SPAIN MORTGAGE FOR FOREIGNER NON-RESIDENT EXPAT

SPANISH HOME LOAN FOR NON-RESIDENT

In Spain, the mortgage for foreigner non-resident or expatriate is a loan specifically for purchasing real estate within the country, with the property itself acting as collateral for the loan and is tailored to the needs and circumstances of individuals who do not reside permanently in Spain.

In Spain, mortgage for non-resident foreigner is popular as foreigners are attracted to buying property in Spain for several reasons, including the country’s favorable climate, rich cultural heritage, and robust tourism industry as purchasing property in Spain is often seen as a valuable investment, particularly in coastal and urban areas popular with tourists and expatriates.

Is it easy to obtain a mortgage in Spain as foreigner not residing in the country?

Yes, Spanish banks do offer mortgages to non-residents, including both EU and non-EU citizens .

Key Conditions for Non-Residents

Loan-to-Value (LTV): Most lenders limit financing to around 60–70% of the property’s appraised value, requiring a 30–40% down payment
Interest Rates & Terms: Rates are typically higher—around 2–2.5%—and mortgage durations are capped at about 20 years, substantially below those for residents .
Required Documentation:
- NIE (Número de Identificación de Extranjero),
- Proof of stable income and employment,
- Tax returns and bank statements,
- Foreign credit report, and
- Property valuation—all translated into Spanish and apostilled if needed .
Debt-to-Income Rule: Monthly mortgage repayments must not exceed 35% of net income .
Bank Selection: Not all banks lend to non-residents; some, like Bankinter, offer attractive programs if you open a relationship, and others include Santander, BBVA, and CaixaBank