Buying property in Spain as a foreigner? If you’re not a resident, you’ll likely need a non-resident mortgage to finance your purchase. This complete guide explains eligibility, documentation, banks, rates, and the legal steps involved — with tips to avoid common pitfalls.
🌍 What Is a Non-Resident Mortgage in Spain?
A non-resident mortgage is a Spanish home loan for individuals who are not legally resident in Spain. It’s designed for foreigners who:
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Live abroad more than 183 days a year
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Want to buy a second home, holiday home, or investment property in Spain
⚠️ Spanish banks consider non-resident borrowers riskier, so terms can be stricter than for residents.
✅ Who Can Apply?
You can apply for a non-resident mortgage if:
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You live outside Spain (EU or non-EU)
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You hold a valid passport or national ID
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You have stable foreign income
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You obtain a Spanish NIE (Foreigner ID Number)
💼 Key Mortgage Conditions
| Condition | Typical Terms for Non-Residents |
|---|---|
| Loan-to-Value (LTV) | 60–70% of property value |
| Term | 5–25 years |
| Interest Rate | 3.5–4.5% fixed; variable = Euribor + 1.5–2.5% |
| Currency | EUR |
| Repayment | Capital + interest only |
📄 Documents Required
Expect to provide the following:
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🛂 Passport or national ID
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🧾 NIE (Número de Identificación de Extranjero)
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💰 Proof of income (payslips, tax returns)
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📊 Bank statements (3–6 months)
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💼 Employment contract or company ownership proof
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📃 Credit report from your home country
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🏠 Basic property details (Nota Simple, valuation)
🏦 Which Spanish Banks Offer Non-Resident Mortgages?
Some of the most foreigner-friendly banks include:
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Banco Sabadell
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CaixaBank
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Santander
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Bankinter
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Cajasur
🔍 Each bank has different terms depending on nationality and income. EU citizens often get better rates than non-EU applicants.
📉 Typical Interest Rates
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Fixed Rate: 3.5%–4.5% (more predictable)
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Variable Rate: Euribor + 1.5%–2.5% (more flexible but riskier)
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Mixed Rates: Some banks offer a fixed period (e.g., 5 years), then switch to variable.
📝 Step-by-Step Mortgage Process
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Initial consultation with bank or broker
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Pre-approval based on income and debt levels
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Property valuation by bank-approved surveyor
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Formal offer issued
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Sign before notary (with bank and seller present)
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Funds disbursed on signing day
📌 Tip: A Spanish power of attorney can handle most of this if you’re abroad.
🌐 Can I Apply Remotely?
Yes! Most Spanish banks allow you to:
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Submit paperwork remotely
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Grant power of attorney to a lawyer
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Complete the entire process without flying to Spain
✅ Ideal for international buyers who want to act quickly.
⚖️ Why Legal Help Matters
Mortgage contracts in Spain are complex and always in Spanish. A bilingual property lawyer helps by:
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Reviewing clauses for abusive terms
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Negotiating better bank conditions
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Ensuring compliance with Spanish consumer law
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Representing you before the notary if needed
🚫 Common Pitfalls to Avoid
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❌ Believing 100% financing is available
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❌ Ignoring exchange rate fluctuations
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❌ Underestimating closing costs (notary, registry, taxes)
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❌ Skipping legal due diligence on the property
❓ FAQs
Can non-EU citizens get a mortgage in Spain?
Yes, but conditions may be stricter than for EU nationals.
Is there a minimum income requirement?
Yes — your mortgage payment shouldn’t exceed ~30–35% of your net monthly income.
Can I rent out the property I buy?
Yes, but you must comply with local short-term rental laws.
🤝 How We Help
At Borderless Lawyers, we provide full support to foreign buyers:
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Mortgage application guidance
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Contract review & negotiation
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Power of attorney services
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Coordination with banks, notaries, and sellers
👉 Book a free consultation to speak with a mortgage lawyer in Spain.