Banks assess cases individually; hence interest rates can vary
Banks assess cases individually; hence interest rates can vary

How to choose the best Spanish mortgage: A comparison for non-residents

The best Spanish mortgage for non-residents isn't solely about the lowest interest rate. It should also be closely aligned with your personal and financial situation. Curious to discover more? Continue reading a comparison to learn about the available options.

Delia Mihuț
Written by Delia Mihuț
Published at 2023-06-02T07:44:57Z
Last updated at 2023-08-03T06:45:15Z
Readtime 5 minutes

If you're considering buying a property in Spain using income earned abroad, a mortgage loan could be an excellent option.

Continue reading for a comparative analysis of the best Spanish mortgage loans available for non-residents.

One innovative solution you might find interesting is Homevest, a digital service designed to speed up the mortgage application process directly from abroad. This service is suited for those outside of Spain interested in buying a property here.

How to choose the best Spanish mortgage for non-residents?

The best Spanish mortgage for non-residents isn't solely about the lowest interest rate. It should also be the one most closely aligned with your personal and financial situation.

Regardless of the lender you opt for, analyzing each one's requirements is crucial to determine what is most advantageous for you. 

Below are some key aspects to consider when comparing Spanish mortgage loans available for non-residents.

Mortgage loan options

Navigating the Spanish mortgage market as a non-resident involves balancing several key factors. Interest rates and loan term choice, between fixed or variable rates, significantly affect the total repayment sum and monthly payments. 

Understanding the loan-to-value (LTV) ratio is crucial, as it typically requires a larger down payment from non-residents. It's also important to consider the lender's fees as well as how currency exchange rates might impact your repayments. 

Eligibility criteria

The eligibility criteria for Spanish mortgages vary among lenders, especially for non-residents. A few crucial factors often considered include income stability, employment consistency, credit score, residency status, debt-to-income ratio (DTI), down payment capacity, and the type and value of the intended property. 

Lenders look for reliable income sources and steady employment as indicators of your ability to repay the mortgage. To determine creditworthiness, they tend to also assess your credit score, even from your home country, if you're a non-resident. Lenders also consider your Debt-to-Income (DTI) ratio, a lower ratio is preferable as it indicates a balanced debt and income situation. 


As a non-resident seeking a Spanish mortgage, understanding documentation requirements is key. You may need to offer more extensive paperwork, including proof of income from your home country and evidence of your legal status in Spain. This involves payslips, bank statements, tax returns, and a Spanish NIE (Número de Identificación de Extranjero). Complying with these requirements simplifies your application and improves your chances of securing the most suitable Spanish mortgage.

Spanish mortgage for non-residents: an overview

Below you can find the most outstanding aspects of 5 popular Spanish mortgages for non-residents:

Lender Suitable for Pro Con
Sabadell Non-residents looking for various mortgage options with competitive rates and favorable terms The application process is relatively quick and straightforward (no translations required for English, French, German, and Spanish documents) A minimum property purchase of 100.000 EUR
Santander Non-residents from various nationalities and residency countries depending on their individual applicant profile The Mundo Mortgage provides flexibility with fixed and variable rate options, with terms of up to 20 years The debt-to-income ratio should not exceed 35%, potentially excluding those with higher levels of existing debt
BBVA Non-residents who earn income in Euros Offers mortgages ranging between 100.000 to 2.000.000 EUR Only serves EUR-earners, excluding applicants earning income in, for instance, GBP or USD
Cajasur Non-residents interested to buy a property in the Costa del Sol and greater Andalusia area You can borrow between 80.000 and 1.000.000 EUR at an initial rate of 2% An opening fee of up to 1.5%, which can increase the cost of securing a mortgage
Unicaja Non-residents looking for flexible lending options (EU citizens, US citizens, UK expats) The process of applying for a Unicaja mortgage is 100% online, except for signing at the notary office Fixed-rate options may not be the most competitive in the market, especially for those seeking longer-term mortgages

Sabadell Mortgages

  • Non-residents who receive their salary in the following currencies are considered eligible for a mortgage: EUR, CZK, DKK, NOK, SEK, CHF, GBP, USD, HUF, RON, BGN, MXN, JPY, PLN, and UAE 
  • The terms of the mortgages are quite flexible, with a term range of 3 to 25 years and a minimum loan amount of 100.000 EUR
  • The indebtedness or debt-to-income ratio is set at 40%, and the maximum loan-to-value varies between 50% for non-residents buying as an investment or second home, and 70% for non-residents

Sabadell offers a variety of options, 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.

