Question 1

Can I get a mortgage in Spain as a non-resident?

Accepted Answer

Yes, non-residents can obtain mortgages in Spain, typically up to 60-70% of the property value.

Question 2

What are the additional costs of buying a property in Mallorca?

Accepted Answer

Additional costs include transfer tax (8-13%), notary fees, land registry, and legal fees, totalling approximately 10-15% of the purchase price.

Question 3

What is the current interest rate for mortgages in Spain?

Accepted Answer

Current mortgage interest rates in Spain range from 2.5% to 4.5%, depending on fixed or variable type and borrower profile.