Discover the 8 best mortgages in Spain for US citizens in 2024. Find the perfect fit for your case and learn how Homevest can assist you in comparing the available mortgage offers.
Choosing the best Spanish mortgage as a non-resident can take more time and effort, especially when you’re unfamiliar with the market and are used to a different banking system in the US. How can you choose the best mortgage to buy a property in Spain?
We’re here to help you.
In this article, we’ve reviewed the best mortgages in Spain currently offering financing for US citizens. We’ve included all the information you need - interest rates, best use cases, pros and cons – so you can make up your mind.
Homevest evaluated the bank’s offers for its clients, calculating the average effective interest rates over the past three months.
The effective interest rate approximates the annualized interest rate of a loan offer, considering the loan duration and initial promotional interest rate periods.
Sabadell offers highly flexible mortgage terms, with financing options ranging from 3 to 30 years. While they don’t have a strict property value requirement, they prefer properties with a value of at least 70,000 EUR.
According to data collected from Homevest users, Sabadell has made the most competitive offers since the beginning of 2024. This trend continued into April when Sabadell presented the best offer among all banks in Spain at 2.98%.
Santander is known for its Mundo Mortgage program, which offers financing up to 1,000,000 EUR.
Santander's effective interest rate for the past three months stood at 6.10%. Despite being on the higher side, it is a good choice for those purchasing properties valued at under 100,000 EUR.
While most Spanish lenders that offer financing to non-residents serve all of Spain, some specific banks focus only on certain regions. Cajasur is one such case, tailoring its mortgage offers to foreigners interested in buying properties in Costa del Sol and Andalucia.
Cajasur offers financing up to 70% of the property value, with the maximum amount borrowed being 1,000,000 EUR.
CaixaBank has a dedicated program for international buyers called HolaBank, where non-residents can access loans of up to 2,900,000 EUR.
To qualify for a Holabank mortgage as a US citizen, your annual net income must be at least the equivalent of 48.000 EUR. All your monthly commitments (including the mortgage) cannot exceed 30% of your monthly net income.
CaixaBank is one of the most competitive Spanish banks for mortgages, offering discounts if you purchase additional products.
As a US citizen, you can only access a variable mortgage at Bankinter due to the currency in which you earn your income. The good news is that there is no maximum borrowing amount, but keep in mind that your LTV is limited to 50%.
According to data collected from mortgage offers that Homevest users received in April, Bankinter had an interest rate of 5.27%. This rate is slightly higher than that of some other banks in the market, but it’s important to balance the pros and cons of the mortgage before deciding.
If you prefer to buy a resale property and design it to your liking, UCI offers mortgages to purchase and renovate houses in Spain. These mortgages cover both the property's purchase price and renovation costs, provided you buy a second-hand property.
As a non-resident, you must contribute 40% of the sale price.
Unicaja prefers non-resident customers who aim for property purchases over 200,000 EUR and maintain a maximum economic effort ratio of 25%. They do not accept self-employed applicants and offer a maximum loan-to-value ratio between 60-70%, tailored to the selected mortgage product.
Banca March is a good option for customers with a net income of over 4,000 EUR who want to buy properties in Mallorca or other locations in the Balearic Islands.
Banca March requires a minimum purchase price of 500,000 EUR to qualify for a mortgage and offers only mixed-rate products.
There are many options for a mortgage in Spain as a US citizen, and the best choice for you will depend on your specific circumstances.
This guide presents a comparative analysis of 8 of the best Spanish mortgages you can access to buy property in Spain as a non-resident.
Homevest is a quick and easy solution that matches you with banks that suit your needs. You can apply for a mortgage with Homevest and have access to top non-resident banks on one platform. This digital platform allows you to receive multiple offers and compare them according to your preferences.
Sources used and checked in May 2024:
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.
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