The term international retirement has been popular lately. Retirees wishing to explore new cultures prefer relocating to overseas countries for their retirement periods. Besides, some retirees want to take advantage of the lower cost of living in other countries. Because some countries offer better living standards for their retirement salary such as Spain.
Getting Mortgage To Buy Property In Spain
Do you want to move to Spain and buy a home with a mortgage? You probably don’t know how to get a mortgage to buy in Spain, especially doing it over the age of 60. Age sixty was once considered old throughout the world. However, many people are working till their 70’s in today’s world. Moreover, you can get mortgage for property in Spain even at the age of sixty-five if you meet certain criteria.
Getting a mortgage for property in Spain at the age of sixty or over is not so different than doing it at younger ages. Lenders want to make sure you are capable of paying your installments rather than looking at your age. However, as you would appreciate, getting a thirty-year mortgage would be impossible at the age of seventy-five as the final installment would be at your age of 105.
A similar condition applies to younger ages like the 50s. Age limits affect the duration of the mortgage at the age of ’50s. The duration of the mortgage cannot exceed twenty years for applicants over the age of fifty.
If you want to get a mortgage for overseas property in Spain, you need to prove your capability to pay your credit by showing the following:
Income confirmation: Banks will certainly want to see your proof of income to ensure you can pay your installments. Having at least a 2.000 Euro income streamlines the mortgage process.
Credit score: A good credit score affects the acceptance of your mortgage application and the amount of the loan.
Current debts and debt to income ratio: A list of your current debts and their proportion to total monthly income will help understand your capability to repay your loan.
In addition to the above criteria, there is a purchase limit of 100.000 Euros for foreigners wishing to buy property in Spain with a mortgage. If the property price is below this amount, it is advised to use personal savings for the purchase.
Why Spain For International Retirement?
Spain offers a low cost of living, a European lifestyle, and a temperate climate to retirees. For this reason, many retirees move to Spain from their countries to spend their retirement period. Mild winters and a nice summer climate provide a comfortable life. Related pages; All About Retirement in Spain
The Mediterranean climate has a great impact on Spanish cuisine. Food in Spain consists of all necessary nutrients from fresh vegetables to seafood and meat. A healthy diet helps retirees to keep their physical condition better.
Spain is one of the most beautiful countries for living and tourist visits. Blue flag beaches, greenery, and historical heritage in Spain compose a wonderful environment in the country. Every single day, you can find something new to discover in Spain. Diverse attractions and activities make your days in Spain interesting and fun.
Another important factor drawing people from the world over to the country is the healthcare services in Spain. Spain offers quality healthcare services with modern hospitals, healthcare centers, and well-educated medical personnel. Short waiting times also enhance the quality of health services in Spain.
Last but not least, the property buying process in Spain is relatively easier than in many other countries. If you want to buy a home in Spain, put all your worries aside. Foreigners can easily buy property in Spain thanks to the streamlined property buying process in the country. Related pages; Is it Easy to Buy a Property in Spain?
If you want to relocate to Spain, buy a property, or get a mortgage, you can contact us for further information. Our team is ready to inform you about the legal processes in Spain regarding buying a home and how to get a mortgage in Spain.