You can request mortgage offers from Spanish banks via Homevest to compare them
You can request mortgage offers from Spanish banks via Homevest to compare them

5 Santander alternatives: which Spanish mortgage is best for you?

While Santander is open to applicants of various nationalities, including those from the EU, the United States, and UK expats, it may not be the right option for everyone. The good news is that there are a few strong Santander alternatives for you to consider. Discover 5 Santander alternatives to help you secure your dream home.

Delia Mihuț
Written by Delia Mihuț
Published at 2023-06-27T06:43:11Z
Last updated at 2024-01-10T14:53:22Z
Readtime 4 minutes

Santander is the largest bank in Spain, offering various mortgage options for non-residents looking to buy a second home in Spain. 

The Mundo Mortgage is a popular choice for non-residents, providing flexibility with fixed and variable rate options, with terms of up to 20 years.

However, Santander may not be the right option for everyone. If you’re not keen on a Santander mortgage for non-residents, this guide is for you. We’ll delve into top alternatives to Santander, exploring options from banks such as Sabadell, BBVA, Caixa, Bankinter, or Unicaja. 

Sabadell Mortgages for non-residents

Recognized for competitive rates and favorable terms, Sabadell is a compelling option for non-residents interested in buying a property in Spain.

Sabadell provides a variable rate, 1.65%, in addition to the 12-month Euribor. Regarding repayment, customers can choose a term that fits their financial circumstances best. These terms can range anywhere between 3 and 25 years.

Furthermore, Sabadell sets a specific prerequisite for prospective mortgage holders: a minimum property acquisition price of 150.000 EUR.

Sabadell Mortgages Pros & Cons


  • the application process is easy and user-friendly (documents in English, French, and German are accepted without the need for translation)
  • non-residents who receive their salary in EUR, CZK, DKK, NOK, SEK, CHF, GBP, USD, HUF, RON, BGN, MXN, JPY, PLN, and UAE are eligible for a mortgage
  • no charges for administration and property registration
  • include both fixed and variable options


  • a minimum property purchase of 150.000 EUR, which may be too high for some borrowers
  • the maximum loan-to-value ratio is 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 for non-residents.

BBVA Mortgages for non-residents

BBVA presents a mix of fixed and variable-rate mortgages with tenures extending up to a comfortable 30 years. These longer repayment periods allow for smaller monthly payments, making it easier for borrowers to handle their finances.

The variable-rate mortgage at BBVA is determined by adding 1.6% to the 12-month Euribor, following an initial year rate of 1.49%. 

BBVA stands out as an excellent choice for non-residents earning income in Euros. 

BBVA Mortgages Pros & Cons


  • an impressive loan amount ranging from 100.000 EUR to 2.000.000 EUR
  • no notary, management, or registration fees
  • if you direct deposit your paycheck and take out home and payment protection insurance from BBVA, the conditions for a fixed mortgage will start from 2.80% NIR (Nominal interest rate), 3.73% APR (Annual Percentage Rate)


  • only serves EUR-earners, excluding applicants earning income in, for instance, GBP or USD
  • the indebtedness must not exceed 35%

Continue reading to find out how to obtain a mortgage with BBVA if you are a non-resident, including eligibility requirements and necessary documentation.

Homevest assists non-residents in securing mortgages in Spain while residing abroad

Homevest is a digital service that can speed up the mortgage application process for non-residents interested in buying a property in Spain.

Whether in the UK, Germany, Sweden, or the United States, you can request mortgage offers from Spanish banks via Homevest to compare them. The documents required for your credit file can be uploaded and centralized on the Homevest platform, where they undergo a verification process.

If all eligibility conditions are met, the documents are then forwarded to Sabadell, BBVA, and other Spanish banks for which you are eligible. In this way, you can request credit offers without needing to re-upload documents each time you request a new one.

Caixa Mortgages for non-residents 

Caixa Bank is a Spanish bank that enables non-residents to apply for a mortgage online.

The Holabank mortgage is tailored for non-residents, providing them with opportunities to invest in the Spanish real estate market.  For instance, you can choose a fixed rate if you receive your income in euros. Suppose your income is in GBP, USD, CAD, CHF, NOK, SEK, or DKK. In that case, you can choose between a fixed rate in your currency or a variable rate convertible to your currency. 

