A mortgage loan? Cash?
Umida Lumsden
Umida Lumsden
The way you buy a property in Spain depends on your available capital and mortgage capacity. You can either purchase with a bank loan or with cash. Even if you have the funds to buy outright, financing is often recommended to keep liquidity and possibly access a higher-value property.
For residents, banks usually finance up to 80% of the lower amount between the purchase price and the appraised value. Buyers must contribute the remaining 20% plus 10–15% for purchase costs such as taxes, notary, and registration.
For non-residents, banks generally finance between 60% and 70% of the property value. This means you should have 30–40% in savings, plus 10–15% for transaction expenses. Mortgage terms for non-residents are shorter, usually 20–25 years, and interest rates can be slightly higher.
In all cases, a NIE (Foreign Identification Number) and full financial documentation are required.
With a commitment to excellence, personalised service and an in-depth understanding of the Palma property market, Umida Lumsden guides her clients through every stage of the buying and selling process.
Her approach combines professional advice, commercial insight and advanced real estate marketing strategies to showcase each property at its best, highlight its unique features and connect with the right buyers.
For homeowners looking to sell, Umida develops a tailored marketing strategy designed around the individual characteristics of each property, ensuring an exceptional presentation and maximising its appeal in the market.
For those looking to buy, she offers a discreet and personalised service, identifying opportunities that match their preferences, lifestyle and objectives, with the aim of finding more than just a property: a place to call home.
Her philosophy is built on trust, transparency and dedication, delivering a seamless and professional real estate experience that exceeds expectations.
Because every property is unique, and every client deserves exceptional service.
Steps in the process of buying a property.
A brief and simplified explanation of the process of buying a property.
How do you know where to buy?
As a Real Estate Advisor, I will assist you in every step you need during the area selection. A first point to take into account, it is essential to know what you want the property for: to live, to rent it, or as an investment?
What do I need to know to apply for a mortgage loan?
A home loan or mortgage consists of obtaining money to buy, refinance or improve a home.
