A mortgage in Spain
A Spanish mortgage as a foreign buyer
A mortgage in Spain works differently than at home. You borrow from a Spanish bank, which assesses you as a non-resident: it looks at your income, your existing liabilities at home, and your new liabilities here, and finances a smaller share of the value than you may be used to. On this page you calculate it yourself, and read how the process works.
The process
From first check to notary
Step one is a financial check. We map out your income, liabilities, and own funds, and test them against Spanish bank standards. That way you know what's realistic and what your actual budget is before you start viewing properties.
Next comes the application. You submit your file, the bank runs a credit check, and has the property valued by an accredited surveyor. The bank sets the maximum loan amount based on that valuation; if the valuation is lower than the purchase price, you cover the difference yourself.
Once approved, the bank issues a binding offer, the FEIN. A ten-day cooling-off period follows, after which the mortgage and the deed are signed together at the notary. Expect four to eight weeks from application; a complete file speeds things up.
Conditions
What Spanish banks look at
Maximum financing
For non-residents, typically up to 70% of the purchase price or valuation, whichever is lower. Residents can reach around 80%. Buyers from outside the EU more often see 50 to 60%.
Interest and term
Fixed, variable (Euribor plus a margin), or a mix. Non-residents usually get a slightly higher margin than residents. The term runs up to around 25 years, and the loan must be repaid before you turn 75.
Your payment capacity
All your housing costs combined, both at home and in Spain, typically may not exceed 35% of your net income. Rental income usually counts for half.
Mortgage check
Calculate your monthly payment in Spain
Enter the purchase price, your own contribution, the interest rate, and the term, and choose the property type. You'll see an instant indication of your monthly payment, total interest cost, and additional costs.
Determines the additional costs: 13% for new build (VAT and stamp duty) and 10% for resale (transfer tax ITP).
Indicative monthly payment
€1,577
per month, based on an annuity mortgage
Mortgage amount
€315,000
Total interest cost
€158,089
Additional costs (10%)
€45,000
Total budget required
€495,000
This is an indicative calculation, not fiscal or financial advice. Your actual monthly payment depends on the bank, your personal situation, and the final terms. We're happy to work through it with you.
Financing in Spain
Mortgage check for non-residents
The mortgage check gives you a first picture of your options in a few minutes. Enter your situation and receive a free indicative calculation by email, including the additional costs of the purchase.
70%
Maximum financing for non-residents, of the purchase price or valuation
35%
Maximum share of your net income that may go toward housing costs, at home and in Spain combined
50%
Of your gross rental income typically counts as income
25 years
Maximum term, and the loan is repaid before you turn 75
Applying together
A full picture of your situation
The more you fill in, the sharper the indication. Your result appears directly below on screen as you fill in the fields. All fields are optional except your contact details at the bottom.
Your file
What documents the bank asks for
A Spanish bank decides on paper. The more complete and up to date your file, the faster and more favourable the outcome. Everything is requested in Spanish or with a sworn translation; we make sure it's submitted correctly the first time.
Always needed
Passport, your Spanish tax number (NIE), a recent statement of your credit position, bank statements from the last six months, and an overview of your assets and debts.
Employed / self-employed
Employed: an employer's statement or contract, your last three payslips, and the annual income statement for the last two years. Self-employed: income tax returns for two years, recent annual figures, and a business registration extract.
About the property
The reservation or purchase agreement, the land registry extract (nota simple), and for new build the building permit and the developer's payment schedule.
Differences per buyer
EU, UK, and other international buyers
Buyers from the EU
Your income and fiscal records are easy for Spanish banks to assess and you benefit from EU rules. Your existing mortgage at home still counts fully as a liability, even if that property is rented out.
Buyers from outside the EU
Expect lower financing (often 50 to 60%), more documents with sworn translation, and a longer process. A file in dollars or pounds needs extra substantiation for the bank.
Buying in cash or financing
Buying in cash is faster, but a mortgage keeps cash free for additional costs and spreads your risk. We lay out both scenarios with the numbers side by side, without pushing you either way.
Good to know
Questions about a mortgage in Spain
How much can I borrow as a non-resident?+
Typically up to 70% of the purchase price or the valuation, whichever is lower. The total monthly payment, added to your existing liabilities, also needs to stay under 35% of your net income.
Can I use a mortgage from my home country instead?+
Banks at home rarely finance Spanish property directly. Many buyers do use the equity in their home as their own contribution, alongside or instead of a Spanish mortgage.
Do I need an NIE number?+
Yes. Without an NIE number you can't take out a mortgage in Spain, open a bank account, or buy a property. We can arrange the application for you.
How long does a mortgage application take?+
Expect four to eight weeks from application. With a complete file from the start, the process moves faster.
What does a mortgage cost besides interest?+
Factor in valuation costs, the bank's processing fees, and the notary costs for the mortgage deed, on top of the usual purchase costs of 10 to 13%.
What if the valuation comes in lower than the asking price?+
Then the bank finances based on whichever is lower: the valuation or the purchase price. You cover the difference between the purchase price and the loan amount yourself.
Would you rather go through your numbers with us first?
Feel free to call or email. We'll go through your situation with you, explain what a Spanish bank asks for, and connect you with the mortgage specialists in our network.