Hello, dear readers: I’d like to introduce you to a very simple and quick tool that will allow you to calculate your borrowing capacity in Spain in under 5 minutes. Of course, this is a simplified estimate, but in reality, in just 5 minutes you’ll be able to find out whether you qualify or not.

Both new-build and second-hand properties in Spain, on the Costa Blanca, are waiting for you. Here’s what you need to prepare to do it yourself in just a few steps.

What will you need? To carry out the calculation, first prepare the following.

1. Total amount of all loans:

List of mortgages and consumer loans listed in the Polish BIK (total amount of all mortgages and consumer loans)

2. Income:

Add up your income from all sources, for example, from your employment contract and rental income, and write it down on a piece of paper

3. Consult the reference table to find your loan instalment 

In the reference table, find the loan instalment amount in euros for the loan you wish to obtain in Spain, on the Costa Blanca

4. Apply the formula —details below the reference table—

x = (sum of the Polish instalments in EUR + amount of the Spanish instalment in EUR), y = income in EUR and use the formula: if x / y < 35%, then you are creditworthy.

Your magic table with repayment amounts in EUR!

property value	loan of 70% of the property value	instalment over 240 months	instalment over 300 months
800,000	560,000	3,861	3,448
700,000	490,000	3,378	3017
600,000	420,000	2,896	2,586
500,000	350,000	2,413	2155
400,000	280,000	1931	1724
350,000	245,000	1689	1509
300,000	210,000	1,448	1,293
250,000	175,000	1,207	1078
200,000	140,000	965	862
100,000	70,000	483	431

Formula for determining creditworthiness: calculate it yourself

I have creditworthiness if a < 0.35y, where:

a = do I have creditworthiness?

x = (sum of instalments in Poland in EUR + amount of the planned instalment in Spain in EUR),

y = income in EUR

then, if:

 ( a= x / y ) < 0,35

I have creditworthiness.

Example: my BIK credit in Poland amounts to 2,500 PLN per month, i.e. 531 EUR;

my target instalment in Spain is 600 EUR because I want to obtain a loan of 100,000 EUR in Spain

czyli moje x=1131 EUR.

my monthly income from my business is 17,500 PLN per month, i.e. around 3,700 EUR per month;

czyli moje y= 3700 EUR

therefore, my a is

a=1131/3700=0,305

Therefore, if:

a=0,305 czyli jest mniejsze niż 0,35

then I am creditworthy!

However, remember that for every 100,000 EUR of the property’s net value, you must contribute at least 30% of your own capital and 13% for expenses