Can I get a mortgage for a second home?

Spain is a very popular place to buy a second home and many people from around the world choose this beautiful Mediterranean country to invest in due to the low risk associated with buying here. If you are planning on buying a second home or a holiday residence in Spain, you can get a mortgage even if you already own another property. 

For a first home, non-residents in Spain usually get the same mortgage conditions as Spanish nationals, around 80% of the appraisal value of the property. For a second home, lenders usually cover between 50% and 70% of this value. As with any other homeowner’s loan, the percentage you get from the bank will depend on your net salary before tax, your different types of income, monthly expenses, current savings and credit score. This means you will need at least 30% of the price of the property available, plus another 5% to 20% to cover extra associated costs like taxes, notary fees and legal expenses.