Spanish Mortgage FAQs

Q: As a non-resident, can I get a mortgage in Spain, or do I have to be a resident?
A: You can get a mortgage in Spain as a resident and a non-resident.

Q: As a general rule, what loan-to-value (LTV) can a non-resident get?
A: Typically up to 60%

Q: When determining LTV, how is the property valued?
A: The lower of the purchase price and the appraisal

Q: As a general rule, what is the debt-to-income ratio (interest payments as a % of net disposable income)?
A: Interest and principal payments should not exceed 30% of net disposable income.

Q: As a non-resident, what is the maximum term in years that I can borrow?
A: 20 years

Q: And what is the shortest (minimum) term?
A: 5 years

Q: What is the upper age limit to get a mortgage in Spain?
A: 75 years old

Q: How long does it take to get a mortgage in Spain, from first contact to having the funds available, assuming I have already found a property to buy?
A: Typically around 4 to 6 weeks.

Q: Can I get a fixed rate mortgage in Spain?
A: Yes

Q: Can I get an interest only mortgage in Spain?
A: No

Q: Are there buy-to-let (BTL) mortgages in Spain?
A: No, there is no BTL scheme as such, but in certain cases, long-standing clients with excellent financial profiles can get a mortgage for a property that will be allowed.

Q: If I already own a mortgage free property in Spain, can I get an equity release mortgage?
A: No

Q: If I want to buy a property and renovate it, can I get a mortgage to cover the purchase and renovation costs?
A: It is complicated, but could be considered for long-standing clients with excellent financial profiles.

Q: If I already have a mortgage, and my property rises in value, or my income increases, can I top up my mortgage or do I have to take out a new mortgage?
A: You cannot do a mortgage top up or apply for a new one on the same property. Property values ​​go up and down. The purchase price originally paid by you is not altered by the rise or fall of a property's market value.

Q: What are the additional costs of taking out a mortgage in Spain?
A: Approximately 4% of the mortgage loan amount.

Q: Do I need a NIE number to get a mortgage?
A: Yes
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​Q: Can I get a non-binding mortgage offer in principle so I know my budget before I go house hunting, or do I have to find a property first to get an offer?
A: At CaixaBank it is possible to make a decision in principle up to 10 months before completing the purchase, subject to changes in mortgage rates. But it is important to stress that this pre-agreement is essentially a letter of intent which is subject to a property valuation and a reassessment of the client's financial circumstances if more than three months have passed since the initial application.