All mortgages are full status. Proof of income and outgoings will be required. Spanish mortgages can be arranged for acquisition, renovation & construction. Due to the nature of financing new properties a "letter of intent" is issued by lenders rather than a mortgage offer, until the property is completed. Re-mortgages are available through specialist lenders.

A minimum deposit of 25% of the purchase price is required and you will also be liable for solicitor's fees.

Euro & Sterling mortgages are available on a Repayment or Endowment basis. The minimum loan amount is £ 15.000 and can be on a 5-25 year term. All mortgages should be fully repaid by the age of 70 and life cover is required by lenders. The mortgage is secured on the property in Spain.

Spanish lenders assess eligibility for a loan on the applicant's ability to service the loan and not potential rental income from the property. The general guideline is as follows: of an applicant's net income 35% should cover existing outgoings and the monthly repayment on the Spanish Euro mortgage. If you are self-employed income is assessed as the average of the last three years' net income. Rental & investment income will also be considered. If employed, a lender will base your income on your payslips and the amount that is credited to your account monthly. Outgoings considered are liabilities such as mortgage/ rent in the UK, personal loans & maintenance commitment.

For example - If you have a net monthly income of £ 2000 with a UK mortgage of £ 500 and no other outgoings, taking into account 35% of the income, that is £ 700, a borrowing with a monthly repayment of £ 200 could be considered.