Santander Spanish mortgage for non-residents. Everything you need to know

Curious about how a Santander Spanish mortgage works? If you're considering financing from Spain's largest bank, you'll be glad to know that Santander offers mortgage options for non-resident buyers.

In this guide, we'll walk you through the steps to access a Santander mortgage, the required documents, fees, and eligibility criteria set by the bank.

Looking to speed up the process? Try Homevest—a fast and convenient service that helps you apply directly from abroad.

What options are available with a Santander Spanish mortgage?

A Santander Spanish mortgage is a great choice for non-residents of various nationalities looking to finance a property in Spain. 

The Mundo Mortgage stands out for its flexibility, offering terms of up to 30 years, a minimum loan amount of €100,000. 

Santander offers financing of up to 80% of the appraised value for first homes and up to 70% for second homes, with no opening fee.

What are the Santander mortgage rates for non-residents?

Santander offers three main types of mortgages for non-residents: variable-rate, fixed-rate, and mixed-rate mortgages. 

Here's a detailed breakdown:

1. Variable-rate mortgage

• Introductory fixed rate: 1.84% NIR for the first 6 months
• Standard rate: Euribor + 1.84% (APR 4.91%) if no conditions are met
• Discounted rate: Euribor + 0.74% (APR 4.21%) if you meet conditions like setting up direct deposits or taking out Santander insurance

2. Fixed-rate mortgage

• Introductory rate: 2.70% NIR for the first 6 months
• Standard rate: 3.70% NIR (APR 3.90%) from month 7 if no conditions are met
• Discounted rate: 2.60% NIR (APR 3.22%) starting from month 7 if conditions are met, allowing for up to a 1.10% discount on the nominal rate

3. Mixed-rate mortgage

Fixed period

• Choose between 2.5 years or 9.5 years of fixed interest.
• For the first 9.5 years:
• Fixed rate: 2.85% NIR for the first 6 months.
• Without conditions: 3.85% NIR (APR 4.23%)
• With conditions: 2.75% NIR (APR 3.55%), with up to 1.10% in rate discounts.

Variable Period

• After the fixed term, the rate transitions to Euribor + 1.94.
• With all conditions met: Euribor + 0.84%.

What are the eligibility requirements for non-residents applying for a Santander Spanish mortgage?

To qualify for a Santander Spanish mortgage, non-residents must meet the following eligibility conditions:

1. Permanent employment
2. Minimum 6 months employment tenure
3. Minimum 30% deposit
4. Debt-to-income ratio not exceeding 35%
5. Maximum loan-to-value of 70%
6. No bad credit history

Another aspect to consider is that Santander requires applicants to have already found the property they intend to purchase and prepared the nota simple in advance. This documentation is essential for the mortgage application process with Santander.

What documents are required for a Santander Spanish mortgage? 

To apply for a Santander mortgage, you will need to provide the following documents:

#1. Form 8211: This form is an essential part of the application process and must be completed

#2. Passport

#3. Tax Identification Number or NIE

#4. Proof of income

• The last 2 tax returns submitted in your country
• The last 3 payslips + bank statements for the last 3 months

For those with an employment contract in the UK, the P60 tax form is required. Similarly, in Italy, you will need the Certificazione Unica, while in France, it's the Avis d'impot, and in Germany, it's the Einkommensteuererklärung.

It's essential to note that the tax form plays a crucial role in calculating the credit offer. Each form contains information about the income received in the last year, taxes, and contributions paid.

#5. Proof of origin of funds

• For purchase: Deposit contract and proof of payments made
• For equity: statement of the actual mortgage

#6. Proof of other income

• In case of rentals: Rental contract and bank statement showing at least the last 3 rental payments
• In case of receiving dividends: Bank statement showing the collection of dividends for the last 2 financial years

#7. Nota Simple (less than 1 month)

This document is a property report that includes details about the registered owner, property description, registered charges or restrictions, purchase date, outstanding debts, boundaries, land area, property use, and any communal costs.

#8. Debts

• Last 3 debt receipts + proof of outstanding balance: Ensure your debt information is updated, including due dates and account movements showing the last 3 installments.
• Credit report less than 1 month old

#9. Savings

• Bank Statement/Portfolios
• Bank Statement for the last 3 months

The good news is that Santander accepts documents in Spanish, English, French, Italian, Portuguese, Swedish, or German, so no translation is required if your documents are in one of these languages.

Get assistance securing a Spanish mortgage with Homevest Spain

If you're looking to simplify purchasing a property in Spain from abroad, Homevest could be your solution for a cross-border mortgage.

Homevest accelerates the mortgage process by connecting you with experienced mortgage brokers who prepare your application and submit it to multiple banks. Your dedicated broker is available to answer questions and advocate on your behalf.

Homevest Spain also offers:

• No fees
• Accurate budget estimation to clarify your affordability
• Product assistance for platform-related questions
• A dedicated platform to communicate with your case manager
• A mortgage library for insights on financing options for non-residents

Santander Spanish mortgage for non-residents: pros and cons

Pros

• Santander is open to applicants of various nationalities, including those from the EU, the United States, and UK expats
• documents in English, French, Italian, Portuguese, Swedish, German or Spanish do not require translation
• the mortgage program offers a flexible loan amount range of 100,000 to 1,000,000 EUR, providing customers with various options to suit their financing needs
• opportunity to reduce your spread by up to 1.1% by contracting additional products
• no opening fees

Cons

• the debt-to-income ratio should not exceed 35%, potentially excluding those with higher levels of existing debt
• Santander prefers and prioritizes customers who have already found the property they are looking for; therefore, the nota simple is a mandatory document in preparing the credit file
• the bank only accepts three currencies (USD, EUR, GBP) when it comes to non-residents's income

Although Santander welcomes applicants of various nationalities, including those from the EU, the United States, and the United Kingdom, it might not suit everyone's needs. 

The good news is that there are a few strong Santander alternatives for you to consider.

Remember to choose what is favorable for your situation and use all available resources to simplify your process. 

Homevest is one such resource that is built to help you obtain the best deal in the market.

Sources used in January 2025:

1. Santander mortgages for non-residents
2. Variable rate mortgages at Santander
3. Fixed rate mortgages at Santander
4. Mixed rate mortgages at Santanter

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.