Can I get a mortgage for property in Spain?

Indeed, non-residents are able to secure a mortgage for a property in Spain. . In order to proceed with this matter, it is necessary to obtain a NIE (tax number) and proof of income. Please be advised that higher interest rates and stricter requirements will apply in this case in comparison to those applied to residents.

Yes, foreigners can get a mortgage for property in Spain: find out how

Procedures for Obtaining a Spanish Mortgage as a Foreign National

Please ensure that you obtain a NIE Number. The Número de Identificación de Extranjeros (NIE) is mandatory for any financial or property transaction.
Prepare the necessary documentation: Please ensure you have all the necessary documentation, including valid passports, proof of address, income (three to six months of payslips or bank statements), and recent tax returns.
Ensure sufficient deposit: Non-residents typically require a deposit of 30–40% of the property value, in addition to an additional 10–15% for transaction fees, taxes, and notary costs.
Obtain pre-approval: Should you require a pre-approval (pre-qualification) to determine your borrowing capacity, we recommend contacting Spanish banks. Please be advised that this is usually capped at a debt-to-income ratio of 30–40%.
Property Valuation: Once a property has been identified, the bank will conduct a valuation to confirm its value.

Sign the Deed: The mortgage process generally takes 6–8 weeks to reach the final signing.

Resident vs. non-resident mortgage: what's the difference?

Resident mortgages are available to individuals residing and paying taxes in the country where they are purchasing property, offering higher loan-to-value (LTV) ratios (up to 80%) and more competitive interest rates. Non-resident mortgages are available to foreign buyers, but these are subject to higher deposits (30-40%), lower LTVs (60-70%), higher interest rates, and more stringent income verification.

How much can you borrow?

Non-resident borrowers can generally secure 60% to 75% of the property value for a mortgage, requiring a 25–40% deposit, though this varies by country and lender. In the UK, it is common to borrow up to four to six times one's annual income. In Spain, however, it is more common to borrow at a rate of 60-70% of one's annual income, often with higher interest rates.

What are the requirements to get a mortgage in Spain as a foreigner?

NIE Number (Número de Identificación de Extranjero): This is a mandatory requirement for all financial transactions.
A valid passport or ID is required for the purpose of identification.
Please provide documentation that proves your income. Please provide the last three to six months of payslips, recent tax returns and employment contracts to demonstrate solvency.
Bank Statements: It will take between 3 and 6 months to demonstrate savings and financial health.
Credit Report: Please provide a report from your home country that confirms the absence of any outstanding debt issues.
Assets & Debts: Please provide a list of all other properties owned, along with details of current mortgages or debts.

What documents do you need for a Spanish mortgage?

To be considered for a mortgage in Spain, you will need to provide documentation that includes your NIE number (foreigner tax ID), valid passport, proof of income (three to six months' payslips, latest tax return), six months of bank statements, a credit report, and details of any existing debts and property deeds, if applicable. Self-employed individuals are required to submit two to three years of tax returns.

What types of mortgages are available for overseas property in Spain?

There are several mortgage options available to non-residents looking to purchase properties for sale in the Costa Blanca.

Key Types of Spanish Mortgages for Overseas Buyers:

Fixed-rate mortgages: Interest rates remain constant throughout the term, providing certainty and protection against any rises. These are currently in high demand.
Variable-Rate Mortgages: These rates are linked to the Euribor rate and change periodically (e.g. every 6 or 12 months). They offer lower initial rates but higher risk.
Mixed-rate (Hybrid) Mortgages: A combination of a fixed rate for an initial period (for example, 2–10 years) prior to the implementation of a variable rate for the remaining term is recommended.
Non-Resident Mortgages: We are pleased to offer tailored products for individuals not residing in Spain, which often feature higher interest rates (3–5% as of mid-2025) and lower LTV compared to rates offered to residents.
Private Banking Loans: Individuals with significant financial resources often seek out private banking solutions when seeking loans in excess of €3 million. These institutions are known to offer enhanced flexibility, including interest-only payments and customised repayment plans, catering to the diverse needs of their high-net-worth clientele.

Is it possible to get a mortgage for a holiday home or investment property in Spain?

It is indeed feasible for non-residents to obtain a mortgage for a holiday home or investment property in Spain, with financial institutions generally offering loans amounting to 60%–70% of the property's value (LTV). A deposit of 30% to 40% of the total cost is required, in addition to 10% to 15% for fees. Lending is based on personal income, not rental potential.

How do you apply for a mortgage in Spain?

You can contact any financial institution in Spain to apply for your mortgage.

How can Brassa Homes guide you through buying property in Spain?

We work with most banks in the region for the sale of villas on the Costa Blanca, and we would be delighted to introduce you to the most reliable Spanish banks in our region.

Brassa Homes® Est. 1979, your trusted Estate agent for villas in Moraira for sale.