Key changes to mortgage legislation in Spain have been announced and will be implemented over the next few months.
The key changes which affect the resident market include: No loan will ever exceed 80% of the appraised value of the property even in the case where other collateral is being offered as security; the maximum term by law will not exceed 30 years; buyers and borrowers will have the right to appoint for the valuation their own independent valuer as long as that valuation company are accredited. Banks will be forced to accept a private valuation and will no longer be able to insist they do their own.