If i’m paying ‘x’ amount in rent per month, I assume that the bank will allow me at least to pay a mortgage for the same amount as well?

Unfortunately, the answer is no. What you are able to pay for a rental property does not necessarily coincide with what the bank believes that you are able to pay in Spain for a mortgage.

For example, the bank makes a simple calculation – they look at what comes in to your bank account on a monthly basis and they assume you can pay 35% of that amount towards your TOTAL debts or loans. If you have no other debts you can then pay 35% of your monthly net income for your mortgage.

Of course, there maybe other elements that can influence this decision, such a employment status, level of deposit etc.

For a more detailed analysis of your eligibility for securing a mortgage in Spain, please complete the simple quote form here