How much mortgage can I get?

There are many reasons people decide to buy property in Spain. The welcoming environment, pleasant weather, stunning landscapes and amazing food attract anyone who is searching for a better and improved lifestyle. If you are ready to make this positive change in your life and buy your first property in this beautiful Mediterranean country, there are a few things to bear in mind if you are considering doing so with a mortgage loan. 

Firstly, the amount you will be able to borrow will depend on different aspects of your current financial circumstances such as the capital and assets you hold,  your annual income which includes your net salary before tax, any rental income you may already have and other sources of income. Secondly, your monthly expenses which include existing loans, insurance and any additional financial commitments, such as credit card payments. Your savings and credit history will also play a part in how much mortgage you can get to buy property here. Generally, Spanish residents can get loans that cover up to 80% of the appraised valuation. Non-residents purchasing a property from overseas can usually get between 50% and 80% of the valuation and they may incur higher interest rates.