Can non-residents get a mortgage in Spain?

Question

Accepted Answer

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.