Spain has long been a popular destination for foreigners, who have settled there or invested in a holiday home. If you're planning to buy a property in Spain, it is essential to explore your mortgage options.
If you're considering buying a property in Spain as a non-resident, you may be interested in exploring your mortgage options. Fortunately, many Spanish mortgages are available for foreigners and Spanish expats.
One helpful resource for requesting and comparing these options is Homevest.
Continue reading to discover the best Spanish mortgage solutions for non-residents and to understand how to select the option that suits your needs.
Sabadell is a popular choice for non-residents seeking a mortgage in Spain. They offer various mortgage options with competitive rates and favorable terms.
The lowest rate is 3,53%, including Euribor 12m, and the term range varies between 3 and 25 years.
Sabadell offers a variety of options, including both fixed and variable rates, allowing borrowers to choose a mortgage solution that aligns with their financial goals. Read on for essential information to consider when choosing a Sabadell mortgage.
Cajasur is a great option for buying a home in Costa del Sol and nearby Andalusian coasts, with good mortgage deals available.
With Cajasur, you can borrow between 80,000 and 1,000,000 EUR the lowest rate of 4.74%, which is competitive in the Spanish market.
However, it's worth noting that depending on the customer profile, there may be a 0-1.5% opening fee.
Unicaja is an excellent choice for EU, US, and UK citizens looking for flexible lending terms. They offer a maximum loan-to-value ratio between 60-70%, tailored to the mortgage product selected.
The lowest rate is 5,19% + Euribor 12m, and the term range varies between 10 and 30 years.
Bankinter has various solutions for non-resident foreigners who need banking services in Spain, including those from the US and UAE. If you are interested in purchasing a property, Bankinter provides fixed-rate and variable-rate mortgages tailored to your specific situation.
They offer both fixed and variable options for those earning in EUR, while for USD, GBP, SEK, NOK, DKK, CAD, and AUD earners, they only offer variable options.
Santander offers a variety of mortgage options for non-residents looking to buy a second home in Spain. Their Mundo Mortgage is open to individuals from EU countries, the US, and the UK, offering both fixed and variable interest rates for added flexibility.
The lowest rate is 5.58%, including Euribor 12m, and the term range varies between 1 and 20 years.
Learn how to get a Santander Spanish mortgage as a non-resident and find out the documents you need to qualify.
If you're a non-resident exploring property purchase options in Spain, BBVA's mortgage solutions deserve your consideration.
BBVA's offerings include fixed and variable-rate mortgages extending to 30 years. This long repayment term facilitates manageable installments, easing the financial pressure on borrowers.
BBVA's variable-rate mortgage is 3.90% + Euribor 12m. This option is subject to market fluctuations and individual borrower circumstances.
Continue reading to find out how to obtain a BBVA mortgage, including eligibility requirements and necessary documentation.
CaixaBank stands out as a top-tier choice for mortgages in Spain, offering competitive terms within the market. It provides an option for a reduced installment, allowing customers to lower their interest rate by as much as 1%, contingent on their choice of products and consistent maintenance throughout the mortgage.
The bank offers a loan amount ranging between 100,000 and 2,900,000 euros, and a maximum LTV of 70%.
Find out how to obtain a CaixaBank mortgage, including steps and insights to guide your decision-making.
Banca March is an ideal option for clients purchasing high-value properties on the Balearic Islands.
For non-residents, Banca March requires a minimum purchase price of 500,000 euros to qualify for a mortgage.
Customers with a net income of over 4,000 EUR can access an initial rate of 3.40% for the first four years, followed by 1.25% plus the 12-month Euribor.
UCI Bank is a flexible non-resident lender that offers a variety of mortgage options for individuals looking to purchase new-builds or fixer-uppers.
Whether you are interested in purchasing a property that is move-in ready or one that requires some renovation, UCI has you covered. In addition to traditional mortgage options, the bank also offers financing for renovation, making it easier for individuals to afford the cost of fixing up their new home.
The cost comparison was made on January 3, 2024
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.
When exploring mortgage options in Spain as a non-resident, it's crucial to weigh both the interest rates and additional fees of each loan. Loans with lower interest rates might come with higher fees, potentially increasing the total mortgage cost.
Negotiating mortgage rates is key to ensuring you get the best deal possible by comparing multiple lenders and their offers before deciding. It can be time-consuming, but fortunately, Homevest can simplify it for you. With Homevest, you can request and compare mortgage offers from multiple lenders all in one place.
Explore Spain's 2024 mortgage rates for non-residents, find top deals, and learn key application tips with Homevest.
Qualifying for a mortgage loan in Spain involves several key criteria that lenders will consider:
A fixed-rate mortgage has an unchanging interest rate for the entire loan term, ensuring consistent monthly payments. In contrast, a variable rate mortgage's interest rate can fluctuate over time based on market conditions. For a more detailed exploration of these options, consider reading our comparison between fixed and variable mortgages.
You might also consider a mixed-rate mortgage, which offers a combination of both fixed and variable rates, providing a balance for those undecided between the two options.
British expats can still obtain mortgages to buy property in Spain post-Brexit. For a detailed understanding of the mortgage process from the UK, including key requirements and the changes due to Brexit, thorough research and preparation are essential.
Spain has long been a popular destination for foreigners, who have either settled there or invested in a holiday home. If you're considering doing the same, it's important to understand the process involved. Keep reading a guide that covers everything you need to know about getting a mortgage in Spain, including requirements, interest rates, and info for non-resident buyers.
To learn more about how Homevest helped its customers, continue reading how Stefan and Vivien, a German couple, successfully bought a holiday home in Costa Brava. Learn about their journey, the mortgage process, and how Homevest's negotiation efforts saved them both time and money.
Sources used and checked on January 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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