow is typically capped at 70% of the property's purchase price or valuation. Additionally, non-residents might encounter higher interest rates and shorter repayment terms compared to residents.
Fees and Taxes in Spain:
When buying a property in Spain, it's essential to budget for various fees and taxes, which can be approximately 12% of the purchase price. These costs typically include:
Notary Fees: For the legal aspects of the property transaction.
Property Registry Fees: To ensure the property is properly registered.
Value Added Tax (VAT): Applicable to new properties, currently set at 10% (rate may vary).
Transfer Tax (ITP): Applicable to resale properties, varying by region (6% to 10%).
Other Costs: Legal fees, property valuation fees, and mortgage arrangement fees (if applicable).
These additional expenses should be considered on top of the down payment to create a thorough financial plan for your property investment.
Make informed decisions about your Spanish property investment by calculating your mortgage eligibility with our tool.
Looking to Buy Property in Spain?
Check Our Mortgage Offers!
Down Payment: 20%
Minimum Down Payment: 20% of the property value.
The down payment is too low. It must be at least 20% of the property value.
Monthly Payment: 0 EUR
Total Interest: 0 EUR
Breakdown: Principal 0 EUR, Interest 0 EUR
Purchase tax (ITP) varies by autonomous community in Spain and typically ranges between 6% and 10%.
