Living In Spain
- Spain is an EU member state, therefore British citizens are legally entitled to live and work there.
- Some 40 million people live in Spain, a country twice the size of the UK.
- 750,000 Britons have already made their homes in Spain.
- Most Britons are attacted to Spain by the combination of a high quality of life and a warm & sunny climate.
- Although it's often thought that most of the British in Spain are retired, around 40 percent are actually under the age of 45 and another 40 percent are in the 45 - 64 age group.
- The number of families with children moving from the UK to Spain is increasing.
- Spanish culture is very child-friendly. Children are more likely to be involved in occasions and events that they are in the UK. Family ties are often more prized in Spain than the UK.
- House price inflation has been high in most parts of Spain in recent years. Ultra-cheap property is a thing of the past, although the credit crunch has brought the property market crashing to a halt. British bargain-seekers are now house-hunting in areas far removed from the coastal resorts.
Life In Spain
Getting a Mortgage in Spain
Most Spanish-based lenders do not provide mortgages based on an income multiple. Instead, they compare your repayments with your income. They work on the principle that your mortgage repayments should be no more than one-third of your income.
Buying a House in Spain
When you buy a property in Spain, you will face a number of associated costs such as a valuation for mortgage purposes, legal fees, stamp duty, etc. Your largest additional costs are likely to come in the form of tax. If you buy a house from a developer, you should allow for total additional costs of around 12 percent.
Buy to Let in Spain
You may struggle to find any mortgage product called "buy to let" for Spanish property. By shopping around, however, you will discover a variety of lenders who allow the rental income to be taken into account to increase the amount of mortgage they will advance to you.
Finding the Ideal Location
Will you require easy access to typical holiday type facilities such as bars, restaurants, nightlife and golf courses, or would you prefer a quieter, more isolated location? Would you prefer to live on the coast or inland?
