How does your credit score affect a mortgage application?

Typically lenders will use your credit score to assess your mortgage application.

The eligibility criteria for a mortgage in Spain is broadly similar to those in the UK and other countries. A lender will use your credit score as part of a range of other factors to determine your eligibility for a mortgage.

Non-residents of Spain will usually require a very good or excellent credit rating to obtain a mortgage. If you have bad credit, including county court judgements (CCJs) and/or a history of late or defaulted payments on finance, then your chances of approval will be lower. If something does show up on your credit file that you feel may benefit from explaining to a lender, contact us. We can provide details of the settlement or which negative issues should be removed from a credit report to the bank.

Spanish mortgage lenders will require a credit rating from your home country (where applicable). Spanish lenders use Experian and Equifax mainly for non-residents. There is also the Bank of Spain’s Risk Information Centre Report, known as CIRBE. A CIRBE report applies only to citizens of Spain.