Minimum deposit for non-resident mortgages in the EU
Saving up for the deposit is a big part of any property purchase. If you are thinking about buying a property in a different country, you might wonder how much cash you need to bring. Here, we take a look at the minimum deposit required in Spain, Portugal, Estonia, Greece, Bulgaria, Croatia, France, Italy, Cyprus and Romania. In many markets, better deals are also available to citizens that are living abroad. Whether you are a citizen or a foreigner, we'll help you understand how much deposit you need to bring, and which are the best banks for non-resident mortgage applicants.
Spain
Spain is a popular destination for international property buyers, and has an active mortgage market for non-residents.
You typically need to bring at least 30% of the property value as a deposit. Bear in mind that the property value is calculated as the smaller of the purchase price and the assessed property value. Any additional expenses, such as taxes, will also be paid in cash. These can amount to 10% of the purchase price.
The best Spanish mortgages for non-residents are UCI, Unicaja, Caixa Bank, Sabadell, Santander, BankInter, and Cajasur.
If you are a Spanish citizen planning to move home, you can qualify for a lower deposit of 20% with UCI. This is only available if you plan to make the property your primary residence. UCI also allows you to get a renovation mortgage, where you can include the cost of renovation in the property value. This can be another useful way to boost your budget.
Some foreign banks, such as Handelsbanken (Swedish and Norwegian nationals only), also offer mortgages with only a 25% downpayment.
Portugal
As a result of the large number of foreigners buying property, Portuguese banks tend to be open to lending funds to buyers from abroad. This is good news for foreigners wishing to find a second flat in Lisbon, or a holiday house on Madeira or the Algarve, but even more so for Portuguese citizens living abroad who wish to buy a home back home.
Portugal is similar to Spain, requiring a minimum deposit of 30%. If you are a Portuguese citizen, you can access mortgages with as little as 15-20% deposit with the right banks. UCI, Millennium BCP, and Banco BPI are among the banks that offer the best Portuguese mortgages for non-residents.
Read more about getting mortgage financing in Portugal from abroad and find out about your options.
Estonia
You can get a mortgage with only a 15% deposit in Estonia via LHV Bank. If you are not an Estonian citizen, accessing a mortgage might be more difficult.
Greece
Eurobank offers mortgages to non-residents that have a 30% deposit. If you're a foreigner looking to buy property in Greece, continue reading for a guide that covers the process, requirements, and tips to help you make an informed decision
Bulgaria
In Bulgaria, Allianz Bank offers mortgages to non-residents with a 20% deposit.
Croatia
If you are buying a property in Croatia, you can buy a property with a 25% deposit. The best bank for non-residents is Erste Bank.
France
You only need a 15% deposit to buy a property in France as a non-resident.
However, getting a mortgage with a French bank right now is difficult due to the interest rate environment. HSBC France is one good option if you are buying a larger property. Your best chance might be with a foreign lender that specializes in serving non-resident buyers in France. Handelsbanken is a good option with a local office in Nice if you are a Swedish or Norwegian national.
Italy
Non-residents buying in Italy need to bring at least 20% cash as a downpayment for the property. Intesa Sanpaolo is one of the banks that offer mortgages to non-residents.
Cyprus
If you are considering buying a property with a mortgage in Cyprus, you'll need to bring at least 30% cash with the Bank of Cyprus. Alpha Bank and Astrobank also offer mortgages to non-residents.
Romania
The minimum deposit for non-residents getting a mortgage in Romania is typically 20%. If you are a Romanian citizen, you can qualify for the Noua Casa (formerly Prima Casa) program if you apply with Banca Transilvania, which lets you buy your first property with only a 5% deposit. Credit Europe Bank, CEC Bank, Unicredit, and Libra Bank are good options for Romanian citizens.
Libra Bank is the only lender in Romania that accepts non-resident applicants who aren't Romanian citizens. Compare mortgages from Libra Bank and more.
Summary
*Lower deposit requirements available to citizens
Sources
- Homevest research 2023
- Best bank for home mortgage (Cyprus)
- How to Choose the Right Bank for Your Mortgage in Cyprus?
- Mortgage for foreigners in France
- Online Mortgage Advisor
- Mortgage in Croatia from abroad
- Mortgage in Italy from abroad
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.