LTV: Maximum For residents 80%. For non-residents 70%

Rates: Based on the Euribor Rate plus a margin of 1.75 -2% depending on lender and LTV

Term: Spanish mortgage terms range from 5 to 40 years, are dependent on age and the lender involved. Most Spanish banks will expect the mortgage to be repaid by age 70 but it is possible to obtain a mortgage in Spain up to age 80. If we do recommend a Spanish lender, the documentation supplied will always be in Spanish, so if you're Spanish isn't good you may want to use a UK lender ( Max LTV 60%).

Products: Both variable rate and fixed rate repayment mortgages are available, but interest only mortgages are limited to a 5 year duration. If you buy a Spanish property which already has a good mortgage on it you can arrange to take over (subrogate) that existing mortgage, which will save on all of the setup fees for a new mortgage. Spanish lenders will also charge the buyer a lower arrangement fee for this.

We can offer Currency Switch mortgages ( Max LTV 60%) for the astute non-resident borrower, which allows you to switch the loan between currencies twice a year with no charge or more often for a fee.

Releasing equity and re-mortgaging in Spain is only available through certain lenders, mostly UK based. Not all banks will provide this facility. Because of the legal process of securing a mortgage in Spain it is more difficult and costly to make any changes to your Spanish mortgage post completion.

Affordability: Criteria vary from lender to lender, but Spanish lenders will want to see that with the costs of the mortgage your monthly fixed expenses do not exceed 35% of your proven monthly income.

Risk Profile: Generally foreign buyers are seen as high risk by Spanish banks, as the loan is generally not for your primary residence. Historically the default rate for holiday home mortgages was higher than those on primary homes. If it is for your primary residence then we will ignore the UK lenders and focus on the Spanish, as they cater better to that market.

Buying Process: Foreign borrowers must obtain a Non-Resident Buyers' Identification Number (NIE) before purchasing a Spanish property. We advise you to seek legal advice regarding your application for a NIE.

Costs: We would suggest you allow at least 12% of the purchase price to cover your purchase and finance costs in Spain in full and that you make sure you are made fully aware of the provision of costs for completion by your lawyer. It is only possible to add these costs to the mortgage if, when added, they don't increase the mortgage above the maximum LTV advised by the lender.

The other costs relating to the mortgage deed, including:

• mortgage tax, (AJD) is a percentage of the mortgage which varies according to the size of the mortgage and the region of Spain

• registry costs, - both the deeds and the mortgage have to be registered

• some of the purchase deed costs like notary fees are deducted from the gross mortgage advance.