Santander Mortgages

  • The lender is open to applicants of various nationalities, including those from the EU, the United States, and UK expats. They also accept applicants residing in several countries, including Austria, Belgium, Croatia, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, and more
  • The fixed-rate mortgages offer an initial rate of 4.59% without bonus products and 3.99% with bonus. The variable-rate mortgages, on the other hand, provide an initial rate of 1.53% with bonus products and 2.13% without bonus products
  • Documents in English, French, Italian, Portuguese, Swedish, German or Spanish do not require translation

Keep reading to discover the steps for accessing a mortgage and learn about the necessary documents for a Santander mortgage, and the eligibility conditions imposed by the bank.

BBVA Mortgages

  • Include both fixed and variable rate options, making them a versatile choice for non-residents applying from abroad
  • The fixed-rate mortgage offers an initial rate of 3.9% and can be taken for a term ranging from 10 to 25 years. The variable-rate mortgage, on the other hand, offers a rate of 1.6% and is also available for a term between 10 and 25 years

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

Cajasur Mortgages

  • The mixed-rate mortgage offers an initial rate of 4% for the first 5 years, after which it switches to a variable rate of 2% + Euribor 12m. The variable-rate mortgage, on the other hand, offers a constant 2% spread + Euribor 12m that can vary year-by-year
  • The indebtedness or debt-to-income ratio is set at 40%, and the maximum loan-to-value is 70%
  • Accepts a wide range of currencies for these mortgages, including EUR, SEK, DKK, RON, BGN, HUF, PLN, CZK, CHF, JPY, GBP, AUD, USD, and CAD

Unicaja Mortgages

  • The interest rates do not include any potential bonus schemes or discounts that may be available through purchasing additional products with the bank 
  • The application process is straightforward, requiring documents such as bank statements, credit reports, employment contracts, identity documents, payslips, proof of deposit, proof of main residence, and tax forms
  • The maximum loan-to-value is 60-70%, depending on the specific mortgage product, and the maximum indebtedness (debt to income) is set at 35%

What are the current Spanish mortgage rates for non-residents?

Mortgage Interest Rate

2,50% first year

1.65% + Euribor 12m

Santander 1.79% + Euribor 12m
BBVA 1.6% + Euribor 12m
Cajasur 2% + Euribor 12m

1,49% first year

1,50% + Euribor 12m

The interest rates comparison was made on June 1, 2023

Bear in mind that banks assess each case individually, and as a result, these interest rates may vary from one case to another. 

Read on to learn about the best Spanish mortgages for non-residents and discover how to compare them quickly and without fees.

Homevest simplifies getting a Spanish mortgage for non-residents

The application process for securing a mortgage with income from abroad can be accelerated through Homevest.

Using this platform, you can upload and centralize all the required documents for a mortgage in Spain as a non-resident. These documents undergo a thorough verification process, and upon meeting all the necessary criteria, they are forwarded to the banks for which you qualify.

Once the documents have been transmitted, the interested banks will reach out to you within a maximum of 10 business days to furnish you with details about the available offers.

One of the key advantages is that you can manage your application directly from your Homevest account, allowing you to monitor the progress seamlessly.

Regardless of the choice you make, make sure you benefit from all the necessary support to make the application process from abroad as easy as possible.

Sources used and checked on June 2023:

  1. BBVA Mortgages
  2. Unicaja Mortgages
  3. Sabadell Mortgages
  4. Santander 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.

No comments
Leave a comment
Related articles
When choosing a mortgage, consider your financial situation and risk tolerance

Comparing mortgage interest rates in Spain: what you need to know

Understanding mortgage rates helps you make informed decisions, whether you're a first-time buyer or an experienced investor. Discover the current mortgage interest rates in Spain and learn how Homevest can assist you in comparing the available mortgage offers.

Sabadell accepts documents in EN, FR, and DE without requiring translation

Sabadell mortgage for non-residents. Everything you need to know

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.

Homevest is your ideal solution for getting a mortgage in Spain from abroad

How long does it take to get a Spanish mortgage as a foreigner?

Researching the available options is an important step that requires a considerable amount of time, especially since you don't want to rush into making a hasty decision. Keep reading to discover how long you can expect this process to take.

A platform for mortgages

Homevest is a pan-European mortgage and homebuying platform. We strive to bring the mortgages in the 21st century.

Where will you buy?