Obtain a mortgage at ING Bank in Spain.
Is it possible to get a mortgage in Spain with ING bank and its branches in Spain? Pedro tells us more about the possibilities:
Pedro often gets comments about foreign banks in Spain. One widely known bank also based in Spain is ING. "Oh that's handy, then I can just arrange a mortgage with my own bank then, right?" Unfortunately, it's not as simple as it seems. We are happy to explain how ING works in Spain.
ING Bank vs ING Spain
ING is originally a Dutch bank. The bank does operate internationally in more than 40 countries. The name ING therefore comes from the former "Internationale Nederlanden Groep". Nowadays called the ING Group.
However, it is good to know how the company operates. After all, it is an N.V. with a certain corporate structure. Certain parts operate under their own brand name, or under ING's brand name, but separately. Abroad (and therefore also in Spain), it operated for a long time under the name ING Direct, but since 2018 the name has changed back to ING.
Important to know: ING operates as a decentralised international banking organisation, with separate divisions in each country where it has a presence. Each banking division operates relatively independently and is responsible for its activities within the specific regulatory framework of its country. This means that ING bank in Spain has almost no direct relationship with the bank you know in your own country.
Spanish Mortgage at ING in your own country
Pedro is also often asked that foreign prpoerty buyers in Spain want to take out a mortgage with ING in their own country (after all, ING also has branches in Spain). Unfortunately, this is not possible.
During the 2008 credit crisis, foreign banks struggled to collect property abroad, mainly because of the communication and cultural challenges in Spain. As a result, many foreign banks decided not to focus on financing homes in Spain after 2011. And since the Spanish branch thus operates independently of the foreign branches, it is not possible to take out the mortgage on your property in Spain itself.
Withdrawing your surplus home equity value at ING in your country
An interesting alternative, though, might be to get your excess home value to be withdrawn with the ING bank in your own country. You will either transfer your mortgage, or take out a 2nd mortgage on your own existing property. This can be interesting if you already have a mortgage with the ING bank. However, Pedro recommends using a independent mortgage advisor looking at multiple banks to ensure you get the best offer!
Want to know if your home equity value can be used?
With holapedro's home equity check, you can quickly determine whether you have financial room and how much surplus value you can withdraw. You can then use this (partially) for your purchase in Spain!
Mortgage at the Spanish ING branch
Is it then possible to obtain a mortgage from ING in Spain? Unfortunately, that is not possible for foreigners. ING in Spain only offers mortgages for Spanish residents. So are solely eligible if you are a resident who have been tax liable in Spain for at least 2 full years.
So, as a non-resident or foreign buyer, financing a (2nd) home in Spain is not possible with ING Spain.
Compare mortgages in Spain at other banks?
Through holapedro, you can perform a customised calculation via AI to find out your maximum financing. We test you on all possible variables and you will receive a sophisticated mortgage simulation. This way, you will know your mortgage options in Spain within 20 minutes!
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