Should I set up my mortgage in Euros or in Pounds Sterling?

    There are virtually no exchange controls in Spain and you are therefore free to apply for mortgage on your property in any currency and from any bank in the world. We would, however, strongly advise you to set up your mortgage in euros since this will protect you against running into problems due to currency fluctuations. You will find that Spanish banks offer some of the lowest interest rates in Europe (under 5%) and are happy to lend to non-resident property purchasers. As for  most aspects of property purchase in Spain your lawyer can arrange a mortgage for you.