Question
Is securing a mortgage in Spain for a couple, one being self-employed (autónomo) and the other a full-time employee, akin to the UK’s requirement for a few years of income records?
Answers
These are the answers of some Facebook group members:
”Most banks ask for minimum two years if you’re an autonomo and one year if you’re an employee. We are in the same constellation and got our mortgage earlier this year. I was just 1.5 years in but in combination with my partner it was enough”
”I was offered but didn’t take up a mortgage in my first month of being autonomo and without having submitted any declaración de renta in Spain. They said they could offer based on my salary records while employed”
”I remember it being less than a year. Probably depends on the bank, your combined income and other factors like what industry etc. At least it’s much better than my native Sweden where you can have a consistent, high income for years but if it’s from your own company it doesn’t count”
”A couple of years minimum unless you have a lot of money assets”
”I’m in a similar situation, 8/9 months autonomo and my partner a fulltime employee, my partners bank BBVA told him we should wait until I’m a year in , however we went to speak with bankinter [ recommended by sister who got her mortgage there] and they told me it’s not an issue I just need to show my last three trimesters income. This is all based on us having a 20 percent deposit plus taxes and fees”
”Im our experience, autónomo wasnt an issue at all. The problem was that we didnt have a recent declaración de la renta as we had lived abroad from many years. As soon as we had it, we got a mortgage without problem (with Bankinter) despite both of us being autónomos”
”Not easy, got my mortgage before I turned to autónomo but last week I called my bank for a loan for a personal project and they charge me 12,38%. My soon to be husband gets it for 5,05% at his bank. I have been autónomo now for 11 years and got no savings but no debts either and my own home. Very embarrassing but true”
”Think it would depend on how much you have as a deposit and to cover fees etc, some banks differ and if you have a partner with income etc”
”We asked Santander if we could get one if we could have 40% of the sale price and they said it should be possible. We’ve been autonomo for less than a year”
Conclusion
In conclusion, According to Spainguru Facebook group members, Securing a mortgage in Spain varies, with banks typically requiring at least two years of income records for self-employed individuals (autónomos) and a year for employees. However, experiences shared by group members highlight differences among banks, industries, and individual circumstances.
Some successfully obtained mortgages with less than a year of autónomo status, emphasizing the importance of factors like a substantial deposit, steady employment, and the specific bank’s policies. It is recommended to explore multiple banking options to find the most favorable conditions based on individual situations.