There are two primary types of mortgages available within this scheme. The first offers a fixed rate of up to 20 years with a bonus, charging a rate of 3.35%. The second type provides a similar term, but with no bonus, at a rate of 4.35%.

Caixa Mortgages Pros & Cons


  • accepts a wide range of currencies, including EUR, GBP, USD, CAD, CHF, DKK, NOK, SEK, BGN, HUF, and PLN
  • the bank accepts documents in your language without having to translate them
  • mortgages have a loan amount range between 100.000 EUR and 2.900.000 EUR


  • the current fixed indebtedness ratio of 35% could potentially impose limitations on borrowers' eligibility, particularly those with lower income levels

If a CaixaBank mortgage aligns with your goals, continue reading to discover the step-by-step process to secure one, along with essential insights to guide your decision-making.

Bankinter Mortgages for non-residents 

Bankinter offers a range of tailored mortgage solutions for non-resident foreigners seeking banking services in Spain, including individuals from the US and UAE. 

The bank provides fixed-rate and variable-rate mortgages designed to suit your unique circumstances, regardless of your residency status. 

Bankinter provides a variable rate of 2.05% in addition to the 12-month Euribor. 

Bankinter Mortgages Pros & Cons


  • translations not needed for documents in German, Portuguese, Italian, Swedish, Norwegian, Danish, English
  • no notary, registration, and stump duty fees
  • full remote banking that can remain close at hand when you are not in Spain
  • applicants must have a monthly income of at least 2.500 EUR to access a variable-rate mortgage


  • the fixed-rate mortgage is only available to borrowers whose income or assets for the repayment of the loan are in euros, or who reside in a country of the European Union whose national currency is the euro
  • the mortgage offerings may not be the most competitive in the market for certain loan types, particularly for individuals seeking longer-term mortgages

Unicaja Mortgages for non-residents 

If you’re interested in a bank whose online application process for a non-resident mortgage is available, Unicaja is an option to consider.

Unicaja offers excellent mixed interest rate options, which provide the stability of fixed payments during the initial repayment period and then transition to a variable interest rate for the remaining term. An example of such offers includes a fixed rate of 2.30% for the first 5 years, followed by a variable rate that combines Euribor and a spread ranging between 0.6% and 1.5%.

Unicaja Mortgages Pros & Cons


  • flexible Spanish mortgages with a wide offering for non-residents
  • your mortgage will be approved online, and you will only have to read and sign the legal documents electronically
  • 5% discount at IKEA and free decoration project with your mortgage


  • fixed-rate options may not offer the most competitive rates in the market, particularly for individuals seeking longer-term mortgages
  • a potential opening fee of up to 0.15%, which can increase the cost of securing a mortgage

Bottom line

While Santander is open to applicants of various nationalities, including those from the EU, the United States, and UK expats, it may not be the right option for everyone. The good news is that there are a few strong Santander alternatives for you to consider. 

Determining the best Santander alternative depends on your personal and financial situation. Each of the banks we have listed here has strengths and weaknesses. Analyzing and deciding which option is most advantageous for you is crucial.

Frequently asked questions

What is the best Spanish mortgage for non-residents?

The best Spanish mortgage for non-residents depends on factors beyond the interest rate.

When comparing mortgage options, consider key aspects such as interest rates, loan terms (fixed or variable), loan-to-value ratio (LTV), lender fees, and the potential impact of currency exchange rates on repayments. Eligibility criteria vary among lenders, focusing on income stability, employment consistency, credit score, residency status, debt-to-income ratio (DTI), and down payment capacity. 

Providing the required documentation, such as proof of income, and necessary paperwork, will improve your chances of securing the most suitable Spanish mortgage for non-residents

Sources used and checked on June 2023:

  1. Sabadell Mortgages for non-residents
  2. BBVA Fixed Mortgages for non-residents
  3. BBVA Variable rate mortgages for non-residents
  4. Holbank guide for non-residents
  5. Holabank Mortgages for non-residents
  6. Bankinter Mortgages for non-residents
  7. Bankinter Variable rate mortgages for non-residents
  8. Unicaja Mortgages for non-residents

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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