Getting a Spanish mortgage for foreigners is possible, and many international buyers use financing to complete a property purchase in Spain. The process is clear when you understand the requirements, loan conditions and steps involved. Because of this, foreign buyers can invest with confidence while planning their long-term strategy.

Can Foreigners Get a Mortgage in Spain

Yes, foreign buyers can apply for mortgages. Spanish banks offer different terms for non-residents. Because of this, requirements and loan limits vary. Most non-residents receive an LTV of 60 to 70 percent. Some EU buyers with Spanish tax residency can access higher limits, often up to 80 percent.
Loan terms range from five to thirty years. Buyers can select fixed, variable or mixed rates. This flexibility allows them to choose the structure that suits their budget and long-term plans.

Types of Mortgages Available

Fixed rate mortgages offer predictable payments. Buyers know the exact monthly cost throughout the full loan term.
Variable rate mortgages link the interest rate to the Euribor. Payments may change each year. This option can offer lower initial costs.
Mixed mortgages combine both structures. Buyers pay a fixed rate at the beginning. After that, the loan moves to a variable rate.

Requirements for Foreign Applicants

To secure approval, buyers need an NIE number. This tax identification number is essential for any property transaction in Spain.
Banks also request proof of income, credit history and recent bank statements. These documents help lenders confirm stability and repayment capacity.
Foreign buyers must prepare a down payment of at least 30 to 40 percent.
Each bank also performs a valuation to confirm the property’s market value. This step helps determine the final loan amount.

Interest Rates and Additional Costs

Fixed rates often range between three and five percent. Variable rates depend on the Euribor, plus a bank margin of one to two percent.
Buyers must also plan for valuation fees, notary fees and stamp duty. These costs usually total one to three percent of the purchase price.

Steps to Getting Approved

Begin by comparing lenders. Then obtain the NIE.
After that, request a pre-approval. This step helps you understand borrowing capacity before making an offer.
Once you select a property, sign the reservation agreement. Then submit the full mortgage application.
After the valuation, the bank issues final approval.
The final step is signing the mortgage deed and purchase contract before a notary. The property is then registered in your name.

Final Thoughts

Securing a Spanish mortgage for foreigners is straightforward when you understand the process. Because the system is structured and clear, foreign buyers can approach financing with confidence. With the right preparation and expert guidance, owning property in Spain becomes a smooth and achievable goal.