Earnings ? proof of your financial situation could include employment documentation (such as payslips) or proof of self-employment (such as company tax returns), or some form of official tax declaration from the country you reside in.

Identification ? proof of who you are. Passports, driving licences and bank account details will help to show who you are and where you reside, particularly if you are not a Spanish resident.

How Much Money Will I Be Able To Borrow?

The biggest LTV (loan to value) rate that you can apply for in Spain as a non-resident will be 80% of the cost of the property.

Some Other Things You Might Need to Understand

* You can to apply for a mortgage loan in Spain for all kinds of residential property.

* It normally takes up to 1 month for successful mortgage applications to be finalised.

* Spanish mortgages will enable you to purchase a property on mainland Spain or on the Balearic or Canary Islands.

* You will have to insure your residence as a condition of your Spanish mortgage.

* The duration of most Spanish residential mortgages is between 10 and 30 years.

* Nearly every Spanish lender will charge a penalty for repaying a mortgage early. The amount of the penalty will probably be between 0.5 and 1.5 percent.

* Residential valuations will be managed via your Spanish mortgage lender. You will have to pay the valuation charge before the valuation is carried out.

What Is Customary When Buying a Property in Spain?

Once you have reached an agreement on a purchase the entire buying process will take approximately four months.

First you must pay a deposit against the property and sign legally binding documentation called compra-venta. Your deposit will normally be approximately 5 to 10 percent of the purchase price, and together with the compra-venta, will freeze the purchase price.

After this comes the signing of other legal documentation such as the title (called the escritura). The escritura needs to be signed by the buyer, vendor and witnesses. At this point you must settle the balance of the purchase and also pay taxes and other associated costs.

Finally you will be formally recognized as the owner of the residence at the land registry (Registro de la Propiedad).

If you expect to reside more than six months of the year at your Spanish residence you have to apply for a residencia, which gives you the right to travel without restrictions throughout Spain and also pay less tax.

The Price of Mortgages in Spain

Spanish lending rates are closely tied to the estimations of the European Central Bank but are also related to the Euribor (Euro Interbank Offered Rate): the currency of Spain's mortgage loans is the Euro, which is now the currency of Spain.

If you are thinking about investing in a property in Spain, you might be in for a agreeable surprise. Traditionally, euro-linked mortgage interest rates have proven lower than most other "foreign" mortgage rates, and Spanish mortgage interest ratesinterest rates are still stable in spite of a slow down of the Spanish property market. As a result, it could be a opportunit's time to consider about acquiring your Spanish idyll!

A Few Words to Take Note Of

You Should bear in mind that it is vitally important to instruct a suitably qualified solicitor to work for you when you purchase a property in Spain. If you don't talk Spanish, be certain that your solicitor is able to communicate with you (both written and spoken) in a language that you speak well.