Duration and Age Spain

Duration and Age

Regarding the age aspect, the financing culture in Spain is different from that in the Netherlands. The maximum age at which a mortgage must be terminated is at age 75. This aspect has an impact on the maximum term and thus the feasibility of a mortgage application.

Maturities of 30 years are possible for non-resident buyers, but at most Spanish banks the maximum maturity is 25, or 20 years.

The age at which a mortgage is applied for has an impact on the maximum amount that can be borrowed. This is because the maximum amount to borrow is lower when the monthly payments are higher. And monthly payments are higher with an annuity mortgage when the term is shorter.

Sometimes, for medical reasons, it is not possible to obtain death benefit insurance. Thus, if the bank requires death benefit insurance, it can be a showstopper for the mortgage. Contact us to discuss how to get around this problem.