The amount of deposit you would need for a 1 million property in Spain depends on the loan-to-value (LTV) ratio set by the lender. In Spain, the maximum LTV for non-residents is typically around 70%, which means you would need to provide a deposit of at least 30% of the property’s value, or 300,000 euros, to secure a 1 million euro mortgage.
However, some lenders may require a higher deposit, depending on your financial situation and credit history. It’s important to shop around and compare mortgage options from different lenders to find the best deal that suits your needs. If you are buying a more unusual property or require a big mortgage you may well need a 50% deposit.
There are additional costs charged in Spain, which we do not have in the UK. For example, you should consider other costs associated with buying a property, such as legal fees, taxes, and property maintenance costs. The taxes you pay will vary depending on the region of Spain you are buying in.
Do you need a Spanish mortgage? Contact yourspanishmortgage.co.uk for expert advice
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