Buying a home in Spain has become a realistic step for many international buyers, and for non-residents, securing a mortgage is often a key part of that process. Spanish banks remain open to lending to foreign clients, particularly in established areas like Marbella and the Costa del Sol, although the requirements can feel a little unfamiliar at first. With the right preparation, however, the steps are straightforward and far less overwhelming than they might seem.
This guide walks you through the essentials of getting a mortgage in Spain as a non-resident — who can apply, how much you can typically borrow, what the main costs look like, and how to prepare so the process feels smooth from start to finish.
Who Can Get a Mortgage In Spain as a Non-Resident?
In Spain, a “non-resident” is simply someone who spends fewer than 183 days a year in the country and pays tax primarily elsewhere. Within that definition, Spanish banks will usually consider applications from:
- EU and non-EU citizens
- Salaried employees and self-employed professionals with stable income
- Buyers looking for a holiday home, second residence, or investment property
You will need a Spanish tax identification number (NIE) to move forward with any purchase or mortgage. This is one of the first steps your lawyer or advisor will encourage you to take.
Typical Mortgage Conditions for Non-Residents
While each bank has its own criteria, most non-resident mortgages in Spain have a few common features:
Loan-to-Value (LTV)
Non-residents are usually offered between 60–70% of the property’s value (or purchase price, whichever is lower). You should expect to contribute:
- 30–40% of the purchase price as a deposit
- An additional 10–13% to cover taxes and purchase costs
Spanish residents often access slightly higher LTVs, but for non-residents, banks prefer a more conservative ratio.
Duration
Mortgage terms for non-residents are typically 20–25 years, and many banks also work with a maximum age at the end of the mortgage (often around 70–75). That means the older you are, the shorter the term is likely to be.
Interest rates
You’ll usually be offered one of three structures:
- Fixed-rate mortgages – predictable monthly payments throughout the term
- Variable-rate mortgages – linked to Euribor plus a margin set by the bank
- Mixed mortgages – fixed for the first few years, then variable
Rates vary by bank, income profile, and LTV, so it’s worth comparing offers or using a mortgage broker who regularly works with non-resident clients.
Please note: Mortgage conditions, lending criteria, and interest rates can change, so it’s always worth checking the latest offers with your bank or a trusted mortgage broker before making any decisions.
How Much Do You Need to Earn? The 30–35% Rule
Spanish banks look closely at your existing financial commitments. A common guideline is that no more than around 30–35% of your net monthly income should be used to service all of your loans combined – including your new Spanish mortgage and any mortgages or loans you have in your home country.
In practice, this means:
- A clear, traceable income (salary, business income, pension)
- A clean or at least stable credit history
- Manageable existing debts
If your income is in a currency other than euros, banks may also factor in exchange rate risk when they assess your affordability.
What Documents Do You Need as a Non-Resident?
Expect the documentation to be thorough – banks want a complete picture of your finances. While requirements vary, you’ll usually be asked for:
- Passport and NIE
- Recent payslips or proof of pension / self-employed income
- Last 6–12 months of bank statements
- Latest tax return(s) from your country of residence
- Details of any existing loans or mortgages
- A basic purchase contract or reservation agreement for the property
- Sometimes a credit report from your home country
Most lenders will require documents to be translated into Spanish by a sworn translator, and some may request an Apostille to verify the authenticity of key documents.
Step-By-Step: The Mortgage Process in Spain
Although each case is different, the process of getting a mortgage in Spain as a non-resident usually follows these steps:
- Initial conversation with a bank or broker
You share basic information (income, debts, purchase budget) and receive an initial indication of what you might be able to borrow. - NIE and Spanish bank account
You obtain your NIE and open a Spanish bank account so you can handle purchase costs, mortgage payments, and utilities. - Pre-approval (optional but recommended)
Many buyers choose to get a pre-approval or written “feasibility” letter from the bank before they commit to a property. This helps when negotiating and shows sellers you’re serious. - Property selection and valuation
Once you’ve reserved a property, the bank orders an independent valuation. The final mortgage amount will be based on this value or the agreed purchase price, whichever is lower. - Formal offer
After reviewing your documents and the valuation report, the bank issues a formal mortgage offer with interest rate, term, and conditions. - Signing at the notary
On completion day, you sign both the deed of sale (Escritura de compraventa) and the mortgage deed before a notary. The bank then releases the funds to the seller.
Allow at least six to eight weeks from starting the application to completion, especially if documents need to be translated or sourced from several countries.
Costs and Taxes to Budget For
In addition to your deposit, you’ll need to plan for purchase and mortgage-related costs, which typically total around 10–13% of the purchase price for non-residents in Andalucía. These usually include:
- Property Transfer Tax (ITP) on resale properties, or VAT + Stamp Duty on new builds
- Notary and Land Registry fees
- Legal fees for your independent lawyer
- Valuation fee for the mortgage (often a few hundred euros)
- A possible arrangement fee charged by the bank
Spanish law has shifted more of the mortgage-related set-up costs to banks in recent years, but exact structures differ by lender, so it’s important to review each offer carefully.
Benefits of Taking a Mortgage in Spain as a Non-Resident
For many buyers, a Spanish mortgage is not only a practical tool but also a strategic one:
- Preserves liquidity – you don’t need to tie up all your capital in one property
- Leverages the investment – you benefit from any future price growth on the full property value, not just the amount you’ve put in
- Access to competitive rates – Spanish mortgage rates are often attractive compared to other European markets
For some EU buyers, there can also be tax planning considerations around mortgage interest and wealth tax, but this should always be discussed with an independent tax advisor who understands both Spanish rules and your home country’s regulations.
Risks and Points to Consider
As with any financial decision, there are also risks to be aware of:
- Exchange rate changes if your income is in another currency
- Interest rate movements if you choose a variable or mixed mortgage
- Tighter conditions for non-residents, such as lower LTVs and shorter terms
It’s worth running different scenarios with your advisor or broker – for example, what happens if rates rise by one or two percentage points, or if your currency temporarily weakens against the euro.
How to Improve Your Chances of Approval
A few practical steps can make getting a mortgage in Spain as a non-resident noticeably easier:
- Prepare your documentation early – especially tax returns and proof of income
- Keep existing debts as low as possible before applying
- Be realistic with the budget so your debt-to-income ratio stays comfortably under 35%
- Work with a reputable independent lawyer
- Consider using a mortgage broker who regularly deals with non-resident applications and can compare offers from different banks
How Cima Can Support Your Mortgage Journey
Cima is not a bank, lender or tax advisor, and we don’t arrange mortgages directly – but we do work with buyers at every step of their property journey and can always point you in the right direction. That includes:
- Helping you understand what type of property and budget align with typical non-resident mortgage conditions
- Introducing you to trusted local partners, such as mortgage brokers, banks, and legal advisors
- Guiding you through the sequence of reservation, valuation, and completion so that the purchase and financing move in sync
If you’re considering a mortgage in Spain as a non-resident and would like to understand how this fits into your wider property search, our team is here to help.
Find Your Home with Cima
If one of Marbella’s areas has already caught your attention — or you’re just starting to explore what living here could look like — we’d be happy to guide you. At Cima, we take time to understand what truly matters to you, helping you find not just a property, but a home that fits your lifestyle. Reach out to our team for a personal introduction to the areas, properties, and local experts that can support you on your mortgage and buying journey in Spain.
