Buying property in Spain
Note: As for all credits, the bank does not commit to grant a loan and that any credit is offered on a case-by-case basis and subject to the client’s specific situation. Skandinaviska Enskilda Banken AB (publ) is subject to the prudential supervision of the Swedish Financial Supervisory Authority, Finansinspektionen. SEB Luxembourg is furthermore supervised by the Luxembourg Financial Supervisory Authority, Commission de Surveillance du Secteur Financier (the “CSSF”), in its role as host member state authority.
Whether you're looking to buy a new property, refinance an existing mortgage, or switch from another bank, we’re here to support you right from the start. With more than 20 years of experience in mortgaging Spanish properties, your dedicated client executive will help you to find the right mortgage solution tailored to your needs.
With access to our extensive network of local experts and global partners, we offer mortgages for properties in prime Spanish locations, including Costa del Sol, Mallorca and Ibiza.
A few things to consider
- We offer a minimum loan amount of EUR 500,000 and up to 75% of your property’s value*.
- We offer a personalised amortisation plan including the option of an interest-only period. Depending on your financial needs, the tenor can extend up to 20 years.
- Our Spanish mortgages are provided in EUR and the interest rate is variable. By having your property and loan in the same currency, you limit potential foreign exchange risks.
- The mortgage is secured on the Spanish property itself. Additional collateral is not usually required.
We recommend that you reach out to us as early as possible in the process, always prior to signing any binding agreements. The mortgage process in Spain typically takes two to three months. You have a mandatory 10-day reflection period to review the terms before making your decision.
* This refers to the value according to the current market valuation performed for the purpose of the mortgage application, or the purchase price of the property, whichever is lower.
Buying property in Spain: step by step
1. Loan application
Before finding the property that you want to buy you can apply for a preliminary credit approval. This gives you the indicative terms of the loan and is valid for six months. It enables you to act quickly when the right opportunity arises.
2. Valuation
Once you have found a potential property to purchase, the next step is to request a valuation. It will be done by an external expert who is approved by us. The cost for this valuation is charged to you.
The Loan-To-Value (“LTV”) of your mortgage loan is based on the lowest amount of the purchase price and the external valuation.
3. Preliminary sales agreement
When you and the seller have reached an agreement on the conditions of the purchase a preliminary sales agreement might sometimes be signed. Please note that this is not mandatory.
Historically real estate agents in Spain have not been required to have a licence. This is now changing but it is still important to know that it differs from the Nordics. The main objective for a Spanish real estate agent is to connect buyer and seller without advising on the legal aspect of the purchase. As a buyer it is therefore our recommendation that you have your own legal support throughout the process.
4. Loan contract
When the due diligence procedure on the property is completed by a Spanish lawyer representing SEB and the formal credit decision taken, we send you the binding loan offer. After 10 days of mandatory reflection period, you can sign it and return it to us.
Before sending us the originals by postal mail or courier (DHL, UPS etc.) we need you to send us a scanned copy of the complete signed loan agreement.
5. Completion day
The signing of the final purchase and mortgage deed takes place in the notarial office. You must either be physically present at the meeting or arrange for representation via power of attorney.
A notary is a public official authorized by the Spanish government. The notary is responsible for establishing the mortgage deed and the registration with the mortgage registrar.
6. Enjoy your property
Congratulations!
Get to know more
Please reach out to your client executive or contact our international mortgage team to discuss how we can help you find the right mortgage plan.
Postal address : P.O. Box 487
L-2014 Luxembourg
Office address : Skandinaviska Enskilda Banken AB Luxembourg Branch
Royal Park, 29, Avenue de la Porte-Neuve, L-2227 Luxembourg
Switchboard : +352 262 31