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If you are thinking of designing and building your own villa in Spain, you may be interested to know if Spanish mortgages are available for the project.
In the good old days when banks were actually inclined to lend money to people(!), it was common practice for Spanish banks to lend up to 50% of the value of a plot of land. So for instance, if you were interested in buying a plot of land in Spain for €350,000, you could expect to be able to borrow €175,000 – subject to status of course.
Nowadays, banks are reluctant to offer mortgages for plots in Spain. They would prefer to see a client using his/her own money as a sign of personal financial commitment to a project.
Mortgages for projects are still available, and if all your paperwork is in order, you can expect to be able to get a mortgage of around 50% - 60% of the expected final project value, paid to you in stages during the build process. Some banks are also offering interest only mortgages in Spain for the purposes of self build projects in Spain.
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