Getting a Mortgage in Spain as a Non-Resident

A Spanish mortgage is possible, but you will need a larger deposit than you might expect. Most non-residents should budget for at least 30 to 40 per cent of the purchase price in cash, plus all taxes and costs on top.

How Spanish mortgages work for non-residents

Spanish banks assess non-resident applications differently from resident ones. Key differences: loan-to-value limit of 60 to 70% (vs 80% for residents), stricter income verification, and monthly repayments must not exceed 30 to 35% of net monthly income.

Banks assess income from your home country. Self-employed applicants need at least two years of tax returns. Employed applicants typically need three to six months of payslips and their most recent tax assessment.

Which lenders offer non-resident mortgages?

Several major Spanish banks lend to non-residents: Banco Sabadell, CaixaBank, Unicaja and BBVA. Specialist lenders including Banca March and Bankinter also have dedicated non-resident products. Using an independent mortgage broker who works across multiple lenders is usually the most efficient approach.

Documents required

• Passport and NIEValid passport. NIE number (some lenders process without NIE at initial stage).
• Proof of incomeLast 3 to 6 months payslips if employed. Last 2 years tax returns if self-employed.
• Bank statementsLast 3 to 6 months showing regular income and savings.
• Existing assets and liabilitiesMortgage statements, loan agreements and property deeds.
• Property detailsReservation agreement or property description. Bank will commission their own valuation (tasación).

The mortgage process

• Pre-approvalSubmit documents and receive an indicative offer. Typically 2 to 4 weeks.
• Bank valuation (tasación)Bank appoints a certified valuer. Takes 1 to 2 weeks and costs €300 to €600.
• Formal offer (FEIN)Binding offer issued. You have 10 days to accept.
• Notary signingMortgage and purchase deeds signed simultaneously at completion.