Spanish Mortgages Made Simple

Yes, Spanish banks offer mortgages to non-residents typically up to 60-70% loan-to-value. You'll need proof of income, tax returns, bank statements, and a valid passport. The process takes 4-6 weeks for approval.

Fixed rates offer payment certainty (currently around 3-3.5%) while variable rates (Euribor + spread) can be lower but fluctuate. With Euribor stabilizing, many buyers prefer fixed rates for security. Your choice depends on risk tolerance and how long you plan to keep the mortgage.

Non-residents typically need 30-40% deposit (banks lend 60-70% LTV). Residents can access up to 80% LTV. Plus you'll need approximately 13% for purchase costs (taxes, notary, legal fees).

Yes, a mortgage taken at the time of purchase is deductible from your Spanish wealth tax calculation. This can significantly reduce annual tax liability, especially on properties over €700,000. This is one reason why financing often makes sense even if you have cash.

Typically 4-6 weeks from application to formal offer. Pre-approval can be obtained in 1-2 weeks with proper documentation. Using a mortgage broker can speed up the process as they know which banks suit your profile.

Passport, NIE number (or application), last 2-3 years tax returns, 3-6 months bank statements, proof of income (employment contract or company accounts if self-employed), and details of existing debts/mortgages.