Mortgages for non-residents: what are they and how to contract them?

If you are a foreigner or Spanish but living abroad, and considering buying a house in Spain with a mortgage, it is essential that you know the conditions and requirements you need to apply for a mortgage in Spain.

Mortgages for non-residents: what are they and how to contract them?

If you are a foreigner or Spanish but living abroad, and considering buying a house in Spain with a mortgage, it is essential that you know the conditions and requirements you need to apply for a mortgage in Spain.

At WeRelocate BCN we explain what mortgages for non-residents are and how to contract them.

Spain is one of the favourite places for foreign investors to invest in, so there are many banks that grant special mortgage loans for those foreigners or Spaniards who have tax residence outside of Spain and want to buy a home here.

Mortgages for non-residents or foreigners: characteristics

The requirements for non-residents or foreigners are usually a little more demanding than for a more usual mortgage in our country, as the bank needs to safeguard against possible non-payment on the part of a non-resident.
The main characteristics are:

  • Shorter amortization period, which is usually a maximum of 20 years.
  • Less financing than for a normal mortgage, being reduced to 50%.
  • Normally fixed-rate mortgages with higher interest rates.
  • Similar to usual mortgages in Spain, the installment together with other debts the applicant has, cannot exceed between 30% and 40% of the net income.

Mortgages for non-residents or foreigners: required documentation

  • A photocopy of passport or NIE.
  • The certificate of being a non-resident in this country.
  • A bank statement showing your paycheck and the last three paychecks deposited.
  • The certificate of fiscal residence and the fiscal declaration.
  • Documentation of the house being bought: deposit contract or purchase contract.
  • Credit risk report for residents

All the documentation needs to be translated, but can be managed and processed via Internet and phone. You will also have to open a bank account in our country.

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