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.
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 mortgage stands out for its competitive rates and attractive terms, making it an excellent choice for non-residents looking to purchase property in Spain.
Clients have the flexibility to select a repayment period that aligns with their financial situation, with options spanning from 3 to 25 years.
Sabadell doesn't request a minimum threshold for the property, but they prefer the value to be higher than 70,000 EUR.
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 offered by BBVA is set at 3.90% plus the 12-month Euribor. This rate may vary according to market conditions and the specific financial situation of the borrower.
BBVA stands out as an excellent choice for non-residents earning income in Euros.
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 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 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.
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 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.
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.
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.
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.
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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.
Santander is a favorable choice for properties valued under 100,000 EUR. On the other hand, Sabadell offers more competitive interest rates, and the application process is simpler and faster. But when comparing offers per se, Homevest could be your best choice to access competitive rates in Spain without fees. Continue reading for a comparative analysis of a mortgage from Santander vs. Sabadell.
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.
CaixaBank will provide a maximum of 70% financing, which means you must cover a 30% contribution. Learn everything you need to know about the Caixa HolaBank mortgage. Discover the bank's features and find out which documents are required for non-residents.
In the last quarter of 2023, mortgage rates went up, with small tweaks in fixed rates and increases in variable rates as the year ended. Continue reading our comparison of fixed-rate vs. variable rate mortgages in Spain, including their pros, cons, and opportunities compared.
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