Mortgages are available for non-residents of Spain up to the value of generally 80% of the property price although this can be higher in certain circumstances.The mortgage can be arranged through the leading Spanish banks that are based in Fuerteventura and of course are subject to status. Minimal proof of income is required including 3-6 months payslips, last p60 form, bank statement and a copy of passport. (For self employed people last years tax return shall be required instead of payslips). Non-status mortgages can also be obtained up to the value of 50% of the property purchase price.
Mortgages can be granted for up to 30 years dependant upon age and income (providing the applicant has not reached the age of 70 by the final repayment year).
Interest rates in the Canary Islands and Spain are currently amongst the lowest in Europe running on avaerage between 3.25% - 3.5%. The mortgage can be paid by capital repayment or interest only, you can also obtain fixed rate mortgages but the rates are generally much higher.
The other important note about obtaining a mortgage in the Canary Islands is that you are separating your assets from those at home and are not tying up yourprimary residence to secure the monies to purchase your property in Fuerteventura. |