Foreigners can get mortgages to purchase property in Spain. Generally, banks in Spain have different requirements for foreigners than they do for citizens and residents.
Foreigners and residents may need to provide additional documents such as proof of income, work contracts, and tax returns. Generally, foreigners will need a minimum of 20% of the property’s total cost as a deposit and may need to provide evidence of a regular and consistent income.
Mortgages in Spain for non-residents (foreigners)
Non-residents in Spain may be eligible for mortgages, but the terms and conditions of the loan may vary from lender to lender. Generally, non-residents are required to provide a larger down payment, usually between 25 and 40 percent. Other requirements may include a minimum income level and proof of sufficient funds to cover the mortgage payments. Non-residents may also need to provide evidence of a valid residence permit.
Mortgages for overseas property in Spain (US, EU citizens)
There are a variety of mortgage providers in Spain that provide mortgages for overseas property. These mortgages are typically offered to non-residents, and they may require that you provide some form of proof of income or other financial information.
Some of Spain’s most common mortgage providers include Banco de Sabadell, BBVA, CaixaBank, and Banco Santander. It is essential to research each lender thoroughly before applying for a mortgage and to compare the interest rates, terms, and conditions between different lenders.
Spanish mortgage for UK resident
Unfortunately, it is not possible for a UK resident to obtain a Spanish mortgage. This is due to the fact that Spanish banks and lenders have specific criteria for who they will lend, and UK residents are not eligible to apply. That being said, it is possible for a UK resident to purchase a property in Spain and obtain financing from a UK-based lender.
Spanish mortgage rates
The current average mortgage rate in Spain is 1.48%, which is lower than the average mortgage rate in the United States. Consult us for more information and the most recent rates.
The image below is from the Spanish National Institute of Statistics on new mortgages in 2022. A Mortgage for foreigners or non-residents might vary. The easiest way to know the current situation is by contacting us.
Spanish mortgage calculator
There are a variety of Spanish mortgage calculators available online. Some of the more popular ones include:
- Mortgage Calculator Spain: This calculator is provided by the Spanish government and is easy to use. It allows users to quickly calculate their monthly payments and the total cost of a mortgage loan.
- Bankia Mortgage Calculator: This calculator is provided by the Spanish bank Bankia and is designed to help users calculate their monthly payments and the total cost of a mortgage loan.
- BBVA Mortgage Calculator: This calculator is provided by the Spanish bank BBVA and is designed to help users calculate their monthly payments and the total cost of a mortgage loan.
- Caja Madrid Mortgage Calculator: This calculator is provided by the Spanish bank Caja Madrid and is designed to help users calculate their monthly payments and the total cost of a mortgage loan.
By far the best way to calculate your monthly payments and make sure you are able to get your mortgage in Spain, contact our local real estate agents, they will help you get forward in no time.
Mortgage for foreigners– Process & Paperwork
In Spain, the process of obtaining a mortgage is similar to that in other countries. Applicants must provide a valid form of identification, such as a passport or Spanish ID, proof of income and employment history, and evidence of sufficient funds or income to cover the cost of the mortgage.
Additionally, a copy of the current deed of the property must be submitted. The bank or lender will then conduct a valuation of the property and decide if the loan is suitable.
Whenaccepted, the applicant must pay an initial deposit, usually around 20% of the purchase price. The bank will also require the applicant to pay a fee for processing the mortgage application. The applicant must then sign the mortgage deed, which outlines all of the terms and conditions of the mortgage.
This document must be signed in the presence of a notary and two witnesses. The notary will certify the deed and the witnesses will sign to confirm that the applicant understands the terms and conditions outlined in the document. Once the mortgage deed has been signed and accepted, the bank will send the funds to the seller or developer and the purchase can be completed.
