Top 9 Spanish mortgage options for non-residents: compare key features

You've decided it's the perfect time to buy a property in Spain, so the next step is to explore the available options for non-residents. Fortunately, many Spanish mortgages are available for both foreigners and Spanish expats.

A helpful resource to understand your eligibility and start preparing your application is Homevest.

Keep reading to learn how to choose the best Spanish mortgage that suits your needs.

Comparison of the best 9 Spanish mortgages for non-residents

Let's explore each lender in more detail to break down their specific mortgage options and features.

1. Sabadell: popular choice for non-residents 

Sabadell offers both fixed and variable mortgages, allowing borrowers to align with their financial goals.

The fixed mortgage has a 3.60% nominal rate (4.08% APR), which may vary based on property type, value, and deposit size. Interest rates can be reduced by 0.75% with bonus products, and while no strict property value is set, they typically prefer properties worth at least 70,000 EUR.

Pros

• the application process is quick and simple, and you don't need to translate your English documents
• open to non-residents with income in multiple currencies (EUR, GBP, USD, CAD, CHF, DKK, NOK, SEK, PLN, QAR, SAR, ILS, MXN)
• potential 0.75% rate reduction with bonus products

Cons

• results may vary by branch due to differing rules

2. Cajasur: great choice for Costa del Sol and Andalucia purchases

Cajasur offers non-resident mortgages ranging from 80,000 to 1,000,000 EUR for up to 20 years, with age at loan maturity not exceeding 70 years.

Depending on the applicant's profile, an opening fee between 0% and 1.5% may apply.

Pros

• flexible financing up to 70% of the lower value between purchase price or appraisal
• long-term clients may secure lower rates with additional services
• minimum property value of 100,000 EUR required (excluding taxes and fees)
• up to 60% of rental income may be included, provided stable rental earnings can be demonstrated for at least two years

Cons

• financing is limited to primary or secondary residences only
• high opening fee of up to 1.5%

3. Unicaja: a flexible option for EU, US, and UK citizens

Unicaja offers a loan-to-value ratio between 60% and 70%, depending on the mortgage product chosen.

The fixed-rate mortgage starts at 3.05% for the first six months, then adjusts to 4.25%, with terms ranging from 10 to 30 years (25 years for second homes).

Pros

• fully online application process, except for the notary visit
• 5% IKEA discount and complimentary interior design advice when you secure your mortgage—available until December 31, 2025

Cons

• preference for properties over 200,000 EUR with a payment ratio under 25%
• fixed rates may be less competitive for longer terms
• opening fee up to 0.15% adds to initial costs
• Unicaja does not accept self-employed applicants or LTD owners

4. Bankinter: strong options for foreigners, including US, UAE, and Australian citizens

Bankinter offers both fixed and variable-rate mortgage options for non-residents earning in EUR, with up to 60% LTV for second properties.

For those earning in other currencies, including USD, GBP, SEK, NOK, DKK, CAD, and AUD, only variable-rate mortgages are available.

Pros

• full remote banking
• no translations are required for your English documents
• among the few banks supporting AUD earners
• interest rate discounts for bundling with other Bankinter products
• minimum property value of 100,000 EUR

Cons

• extensive forms for non-binding offers
• 60% LTV limit
• mortage options may be less competitive for long terms

5. Santander: flexible option for second homes in Spain

Santander provides mortgage options for EU, US, and UK citizens, offering both fixed and variable rates.

The variable rate starts at 1.84% for the first six months, adjusting to Euribor + 1.84% afterward, with terms from 1 to 20 years.

Pros

• loan amounts from 100,000 to 1,000,000 EUR
• accepts documents in multiple languages (English, French, Italian, Portuguese, Swedish, German, and Spanish)
• financing available for properties under 100,000 EUR
• private banking clients can access 100% financing using investments as collateral

Cons

• higher rates on some mortgage options
• prefers applicants who have selected a property
• opening fee of up to 0.5%

6. BBVA: mortgage options for EUR earners only

BBVA provides both fixed and variable-rate mortgages with terms up to 30 years, helping borrowers manage payments over time.

Their competitive variable-rate starts at a 1.89% nominal rate (NIR) for the first year, then adjusts to Euribor + 1.50%, subject to market and borrower specifics.

