Gibraltar Mortgage: How Much Can I Borrow & What Proof of Income is Required?

Demand for property in Gibraltar has been high over the past few years. In Gib it is possible to get loans up to 90% LTV and there has been an increase in mortgage applications, especially with the relaxing of the relationship between Gibraltar & Spain.

Please note, that there are no non-status/self-certification mortgage facilities available in Gibraltar (although renting out your property is permitted)

Gibraltan Lenders will also take approx. 125% of the gross Rental Income of the Gibraltan property into consideration towards the cost of the mortgage purposes/repayments.

All full status mortgages need to be supported by a minimum requirement of proof of income, i.e. if employed - copies of your last three month’s pay slips & copies of your latest P60/Employer’s Reference together with copies of your last 6 month’s Personal Bank Statements will be required or alternatively if you are self-employed - copies of your last two years Audited Accounts, last two years tax returns & copies of both your last 6 month’s Business and last 6 month’s Personal Bank Statements will be required on application. For loans under £500,000 only an Accountants Certificate will be required.

Your loan is based on your joint annual incomes and is calculated on an affordability basis. For both Repayment & Interest Only loans, as follows:

For SINGLE applicants: 4.25 times gross annual salary minus* see below explanation.
For JOINT applicants: 3.75 times JOINT gross annual salary minus* see below explanation.

*After all expenses have been taken off. Example - present mortgage will be treated as a loan. If for example mortgage is £500 per month then the lender will annualise this to £6000 then take off gross income before applying the income multiple. Please also note that any loans with 6 months or less will be ignored from the calculation.

Source: Conti Financial Services