Non-residents can get a mortgage in Spain — and UK and Irish buyers do it regularly. Spanish banks actively lend to foreign nationals, with no requirement to live in Spain or hold Spanish residency. The key differences from a UK mortgage: lenders cap borrowing at 60–70% LTV for non-residents, require a Spanish bank account and NIE number, and mandate a 10-day cooling-off period before you can sign.
Can Non-Residents Get a Spanish Mortgage?
Yes — Spanish banks actively lend to foreign nationals who are non-resident in Spain. You do not need to live in Spain, hold Spanish residency, or have a Spanish income to be eligible.
What you do need: a NIE number, a Spanish bank account, verifiable income from your country of residence, a clean credit history, and enough liquid capital to cover the deposit and buying costs the bank will not finance.
Several major Spanish banks — Santander, BBVA, CaixaBank, Sabadell, Bankinter — have dedicated non-resident mortgage products and in some cases English-language service teams at branches in high-buyer areas like the Costa Blanca and Costa del Sol.
How Much Can You Borrow? LTV Limits for Non-Resident Mortgages in Spain
This is the most important number to understand before you start looking at properties.
Resident buyers in Spain can typically borrow up to 80% of the purchase price or valuation (whichever is lower).
Non-resident buyers are capped at 60–70% LTV in most cases.
In practice, most non-resident buyers should plan for 65–70% LTV as a realistic ceiling. Some lenders apply 60% to non-EU applicants. The valuation the bank commissions (tasación) can sometimes come in below the purchase price — and the LTV applies to whichever figure is lower.
On a €250,000 property at 70% LTV, the bank will lend €175,000 maximum. You need €75,000 for the deposit — plus buying costs of roughly 12–13% (€30,000–€32,500). Total cash required before keys: €105,000–€107,500 on a €250,000 purchase.
| Purchase Price | 70% LTV Loan | Deposit Required | Buying Costs (12%) | Total Cash Needed |
| --- | --- | --- | --- | --- |
| €150,000 | €105,000 | €45,000 | €18,000 | €63,000 |
| €250,000 | €175,000 | €75,000 | €30,000 | €105,000 |
| €400,000 | €280,000 | €120,000 | €48,000 | €168,000 |
| €600,000 | €420,000 | €180,000 | €72,000 | €252,000 |
Spanish mortgage rates are linked to Euribor. As of Q2 2025, the 12-month Euribor rate sits at approximately 2.5–2.8%, down from its 2023 peak of ~4.2%.
Typical rates for non-residents:
- Fixed: 3.5–5.0% depending on lender, term, and profile
- Variable: Euribor + 0.5–1.5% margin
Fixed vs Variable vs Mixed: Which Type Is Right for You?
Fixed Rate (Tipo Fijo)
Your interest rate is locked for the full mortgage term — typically 15–25 years for non-residents. Monthly payment is predictable regardless of Euribor movements.
Best for: Buyers who prioritise certainty, plan to hold the property long-term, and don't want exposure to rate risk. Particularly sensible when managing a property remotely.
Watch out for: Early repayment penalties can be meaningful (up to 2% in the first 10 years under current law).
Variable Rate (Tipo Variable)
Rate adjusts annually based on Euribor plus your agreed margin.
Best for: Buyers who expect to sell within a few years, or those who believe rates will continue falling.
Mixed Rate (Tipo Mixto)
Fixed for an initial period (typically 5–10 years) then switches to variable. For most non-resident buyers, a fixed rate is the simpler, safer choice.
What Documents Do You Need for a Spanish Mortgage as a Non-Resident?
For employed applicants:
- Last 2–3 months' payslips
- Last 2–3 years' P60s (UK) or equivalent tax certificates
- Current employment contract
- Last 3–6 months' bank statements
- Current mortgage statement if applicable
- Last 2–3 years' tax returns (SA302 in the UK)
- Last 2–3 years' company accounts
- Accountant's letter confirming income
- 3–6 months' bank statements (personal and business)
- Valid passport
- NIE number certificate
- Proof of address in country of residence
- Details of any other assets
- Property reservation contract or full sales agreement
Which Spanish Banks Lend to Non-Residents?
- Sabadell — particularly strong in Costa Blanca, Costa del Sol, and the Balearics. English-speaking teams at branches in key buyer areas.
- Bankinter — competitive fixed rates and efficient processing with foreign clients.
- BBVA — large network; non-resident experience varies by branch.
- CaixaBank — significant branch network, established non-resident lending.
- Santander — offers non-resident products; rates and processing times vary.
Using a Mortgage Broker vs Going Direct to a Bank
In the Spanish non-resident market, brokers add even more value than in the UK:
- They know which lenders have real appetite for non-residents vs which are slow or difficult
- They know which lenders will accept your documentation format without requiring translations
- They submit to multiple lenders simultaneously
- They handle Spanish-language paperwork and communication
- Broker fees: typically 0.5–1% of the loan amount on completion
Mortgage Costs You Need to Budget For
- Tasación (valuation): €400–€700. Non-refundable if mortgage falls through.
- Mortgage arrangement fee: 0–1% of loan amount depending on lender.
- Life insurance: €500–€1,500/year as a starting point, required by some lenders.
- Buildings insurance: €300–€600/year, required by the lender.
The Mortgage Timeline: From Application to Keys
- Approval in Principle (AIP): 1–3 weeks from complete documentation
- Full mortgage offer: 3–5 weeks from AIP (after tasación)
- Mandatory cooling-off period: 10 days after receiving FEIN and FiAE documents — cannot be waived
- Typical total timeline: 6–10 weeks for a straightforward application
Frequently Asked Questions
Do I need a Spanish bank account to get a Spanish mortgage? Yes — monthly payments are made by direct debit from a Spanish account. Most lenders require you to open an account with them.
Can I get an interest-only mortgage in Spain? Interest-only mortgages for non-residents are rare. Capital repayment is the standard product.
What income level do I need to qualify? Spanish banks typically apply a 30–35% debt-to-income ratio. A €175,000 mortgage over 20 years at 4% costs ~€1,060/month — you'd need net monthly income of around €3,000+.
Will Brexit affect my ability to get a Spanish mortgage? British nationals can still get Spanish mortgages. Some lenders apply slightly more conservative LTV limits (60% rather than 70%) to British applicants. An Irish buyer is treated as an EU national and may access marginally better terms at some lenders.
Can I get a mortgage if I'm retired? Yes, though maximum term is limited by the lender's maximum age at end of term (typically 75–80). Income is assessed on pension and investment income.
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*Mortgage rates, LTV limits, and lender products are correct as of Q2 2025 and subject to change. This article is for informational purposes only and does not constitute financial advice. Always obtain independent financial advice from a qualified professional before committing to a mortgage product.*
Ready to find a property worth financing? Search available properties in Spain or read our regional guides for the Costa Blanca and Costa del Sol.