Getting a Spanish Mortgage as a Non-Resident: What You Need to Know

Key takeaway: Non-residents can get a Spanish mortgage — but banks typically lend up to 70% of the appraised value, and the process is more demanding than for residents. Start early and use a specialist.

Can Non-Residents Get a Mortgage in Spain?

Yes. Major Spanish banks including Santander, BBVA, CaixaBank, Sabadell and Bankinter all offer mortgages to non-resident buyers. However, the terms are typically less favourable than for residents:

Loan-to-value (LTV): typically up to 70% of the appraised value for non-residents (vs. 80% for residents)
Term: usually up to 25 years (sometimes 30 for younger buyers)
Rate: variable (linked to Euribor) or fixed — both are available

What Documents Do Banks Require?

Spanish banks typically require the following from non-resident applicants:

Passport and NIE
Last 2 years' tax returns (IRPF equivalent in your home country)
Last 3 months' payslips (or 2 years' company accounts if self-employed)
Last 3 months' bank statements
Credit report from your home country
Details of existing mortgage or rental obligations
Documentation on other assets owned

All documents in foreign languages must be translated into Spanish by a certified translator.

The Binding Offer (FEIN)

Since the 2019 Mortgage Law (Ley 5/2019), lenders must issue a Ficha Europea de Información Normalizada (FEIN) — the European Standardised Information Sheet — at least 10 days before signing the mortgage deed. The FEIN sets out all financial conditions and is binding on the lender. You must also attend the notary for a free advisory session before the mortgage signing.

What Does a Lawyer Do for the Mortgage?

Review all mortgage conditions on your behalf
Negotiate with the bank on fees, early repayment clauses and comisiones
Explain the FEIN and what you are committing to
Attend the notary signing with you or represent you by power of attorney
Coordinate the mortgage signing and the purchase deed signing (they happen on the same day)

Euribor and Variable Rate Mortgages

Most Spanish variable-rate mortgages are indexed to the 12-month Euribor rate, reviewed annually. After the significant Euribor rises in 2022–2023, many buyers are now choosing fixed-rate mortgages for certainty. Your lawyer can help you understand the risk of each option for your specific financial situation.

Costs Related to the Mortgage

Since the 2019 law, banks must pay their own AJD (stamp duty) on mortgage deeds. As a buyer, you pay:

Property valuation (tasación): €300–€600, carried out by a bank-approved surveyor
Opening fee: some banks charge 0.5–1%, others have removed it — negotiate
Optional: mortgage broker fees if you use a mortgage broker