A. Mortgages can easily be obtained in Spain for the purchase of real estate and many use the facility to acquire several properties for rental. The income is then used to repay the mortgages. Banks offer very competitive interest rates (as low as 4%) and the amount you can borrow may be upto 75% of the bank´s valuation on your property.
You should be able to earn per month at least three times your expected monthly mortgage repayment.
You will have to assemble some of the following documentation:
- Income tax return.
- Bankers standard letter of good credit standing and reputation.
- Salary slip- P60´s.
- Statement of accounts, if you are self-employed.
Some real estate agents arrange mortgages. Otherwise, your lawyer will help you out in the process for a reasonable fee.
