Non-resident vs. resident mortgages in Spain
Non-resident borrowers in Spain typically access financing up to 60–70% Loan-to-Value (LTV), with terms up to 25–30 years and rates indexed to Euribor 12-month plus a margin. Residents in Spain (with Spanish tax residency and Spanish income) usually qualify for up to 80% LTV with longer terms and lower margins. The qualification rules around debt-to-income (DTI), age at maturity and country of residence vary materially between banks — which is why brokerage matters.
The Bank of Spain (Banco de España) regulates mortgage activity and publishes monthly averages of granted mortgages. We use this institutional data plus internal tracking of bank offers to give clients an evidence-based view of what is achievable in current conditions.
How we work as a mortgage broker
Our broker process is simple:
- 30-minute discovery call to map income, country of residence, deposit available and target property.
- Pre-approval submission to 3–5 banks simultaneously based on the client profile.
- Pre-approval letter delivered in 7–10 days, valid for offer negotiation.
- Full file underwriting with the chosen bank after offer accepted.
- Coordination with the notary, lawyer and the bank's valuation surveyor for signature day.
Our brokerage fee is fixed and disclosed before any work — never a percentage of the loan.
Fixed, variable and mixed rates — what fits your profile
Spanish mortgages come in three flavours:
Fixed-rate
Stable monthly payment for the full term. Typically 2.7–3.8% for prime non-resident applicants in current Euribor cycle. Best for buyers prioritising certainty.
Variable-rate
Indexed to Euribor 12-month + a fixed margin of 1.0–2.5%. Lower starting rate but exposed to Euribor cycles. Best for buyers expecting Euribor to decline.
Mixed-rate
Fixed for first 5/10/15 years, then variable. Hedges short-term risk while retaining variable optionality.
We model all three scenarios for each property so the decision is based on numbers, not heuristics.
Documentation typically required
For UK, EU, US, Swiss, Norwegian and UAE applicants, banks usually request:
- Passport copy + NIE certificate.
- Last 3 payslips or last 2 years of self-employed accounts.
- 6 months of personal and business bank statements.
- Last 2 years of personal tax returns.
- Credit report from country of residence (Experian / Schufa / BKR / Equifax).
- Property reservation contract or arras (when offer is in motion).
All documents typically need to be translated to Spanish by a certified sworn translator. We coordinate the sworn translation and apostille if required.
Refinancing existing Spanish mortgages
If you already own a Spanish property with a mortgage, refinancing through subrogation or novation can lower your monthly cost meaningfully. Typical savings on a €300,000 mortgage with 20 years remaining are €100–€400/month depending on starting rate and target lender. We run a cost-benefit analysis covering break-even point, cancellation fees, AJD tax savings and valuation costs before recommending refinancing.