Mortgage: ask for some money in Spain or in your country
If you are a foreigner in Spain and you are thinking about buying a house here, surely you will have the doubt of if it is better to get your mortgage in Spaing o in your own country.
Would change your mortgage if you are from Spain or from other country? Yes, it would. Does it depend on the country you come from? As well.
On the one hand we would like to make clear that if you are Spanish and living abroad, the conditions of the mortgage you ask for will be the same than if you were living in Spain.
These options do change if you are a foreigner and depending on your country of origin. If you come from an European country member of the Europear Union, England, United States, Canada or any country with a similar economical and cultural level, Spanish banks will be open to hear your proposal. However, it is possible that if you come from East Europe countries or from others counties, you can find more difficulties to get your mortgage.
The reason of this selection is not racist, but it depends on the Spanish banks knowledge about the legal and economical systems of the country you come from.
On the other hand, you have to take into account that not all the banks give mortgage to foreign people. Some legal systems prevent the banks the possibility of seizing in foreign countries, so they can do nothing if you decide not to pay regularly.
If you compare a foreign mortgage to a Spanish one, you will see that the Spanish can receive around the 80% of the price, while the foreigner can receive between a 50%-70%. You also have to know that so many banks are preparing special plans for foreigners.
In so many cases, a foreigner can be interested in contacting with a bank in their own country which make them possible to have a mortgage in Spain. France, Sweden or Norway are interesting countries to these plans.
Said this, you can get advised for an expert in the real estate sector as one of our agents. We are used to working this kind of process so that you don´t worry for anything.