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. Read on to discover the best Spanish mortgages for non-residents and learn how to compare them quickly and without fees.
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 comparing these options is Homevest.
Continue reading to learn more about the best Spanish mortgages for non-residents and how to compare the offers quickly and fee-free.
Sabadell is a popular choice for non-residents seeking a mortgage in Spain. They offer various mortgage options with competitive rates and favorable terms. Non-residents seeking a mortgage through Sabadell must buy a property for a minimum of 150,000 euros.
The lowest rate is 3,96%, 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 5.77%, 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, whether you are a resident or not.
The bank also offers insurance and investment funds for non-resident foreigners.
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 6.10%, 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 duration of the mortgage.
The bank offers a loan amount range 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.
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.
Bank | Average effective rate |
---|---|
Sabadell | 5,41% |
Cajasur | 5,81% |
Unicaja | 5,19% |
Bankinter | 5,31% |
Santander | 6,10% |
BBVA | 4,67% |
Caixa | 4,76% |
UCI | 5,49% |
The cost comparison was made on November 9, 2023
The effective interest rate approximates the annualized interest rate of a loan offer, considering the loan duration and initial promotional interest rate periods.
When considering mortgage options for buying a property in Spain as a foreigner, it is essential to consider the interest rates and the additional costs and fees associated with each loan. While some lenders may offer lower interest rates, they may also have higher fees that could make the overall cost of the mortgage higher.
To ensure that you are getting the best deal possible, compare multiple lenders and their offers before making a decision. It can be time-consuming, but fortunately, platforms like Homevest can help simplify it for you. With Homevest, you can easily receive and compare mortgage offers from multiple lenders all in one place.
Explore Spain's 2023 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 means that the interest rate is locked in for the life of the loan and will not change, regardless of any changes in the market. This means that your monthly payment will remain the same throughout the loan term, providing a predictable and stable payment schedule.
On the other hand, a variable rate mortgage means that the interest rate can change over time based on the current market conditions.
Even though the UK is no longer part of the EU, British expats still have the right to buy property in Spain. If you are a UK citizen applying for a mortgage in Spain, you should be aware of the following requirements:
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 saved them time and money.
Sources used and checked on November 2023:
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.
Lenders consider the applicants' combined income, which may increase the borrowing amount and the chances of approval. Continue reading to discover everything you need to know when applying for a Spanish mortgage with your partner.
When choosing a Spanish mortgage broker, consider their experience, reputation, expertise, range of lenders, transparency, customer service, rates, fees, and seek referrals and online reviews. Find out which brokers can help you access a mortgage for buying a property in Spain and see how you can compare the available credit offers.
As a non-resident applying for a mortgage in Spain from abroad, it's understandable to be unfamiliar with the process. Discover how to avoid three key mistakes during your application.
Regardless of the bank you choose for your mortgage, make sure you have your P60 form ready. This tax document is essential for assessing loan offers, as it captures details about your income, taxes, and contributions from the prior year. Keep reading to learn about the best Spanish banks for mortgages for UK buyers.
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