Getting a mortgage in Spain might be your opportunity to enter the desirable Spanish real estate market and make a sound investment. Many people around the world wish to buy property in this Mediterranean country due to its attractive qualities, such as the pleasant weather, amazing beaches and natural surroundings. To decide whether to grant you a loan, lenders require a credit check for the individuals applying. Depending on your residential status, you will need to present different types of documents.
All Spanish checks, also called CIRBE reports, are done by the Risk Information Centre, which depends on the Bank of Spain. They will evaluate different aspects of your history and can find any bad debt records you may have, lowering your score. In general, banks require you to have a good credit history to qualify for a mortgage. However, if this is not your case do not be discouraged, you might still be able to get a loan, but the bank will probably ask for higher collateral than for people or entities with better credit ratings.