financing

Can non-residents get a mortgage in Spain?

Yes, non-residents can get a mortgage in Spain, though the terms differ from those offered to residents.

Spanish banks typically lend up to 60-70% LTV (loan-to-value) to non-residents, compared to 80% for residents.

Mortgage terms are usually up to 20-25 years, with the loan needing to be repaid before you turn 75.

You'll need to provide: passport, NIE number, proof of income (employment contract, tax returns, P60 or equivalent for the last 2-3 years), bank statements (last 6 months), details of existing debts and assets, and the property valuation report (the bank arranges this).

The application process takes 4-8 weeks.

Some banks have dedicated international mortgage departments.

Current interest rates for non-residents range from 3-5% depending on the bank and product.

WOW-Estates works with mortgage brokers who specialize in non-resident financing and can compare offers from multiple banks to find the best deal.