Mortgages

Self build mortgage to build your own home

If you want to build your single-family property and need financing to do so, apply for Banco Santander's Self Build Mortgage¹. With this mortgage you will be able to finance up to 100% of the construction budget.

What is the Self Build Mortgage and how does it work?

A Self Build Mortgage is a mortgage loan specifically aimed at those individuals who need financing to build their own home. Unlike a mortgage to buy a house that has already been built, the Self Build Mortgage Banco Santander provides you with financing to build your home. This financing can be up to 100% of the actual cost of the construction, always limited to a maximum of 70% of the replacement value in the case of a finished construction.

Banco Santander's Self Build mortgage offers a maximum repayment period of 30 years for first homes and 25 years for second homes, plus a payment holiday of up to two years.

What are the requirements for taking out a Self Build loan?

In addition to meeting the usual solvency requirements necessary to apply for any mortgage loan, the Self Build Mortgage for building a house has a number of specific conditions:

To own the land for development: the interested party must certify that he or she is the owner of a plot suitable for development and that it is registered with the Property Registry.
Have a building plan drawn up by an architect and approved by the Architects Association.
Apply for a building permit at the relevant local council.
Have a construction budget drawn up by a construction company.

Is the value of the land included in the Self Build Mortgage?

No, the Self Build Mortgage is designed to finance the construction of the property only and one of the requirements is to prove ownership of the land in advance on which the property is to be built. But if you first need to acquire the plot on which to build your home, you can apply for Banco Santander's Other Purposes Mortgage, through which you can obtain a mortgage loan of up to 60% of the appraisal value of an unencumbered property.

How can I take this mortgage out with Banco Santander?

If you're interested in taking out a Self Build mortgage with Banco Santander, give us your details and we'll call you or visit your nearest Santander branch.

1. Home mortgage loan. Lender: Banco Santander, S.A with registered office at Santander, Paseo de Pereda, 9- 12 (39004) – Cantabria Mercantile Registry, Sheet 286, Folio 64, Companies Book 5, entry 1, Corporate tax ID A-39000013.

Financing subject to Banco Santander's approval. This information does not replace the European Standardised Information Sheet (ESIS), available at www.bancosantander.es and the bank's branches. You can request the European Standardised Information Sheet (ESIS) at your branch.

In the event of non-compliance with any of the obligations contained in the mortgage loan agreement, you may lose the property. In the event of non-payment and in all cases of mortgage acceleration, the bank may, after sending prior notification to the address you indicated for mortgage foreclosure purposes, pursue personal action against you or move to foreclose the mortgaged property. You will therefore be liable as before the bank for repaying the loan with all your present and future assets as well as the mortgaged property. In accordance with article 105 of the Spanish Mortgage Law and article 1911 of the Civil Code.

If the mortgage loan on the property is arranged in the autonomous region of Andalusia, click here (PDF 148 MB).