Non-Resident vs Resident Mortgages
Spanish banks treat non-resident and resident mortgage applicants differently. Non-residents (those without Spanish residency) can typically borrow up to 60–70% of the property value. Spanish residents can usually borrow up to 80%. This means non-resident buyers need a larger deposit — typically 30–40% of the purchase price, plus the 10–14% in taxes and purchase costs.
Which Banks Offer Mortgages to Foreigners?
Most major Spanish banks offer mortgages to foreign nationals, including Sabadell, Santander, BBVA, CaixaBank, and Bankinter. Specialist international lenders and mortgage brokers with Spain experience (such as those focused on the UK or US expat market) can also help compare rates and navigate the process.
Documents Required
- Passport and NIE number
- Last 2–3 years of income tax returns from your home country
- Payslips (last 3–6 months) or proof of self-employment income
- Bank statements (last 3–6 months)
- Employer letter or employment contract
- Property details (nota simple from the Land Registry)
- Spanish bank account (most banks require you to bank with them)
Fixed vs Variable Rate
Spanish mortgages are available on fixed or variable rates. Variable-rate mortgages are traditionally pegged to the Euribor (European Interbank Offered Rate). Following rising Euribor rates in 2022–2024, many buyers now prefer fixed rates for certainty. Fixed rates in Spain are typically set for the full mortgage term.
The Mortgage Process
The Spanish mortgage process involves: a formal bank application and credit assessment; the bank commissioning a valuation (tasación) of the property; a binding offer (FEIN) from the bank, which you must consider for at least 10 days; and finally, signing the mortgage deed before a notary simultaneously with the purchase deed.
Check your eligibility or speak to a specialist about your move to Spain.
Check Your Eligibility Book a Consultation