Spanish non-resident mortgage.

Spanish banks typically lend non-residents up to 60–70% of the purchase price or the bank’s own valuation (whichever is lower). This is materially lower than the 80–90% LTV available to Spanish residents, and it means non-resident buyers need to bring at least 30–40% of the purchase price as a deposit, plus an additional 10–13% to cover transaction costs (taxes, notary, registry and legal fees).

In practice, this means a non-resident buying a €1,000,000 property in Marbella should plan to bring approximately €430,000–€530,000 in cash or liquid assets: €300,000–€400,000 as the deposit plus €100,000–€130,000 for transaction costs. The mortgage covers the remaining €600,000–€700,000.

Some banks offer higher LTV (up to 80%) for non-residents in specific circumstances, typically where the buyer has a strong income profile, existing assets in Spain, or a track record of property ownership. These are exceptions, not the rule, and should not be assumed in your financial planning.

Spanish mortgage rates have come down from their 2023–2024 peaks following ECB rate cuts, and non-resident borrowers in early 2026 can expect the following approximate ranges. Fixed rates: 3.0–4.0% for terms of 15–25 years. Variable rates: Euribor + 0.9–1.5%, which at current 12-month Euribor levels translates to approximately 2.8–3.5%. Mixed rates: a fixed period of 3–10 years at 2.8–3.5%, reverting to variable (Euribor + spread) thereafter.

Variable rates are currently cheaper than fixed but carry the risk of Euribor rising in future years. Fixed rates offer payment certainty at a modest premium. Mixed products are the most popular choice among our clients, offering a lower initial rate with the security of knowing the payment for the first five to ten years.

Arrangement fees (comisiones de apertura) have been largely eliminated following Spanish consumer protection reforms, but some banks charge a valuation fee (€300–€600), a product-bundling requirement (life insurance, home insurance, payroll domiciliation), and an early-repayment penalty of 0.5–2% during the fixed-rate period. Read the fine print, and have your lawyer review the mortgage deed before signing at the notary.

Spanish banks require a consistent documentation package from non-resident mortgage applicants. You should prepare the following before approaching a lender: passport (certified copy), NIE number (we can help you apply), proof of income for the last two years (payslips or employer letter for employed applicants; tax returns and company accounts for self-employed), bank statements for the last six months showing the deposit funds, a credit report from your home country, a signed copy of the reservation agreement or private purchase contract, and a completed mortgage application form (provided by the bank).

Self-employed applicants face additional scrutiny. Banks want to see stable or growing income over at least two years, audited accounts (or accountant-prepared accounts), and ideally a tax return showing consistent income. Directors of limited companies who pay themselves primarily through dividends rather than salary may find the assessment more conservative, as banks prefer recurring income over variable distributions.

Non-EU applicants may also need to provide proof of legal residency status or visa eligibility, although this is not always a formal requirement, banks assess creditworthiness, not immigration status. If your income is in a currency other than euros, the bank will typically apply a stress test to the exchange rate (usually 10–15% adverse movement) when calculating affordability.

The mortgage process in Spain typically takes four to eight weeks from formal application to the bank issuing a binding offer (oferta vinculante). The key stages are: application submission (day 1), bank valuation of the property (week 1–2, costs €300–€600), credit assessment and underwriting (week 2–4), issuance of the binding offer (week 4–6), and mortgage deed signing at the notary (week 6–8).

The binding offer is valid for a minimum of ten working days (required by law), during which you can review the terms with your lawyer and compare with other banks if you have parallel applications. The mortgage deed is signed at the notary on the same day as the property deed: the two transactions happen back to back, with the bank disbursing the mortgage funds directly into the vendor’s account at the notary’s desk.

We recommend starting the mortgage application as soon as you have signed a reservation agreement, and ideally running applications with two banks in parallel to ensure competitive terms and a fallback if one bank’s timeline slips. Our team can introduce you to vetted mortgage brokers who specialise in non-resident applications on the Costa del Sol and who have relationships with the lending desks at CaixaBank, BBVA, Sabadell and Bankinter.

The main lenders for non-resident mortgages on the Costa del Sol are CaixaBank (the largest Spanish bank by market share), BBVA, Banco Sabadell, Bankinter and, for higher-value loans, Andbank and Deutsche Bank’s Spanish operation. Each has a slightly different appetite for non-resident lending: CaixaBank and BBVA are the most active at the €300K–€1M loan level; Bankinter is competitive for larger loans and offers good terms for professionals; Sabadell has a strong Costa del Sol presence and experienced local teams.

Mortgage brokers play a useful role in the non-resident market because they maintain relationships with the non-resident lending desks at multiple banks, can pre-qualify your application before formal submission, and handle the paperwork coordination. A good broker typically charges 0.5–1% of the loan amount, which is often offset by the better terms they negotiate. We work with three brokers on the coast and can recommend based on your profile and loan size.