BBVA mortgage in Spain for non-residents. Everything you need to know

Are you looking for a Spanish mortgage to boost your property budget? BBVA could be an option worth considering.

This guide will provide an overview of BBVA mortgages in Spain for non-residents. This will cover eligibility criteria and other valuable information such as interest rates, required documentation, and the pros and cons of choosing BBVA.

We'll also take a quick look at Homevest, a digital solution designed to simplify the cross-border mortgages experience. 

Now, let's refocus our attention on BBVA mortgages for non-residents.

What are the mortgage options BBVA offers for non-residents looking to buy a property in Spain?

Non-residents aiming to maximize their property budget with a BBVA mortgage can choose between a fixed or variable rate. 

Unfortunately, BBVA only serves individuals who earn income in EUR, which means applicants earning income in currencies such as GBP or USD are excluded from their services. 

If you're a US or UK citizen interested in obtaining a mortgage in Spain, explore other Spanish mortgages available for non-residents best suited to your circumstances.

What are the BBVA mortgage rates for non-residents?

BBVA offers an attractive starting interest rate of 1.89% nominal interest rate (NIR) for the first year, followed by Euribor + 1.50% for the remaining years. The variable mortgage option offers a 5.01% annual percentage rate (APR), allowing for potential adjustments based on market fluctuations.

If you want to pay the same every month, a fixed mortgage is a choice worth considering. BBVA offers a fixed mortgage option with a 2.65% discounted nominal interest rate for the first 6 months and a 4.42% annual percentage rate.

You can lower your interest rate by up to 1% with additional products. To maximize the mortgage interest rate discount, you need to have the following products:

1. direct deposits or debits with BBVA for your paycheck, pension, unemployment benefit, or social security payment
2. home insurance policy with BBVA Allianz Seguros
3. loan repayment insurance policy with BBVA Seguros covering at least 50% of the mortgage amount

What are the eligibility requirements for a BBVA mortgage in Spain for non-residents? 

The eligibility requirements for a BBVA mortgage in Spain for non-residents are as follows:

1. Permanent employment
2. Minimum 6 months employment tenure
3. Earn your income in Euro
4. Indebtedness requirements: your monthly living expenses and loan payments combined cannot exceed 40% of your monthly net income
5. A minimum 30% deposit of the property's value
6. A minimum property value of 100.000 EUR 
7. A clean credit history

Meeting these standard conditions is necessary to be eligible for a BBVA mortgage in Spain as a non-resident.

What documents are required for a BBVA mortgage in Spain? 

When applying for a BBVA mortgage in Spain, there are specific documents that you will need to provide:

1. ID or passport
2. Spanish NIE (Número de Identificación de Extranjero) number
3. Employment contract
4. Primary residence document (lease contract or mortgage deed and mortgage account statement)
5. Payslips for the last three months
6. Bank statements covering the last six months
7. Tax returns or income statements for the past two years
8. Credit report
9. Proof of deposit (savings or investment account)
10. Other property ownership documents (Land registry titles or mortgage deeds)
11. Proof of other income (dividends or lease contracts if you are renting out a property)

Make your mortgage process in Spain easier with Homevest

Want to simplify your experience when applying for a mortgage in Spain from abroad? Check out Homevest. 

While not a mortgage broker itself, Homevest partners with licensed brokers in Spain to help you secure the best deal.

When you're using Homevest Spain, you can benefit from a range of useful features:

• an accurate budget estimation to set a foundation for your property search
• product support assistance to get answers to any questions you have about the Homevest platform
• experienced mortgage brokers to prepare your mortgage application and submit it to banks on your behalf
• a free and secure service with a client-first approach and compliance with EU data protection standards
• mortgage content library to access resources to better understand how mortgages work in Spain

With Homevest, applying for and receiving mortgage offers from local banks is easy and convenient. 

It’s worth mentioning that when you choose Homevest, your case is handled by professionals who are aware of the potential challenges that can arise when dealing with banks while residing abroad.

Continue reading Sandra’s journey, one of Homevest's valued customers, who purchased a property in Spain from France using this platform.

BBVA mortgage in Spain for non-residents: pros and cons

When considering a BBVA mortgage in Spain for non-residents, weighing the pros and cons is essential. 

On the positive side, BBVA offers a range of mortgage options spanning from 100,000 to 2,000,000 EUR, providing flexibility to borrowers with different financing needs. 

The maximum loan-to-value ratio is 70%, meaning buyers must have at least 30% of the property's value available for the down payment. Additionally, BBVA imposes a maximum indebtedness limit of 35%.

However, a potential drawback is that BBVA's mortgage services are limited to those who earn income in euros. This means that individuals earning income in currencies like GBP or USD may not be eligible for their mortgage products.

If you're curious about how BBVA stacks up against Sabadell, one of the most competitive Spanish banks on the market, explore a comparison between BBVA vs. Sabadell.

Sources used and checked in October 2024:

1. BBVA Mortgages

We recommend obtaining professional or specialist advice before taking or refraining from any action based on the content in this article. The information in this article does not constitute legal, tax, or other professional advice from Homevest Limited. Prior results do not guarantee a similar outcome. We make no representations, warranties, or guarantees, whether express or implied, that the content in this article is accurate, complete, or up to date.