Can you get a Spanish mortgage as a non-resident?
Yes. Spanish banks have been granting mortgages to foreign buyers who are not tax residents of Spain for many years. To the bank you are then a non-resident, and that mainly determines how much you can borrow and which documents you provide.
A mortgage can also be attractive when you could in principle pay for the home yourself: you keep your own capital free and spread your investment. The right choice depends on your personal situation — and on that we always advise on a case-by-case basis.
How much can you borrow?
The big difference with a purchase as a resident lies in the ratio between the loan and the value (loan-to-value). As a non-resident you usually borrow a smaller share of the value.
| Situation | Typical maximum loan |
|---|---|
| Non-resident | ± 60 to 70% of the purchase or tasación value |
| Tax resident of Spain | up to ± 80% |
Worked example: a € 300,000 property
Suppose you buy a € 300,000 property as a non-resident and finance 65%. Here is what the picture looks like.
| Item | Amount |
|---|---|
| Purchase price | € 300,000 |
| Mortgage (65%) | € 195,000 |
| Own contribution (35%) | € 105,000 |
| Buying costs (± 12%) | ± € 36,000 |
| Own funds you need | ± € 141,000 |
| Valuation (mortgage cost) | ± € 400 |
| Monthly payment (25 years, ± 3.5% fixed) | ± € 977 |
What does the bank look at?
Banks look above all at your repayment capacity. These points count:
- A stable, verifiable income (salary, pension or income as a self-employed person).
- Your existing commitments: the total monthly repayment usually stays below ± 30 to 35% of your net income.
- Your age: the loan is usually repaid around age 75, which can limit the term.
- A clean credit history.
- The property itself, via a valuation (tasación) by an approved firm.
Fixed or variable rate?
You usually choose between a fixed and a variable rate. With a fixed rate your monthly amount is set for the entire term — predictable, and popular with foreign buyers. A variable rate follows the Euribor plus a margin, so it can rise or fall.
Some banks also offer a mixed formula (fixed for the first years, then variable). What suits you best depends on your risk profile and on how long you want to keep the loan.
| Term | ± 3.0% fixed | ± 3.5% fixed |
|---|---|---|
| 20 years | ± € 555 | ± € 580 |
| 25 years | ± € 474 | ± € 501 |
| 30 years | ± € 422 | ± € 449 |
What does a Spanish mortgage cost?
The biggest mortgage cost for you is the valuation (tasación) of the property, which the bank needs to approve the loan. Count on roughly € 300 to € 600 for that.
Since the Spanish mortgage law (LCCI) of 2019, the bank pays most mortgage-related costs: the stamp duty on the mortgage deed and the notary, registration and gestoría costs of that deed. For you, usually only the valuation remains — and sometimes an opening or arrangement fee charged by the bank.
Note: the buyer’s costs on the property itself (tax, the notary for the purchase deed, lawyer) are separate from this and are usually not financed. You pay those from your own funds, on top of your deposit.
The application process step by step
A mortgage application is best run in parallel with your search, so you can act quickly the moment you find your home.
- 1Orientation & pre-approval
You discuss your situation with a mortgage advisor and request an indicative pre-approval — so you know in advance how much you can borrow.
- 2File & documents
You provide the bank with your income and identity documents. The more complete your file, the more smoothly the application goes.
- 3Valuation (tasación)
An approved firm estimates the value of the property; the bank bases the maximum loan on that.
- 4Binding offer (FEIN)
The bank provides a binding mortgage offer. You have at least ten days’ legal reflection period before you sign.
- 5Signing at the notary
The mortgage deed is signed together with the purchase deed at the notary, and the bank transfers the borrowed amount.
Which documents do you need?
Prepare these documents — they speed up your application considerably:
- Your NIE number and a valid form of identification.
- Proof of income: payslips, pension statement or (for the self-employed) recent annual accounts.
- Your most recent tax returns.
- Recent bank statements.
- An overview of your existing loans and commitments.
- The reservation or purchase contract for the property.
Pitfalls with a Spanish mortgage
As a non-resident you often borrow only 60 to 70%. Allow for at least a 30 to 40% deposit plus the buyer’s costs — otherwise your budget won’t add up.
Assuming the buyer’s costs are financed too. Usually they aren’t: you pay those from your own funds, on top of your deposit.
That way you know exactly what you can borrow and you negotiate from a position of strength.
Rates, margins and conditions vary widely. An independent mortgage advisor lays the offers side by side.
How to arrange your financing
- Request an indicative pre-approval before you make an offer.
- Allow for at least a 30 to 40% deposit plus the buyer’s costs.
- Gather your income, tax and bank documents in advance.
- Compare fixed and variable rates, and several banks.
- Know that since 2019 the bank pays most mortgage costs; you pay the valuation.
- Take the ten days’ legal reflection period on the binding offer.
Why Koen and Lisa arranged their pre-approval first
Koen and Lisa wanted an apartment in Jávea of € 320,000 and planned to finance half of it. Before they started looking, they requested an indicative pre-approval.
The bank confirmed a loan of up to 65% — a little less than they had hoped. Because they knew this before making their offer, they adjusted their budget and negotiated with peace of mind.
When they found their home, their file was already ready. The valuation followed smoothly and a few weeks later they signed the mortgage and purchase deeds together at the notary.
Frequently asked questions about the Spanish mortgage
Can I get a Spanish mortgage as a non-resident?
Yes. Many Spanish banks grant mortgages to foreign buyers who are not residents of Spain. The conditions — especially how much you can borrow — do differ from those for residents.
How much can I borrow as a non-resident?
Usually 60 to 70% of the purchase or tasación value (the lower of the two). Residents can often borrow up to 80%. So count on a deposit of at least 30 to 40%, plus the buyer’s costs.
What does a Spanish mortgage cost?
Your main cost is the valuation (± € 300 to € 600). Since the 2019 mortgage law, the bank pays most other mortgage costs (stamp duty, notary and registration of the mortgage deed). Sometimes the bank still charges an opening or arrangement fee.
Is it better to choose a fixed or a variable rate?
That depends on your risk profile. A fixed rate gives a predictable monthly amount; a variable rate follows the Euribor and can fluctuate. Many foreign buyers opt for the certainty of a fixed rate.
Are the purchase costs financed too?
Usually not. The mortgage covers part of the purchase price; you pay the buyer’s costs (tax, notary, lawyer) from your own funds. Bear that in mind when setting your budget.
Which documents do I need?
Among others, your NIE number, a form of identification, proof of income, your recent tax returns, bank statements and an overview of your existing commitments. We help you complete the file.
How long does a mortgage application take?
With a complete file it usually takes a few weeks, including the valuation and the legal reflection period. A pre-approval beforehand speeds everything up considerably.
Can I arrange everything remotely?
Many steps can be done remotely, through a specialised advisor and a power of attorney. The signing at the notary takes place in Spain, though that too can be handled via a power of attorney.
This information is general in nature and does not replace financial or legal advice. Conditions, rates and percentages differ from bank to bank and from case to case, and can change — always have your situation reviewed by a specialised mortgage advisor.
