How a mortgage works for foreign buyers
| Step | What happens |
|---|---|
| Pre-approval | Bank reviews income and assets |
| Valuation | Independent valuation of the property |
| Binding offer | Bank issues the offer and documents |
| Notary review | Free session with the notary before signing |
| Completion | Mortgage signed together with the purchase |
Protecting your deposit
If the purchase depends on financing, the arras contract should allow you to recover the deposit if the mortgage is refused. See property purchase lawyer.
Refinancing and disputes
We review existing mortgages, negotiate refinancing and challenge abusive clauses before the courts. See civil lawyer.
Example: mortgages in Mallorca
Based on situations we commonly see; not a specific client. A Norwegian couple's bank valued their chosen apartment below the price, reducing the loan. Because their arras contract included a financing condition, they renegotiated the price instead of losing their deposit.
Mortgages and the purchase timetable
A mortgage changes the timetable of a purchase. The bank needs its own valuation, the binding offer must be available at least ten days before signing so that you can review it with the notary, and completion has to be coordinated between seller, buyer, bank and notary on the same day. We plan the arras contract with dates and conditions that leave room for the mortgage, so that a delay at the bank does not cost you your deposit.
Our collaborators for mortgages in Mallorca
For every service we work with trusted collaborators when a matter needs them: notaries, architects and surveyors, tax advisers at Castell.tax, sworn translators, banks and mortgage brokers, property managers and specialist lawyers in other parts of Spain. You keep one lawyer as your single point of contact, and we coordinate everyone else.
Castell.law is the English and German-speaking practice of Castell Abogados, a law firm in Palma de Mallorca. This page is general information, not advice on a specific case: laws and procedures change, so check your situation with us before acting.
Not sure where you stand? Ask before you sign
Tell us about your matter or send us the documents you have. A lawyer will explain the risks, the options and the cost before you commit to anything.
Questions about mortgages in Mallorca
Can non-residents get a mortgage in Mallorca?
Yes, usually with a lower loan-to-value than residents.
How long does a mortgage take?
Several weeks; we align it with the purchase calendar.
What if the bank values the property below the price?
The loan may be lower; the contract should protect you.
Do you work with mortgage brokers?
Yes, with brokers and banks we trust.