Pros

• broad loan range from 100,000 to 2,000,000 EUR
• open to applicants from various nationalities and residency countries, provided they are within the EUR zone

Cons

• available only to applicants earning in EUR and applying from abroad

For a detailed look at how BBVA stacks up against Sabadell, one of Spain's leading banks, check out our side-by-side comparison

7. CaixaBank: competitive options with HolaBank mortgages for non-residents

CaixaBank offers HolaBank mortgage specifically for non-resident buyers, providing flexibility with a reduced installment option that can lower the interest rate by up to 1%, depending on additional products chosen.

Loan amounts range from 100,000 to 2,900,000 EUR, with up to 70% LTV.

If your income is in a volatile currency like RON or PLN, you'll need a minimum net income of 4,000 EUR and a DTI ratio of no more than 25-30%.

Pros

• accepts a wide range of currencies, including EUR, GBP, USD, CAD, DKK, NOK, SEK, CHF (and in some cases BGN, CZK, HUF, PLN, RON)
• competitive fixed rates with bundled home insurance and security
• free property valuation through the HolaBank mortgage

Cons

• only 50% of rental income is considered in affordability assessments

8. Banca March: ideal for high-value properties

Banca March requires a minimum property purchase of 500,000 EUR, offering up to 60% financing over a term of up to 20 years, provided the mortgage is repaid by age 75.

Pros

• Banca March covers the notary fees for the mortgage deed and the costs for the Land Property Register
• accepts various currencies (USD, EUR, CHF, GBP, SEK, DKK, NOK)

Cons

• mortgages available only in specific regions (e.g., Balearic Islands, Madrid, Valencia)
• 1% agreement fee
• DTI capped at 25% for foreign-currency income
• no fixed-rate mortgage options

9. UCI: options for new homes or fixer-uppers

UCI provides various mortgage solutions, including financing for renovations, ideal for buyers interested in upgrading their property.

They accept applicants from a range of nationalities and currencies, including EUR, GBP, USD, CAD, DKK, NOK, SEK, ISK, CHF, SGD, AUD, NZD, and CZK.

Pros

• broad mortgage options for new builds and renovation projects
• renovation financing available with the mortgage, allowing customization and improvements

Cons

• flexible terms may come with higher interest rates or fees
• renovation financing may be restricted to specific property types or approved projects, which could limit buyer options

In summary

When looking at Spanish financing options as a non-resident, consider both mortgage rates and additional fees. Sometimes, loans with lower interest rates have higher fees, which can increase the overall cost.

Negotiating mortgage terms can help you secure a more favorable deal, and a mortgage broker can represent your interests with Spanish banks.

Homevest connects you with experienced brokers who can gather multiple offers, enabling you to compare and select the best option tailored to your financial profile and goals.

With Homevest Spain, you can benefit from features such as:

• an accurate budget estimation to assess affordability and guide your property search
• product support assistance for any questions you might 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 focused on your best interests
• mortgage content library to learn about how mortgages work in Spain and explore available options

Frequently asked questions

What are the qualifications for a mortgage loan in Spain?

Qualifying for a Spanish mortgage involves several key criteria that lenders will consider:

1. Sufficient income
2. Creditworthiness
3. Down payment
4. Property Appraisal
5. Necessary documentation

Fixed or variable interest rate. What's the difference?

A fixed-rate mortgage keeps the same interest rate for the entire loan, giving you steady monthly payments. On the other hand, a variable rate mortgage's interest can change over time with the market

You can also consider a mixed-rate mortgage, which combines both fixed and variable rates, offering a balance for those unsure of which option to choose.

Can I get a mortgage in Spain after Brexit?

UK citizens can still get mortgages to buy property in Spain post-Brexit as long as they meet the requirements imposed by the Spanish banks.

Can I obtain 100% financing in Spain as a foreigner?

It's quite uncommon for Spanish banks to offer 100% mortgages to foreigners. There are specific situations where it may be possible, such as when purchasing a property owned by the bank. In these cases, banks may offer better deals to sell the property quickly.

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, 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.

Sources used and checked on October 2024:

1. Sabadell Mortgages
2. Unicaja Mortgages
3. Bankinter Mortgages
4. Santander Mortgages
5. BBVA Mortgages
6. Banca March Mortgages
7. HolaBank by Caixa Mortgages
8. UCI 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.