Getting a mortgage with a Spanish bank grants numerous benefits like low interest rates, favourable write off conditions, easier for taxpayers to sort taxes out, no expensive bank commissions caused by international bank transactions etc.

There are advantages to doing business with a Spanish bank. While this requires additional coordination the effort pays off as you can take advantage of many benefits because of Spain’s general thrust of encouraging real estate investment by foreigners. It is in the bank’s best interests to grant mortgages to foreign investors, and you do away with the risk of your mortgage lender not knowing anything about local laws.

An increasing number of people are buying property in Spain are getting their mortgage with a Spanish bank It’s not just expatriates or people moving to Spain. In fact you will see a great deal of property investors, regular visitors to Spain etc.

Most of these people go to Spain’s two leading banks, both of which have an extensive range of mortgage products.. Caja Madrid, Spain’s second largest savings bank, is known for its special low rate mortgages and the superior way of serving customers. It has an extensive network both nationwide and around the world. The second option, Bankinter, has the best electronic banking facilites available in Spain. You can try to secure a mortgage offer from both then compare packages and weigh pros and cons.

Caja Madrid

In the last few years, Caja Madrid made huge investments in its services and operations to build a reputation for high standard, personalised lending services with very competitive rates, especially for non-residents. The online banking service has significantly improved, and they give advice and service over the phone. They also have a specialised staff who have been especially trained to handle the transactions of non-Spanish speakers in their native languages.

Caja Madrid is also has a policy of giving a reply within 24 hours of receiving their mortgage enquiry (in fact it can arrive on the same day if you send the query before 2:00 pm and give a phone number). They will also provide step-by-step instructions on the loan process.

Bankrinter B

Bankinter has some of the best international e banking facilities. They provide telephone banking services in Spanish, English and German. They have Internet banking facilities and will provide it the same day you open the account. You can even open an e-account through the web. They will process mortgage applications within 2 days and have good interest rates.