Finance Your Spanish Property
Getting a Spanish mortgage as a foreign buyer is easier than you think. We partner with Habeno to compare offers from multiple Spanish banks and secure the best financing for your situation.
Habeno
Mortgage Aggregator
- Compare multiple Spanish banks
- Specialist in non-resident mortgages
- English-speaking advisors
- Free initial consultation
Mortgage Options by Residency Status
Your residency status affects how much you can borrow and at what rate
Spanish Resident
- Full employment income considered
- Fastest approval
- Best rates available
EU Resident
- EU income documentation accepted
- No NIE required upfront
- Competitive rates
UK/Non-EU Resident
- International income considered
- GBP/USD income acceptable
- Specialist lenders
Buying Costs in Spain
Budget approximately 13-14% on top of the purchase price for taxes and fees
| Cost | Percentage | Example (€250,000 property) |
|---|---|---|
| IVA (VAT) - New builds | 10% | €25,000 |
| AJD (Stamp Duty) | 1.5% | €3,750 |
| Notary Fees | Fixed | €1,500-2,000 |
| Land Registry | Fixed | €800-1,200 |
| Legal Fees | 1-1.5% | €2,500-3,750 |
| Total Additional Costs | ~13-14% | €33,550-€35,700 |
💡 Cash Required for Purchase
For a €250,000 property with 70% mortgage (€175,000 loan):
Mortgage Application Process
From application to completion in 4-8 weeks
Initial Consultation
Day 1Discuss your situation with Habeno. They'll assess your eligibility and recommend suitable lenders.
Document Collection
Week 1Gather required documents: income proof, bank statements, ID, and NIE application if needed.
Pre-Approval
Week 1-2Receive pre-approval letter confirming how much you can borrow. Use this to make offers on properties.
Property Valuation
Week 3-4Bank arranges independent property valuation. Cost typically €300-500, payable by buyer.
Final Approval
Week 4-6Bank issues binding mortgage offer (FEIN). Review terms carefully with your lawyer.
Completion
Week 6-8Sign at notary. Mortgage funds transfer to seller. You receive the keys!
Ready to Get Pre-Approved?
Start your mortgage application with Habeno today. Compare offers from multiple Spanish banks and find the best rate for your situation.
Start Your Application with Habeno →Spanish Mortgage FAQs
Can foreigners get a mortgage in Spain?
Yes, Spanish banks actively lend to foreign buyers. Non-residents can typically borrow 50-70% of the property value, depending on residency status and income. EU residents generally get better terms than non-EU buyers, but mortgages are available to all nationalities.
What documents do I need for a Spanish mortgage?
You'll typically need: passport, NIE number (or application), proof of income (payslips, tax returns, or accounts for self-employed), bank statements (last 6 months), proof of address, and existing mortgage/loan statements. Habeno can provide a complete checklist based on your situation.
How long does mortgage approval take in Spain?
Pre-approval typically takes 1-2 weeks. Full approval and completion takes 4-8 weeks from application. For new builds, you can secure approval before construction completes, with the mortgage finalizing at completion. We recommend starting the process early.
What are current Spanish mortgage rates?
Spanish mortgage rates vary by bank and borrower profile. Fixed rates currently range from 3-5% for residents and 3.5-5.5% for non-residents. Variable rates are tied to Euribor plus a margin. Habeno compares offers from multiple banks to find the best rate for your situation.
Do I need a Spanish bank account?
Yes, you'll need a Spanish bank account before completing a property purchase. This is where mortgage payments will be debited and where you'll pay utility bills and community fees. Opening an account requires your NIE number and takes about 1 hour at the bank.
What is the NIE and do I need one for a mortgage?
The NIE (Número de Identificación de Extranjero) is Spain's tax identification number for foreigners. You need one to buy property, open a bank account, and get a mortgage. You can apply at Spanish consulates abroad or in Spain. Processing takes 2-4 weeks.
Questions About Financing?
We're here to help you understand your financing options. Contact us for personalized advice on funding your Costa Blanca property purchase.