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2. Getting a mortgage in Spain

The mortgage is the standard way to finance a property purchase in case you do not have the full amount of the purchasing price at the moment of the signature of the title deed in front of the Spanish Notary.

The mortgage is a contract between lender and borrower to assure the borrower will refund the debt (price of the mortgage); if the borrower does not repay the debt, he will lose the property pledged.

The mortgage will be registered at the Spanish Property Registry (Registro de la Propiedad) to evidence that is the preferential charge in the property. A non registered mortgage is an ordinary loan and therefore does not constitute a preferential charge on the property.

Like most aspects of property purchase in Spain, your Abogado (Spanish Solicitor) can obtain a mortgage for you; howewer he will probably be dealing with one bank and one sort of mortgage.

If the property that you want is already mortgaged, you can do either of two operations: the subrogation and the novation of the mortgage.

THE NOVATION: In this case you accept the existing mortgage and renegotiate with the lender the better conditions.

THE SUBROGATION: In this case yo change the actual lender for another and obtain a new mortgage loan on the property.

 

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