I bought a place last year in Cala Vadella. I also used to be a mortgage broker and am now a property investor so i looked into it a much as possible.
There are so many things to consider like
Interest rates, lower in the Eurozone at present but who knows in the future
Do you earn enough proveable income in the uk?
Will you be sending out money each month to cover the mortgage or sending large lump sums? as charges are about £25 + the exchange rate changes.
Will you get paid/earn any money in Euros
No where near as many british lenders lend in ibiza as they do on the mainland.
Are you going to buy offplan or older properties? offplan often want you to use their own lenders.
Spanish lenders don't like the idea of interest only loans
Is it going to be let out or left as a holiday home?
I got a 80% mortgage and just borrowed another 18% for renovations so i effectivly got an 98% mortgage at a rate of about 3% variable over 25 years.
If you want to borrow more than you can show you can afford
it is easier than the UK. Although spanish banks don't do self cert loans they don't check too much. I now have debit cards and a visa and mastercard in spain. My bank does internet and telephone banking in english.
Bank managers in ibiza are like they used to be in the uk 20 years ago with alot of power to approve things without asking HQ.
I bought my place officially for 60% of the purchase price and paid the rest in cash. The bank manager held the cash at all times and although this is illeagal this is the done thing in ibiza. this saves both you and the vendor tax.
