Banks assess cases individually, and the interest rate can vary
Banks assess cases individually, and the interest rate can vary

Santander vs. Sabadell mortgage for non-residents: which one would you choose?

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.

Delia Mihuț
Written by Delia Mihuț
Published at 2023-09-15
Last updated on 2024-03-25
Readtime 5 minutes

Considering a mortgage from a leading Spanish bank and want to uncover the benefits of each offering?

In this guide, we’ll delve into two of Spain's top banks: Santander and Sabadell. Both lenders have mortgage products for non-residents looking to maximize their property investments.

To guide your decision, we'll compare their requirements, rates, as well as the pros and cons of each offering.

Interested in a side-by-side comparison of these banks' mortgage products? With Homevest, you can access top non-resident banks in Spain, simply by uploading all necessary mortgage documents to a single platform once.

But for now, let’s focus on Santander vs. Sabadell. 

Santander vs. Sabadell mortgage for non-residents: an overview

Santander is the largest bank in Spain and one of the lenders that offers mortgages to non-residents of various nationalities interested in obtaining property financing.

Mundo Mortgages for non-residents offers a wide variety of fixed and variable rate mortgage offers, with a flexible loan amount range of 100,000 to 1,000,000 EUR. 

Sabadell, a favored choice for non-residents in Spain, stands out as one of the most competitive Spanish banks. 

Their mortgage selections are notably flexible, with terms spanning 3 to 25 years and starting loan amounts from 70,000 EUR.

While Santander and Sabadell differ in the mortgages they offer, they share several features:

  • both offer fixed and variable rates
  • both accept several currencies, including GPB, USD, SEK, and NOK
  • neither requires translation if the documents are in English, French, and German

Eligibility conditions

Both Santander and Sabadell require applicants to have permanent employment with at least 6 months of tenure, provide a minimum deposit of 30%, ensure a debt-to-income ratio below 35%, maintain a maximum loan-to-value of 70%, and have no bad credit history.

However, Santander requires applicants to have already found the property they intend to purchase and prepared the nota simple before applying for a mortgage. 

Nota simple is a property report detailing the registered owner, property features, existing debts or restrictions, purchase date, boundaries, land size, intended property use, and shared expenses.

Required documents 

For both Sabadell and Santander mortgages, you need identification documents such as a passport, national identity document, Foreigner Identity Number, credit reports, and the last 2 tax returns. 

You should expect the documents required to be slightly different for the two banks, so it is necessary to review the requirements carefully.

For a Sabadell mortgage, you should also prepare:

  • the last 2 salary slips
  • income statements from the past two years
  • a bank statement from the last 6 months
  • proof of deposit (from a savings or investment account)
  • proof of other income (like dividends or lease contracts if you're renting out property)

If you already own a property in Spain or elsewhere, you'll need to provide:

  • the last 2 mortgage statements
  • the lease contract
  • the land registry title (if there's no outstanding mortgage on the property)

For a Santander mortgage, you should also provide:

  • Form 8211 (Santander's standard mortgage application form, capturing applicant and property details)
  • the last 3 payslips and bank statements from the last 3 months
  • deposit contract and proof of payments made
  • if you have rentals, a rental contract, and bank statements showing the last 3 rental payments
  • if you receive dividends, bank statements displaying dividend collection from the last 2 financial years
  • Nota Simple (less than 1 month old)
  • the last 3 debt receipts and proof of the remaining balance

In addition to accepting documents in English, French, and German, Santander also accepts documents in Italian, Portuguese, and Swedish without needing translation. 

The digital service Homevest allows you to easily upload and consolidate all the necessary mortgage documents. These documents undergo a verification process, and if they meet the required criteria, they are shared with eligible banks, including Santander and Sabadell. 

You can request and compare mortgage offers without the hassle of repeatedly uploading the same documents for each new request.

Mortgage rates for non-residents

According to a Homevest comparison, Sabadell is one of the Spanish banks that provides the best deals. 

On the other hand, Santander has made more expensive offers, but can be an excellent choice if you buy a property worth under 100,000 EUR. 

Below, you'll see a big difference between the highest and lowest offers, so negotiating with the bank can help you get a better deal.

Bank Lowest offer Median offer Highest offer
Sabadell 4% 4,99% 5,66%
Santander 5,82% 5,82% 5,82%

The comparison was made based on Homevest customers' offers during the summer of 2023. 

To make the offers comparable, Homevest has calculated the effective interest rate over the mortgage term. This calculation allows for the comparison of variable-rate and fixed-rate mortgages, and it also accounts for promotional offers that lower the interest rate for the first few years. The effective interest rate is similar to the APRC, but does not include taxes and fees associated with the mortgage. 

Even though the process took three months and faced a minor delay during the final signing in Spain, Sandra, a Homevest customer, secured a mortgage from Sabadell. She got a favorable 1.8% interest rate for the first year, then 1.2% plus Euribor after that, with no additional fees or penalties for early repayment.

Discover Sandra's journey of buying a property from France to Spain and learn how Homevest provided her with options and support, leading to a successful outcome.

Santander vs. Sabadell mortgage for non-residents: pros and cons

Santander mortgage for non-residents: pros and cons


  • Santander is a well-known and trusted banking institution
  • offers a broad range of loan amounts, from 100,000 to 1,000,000 EUR
  • no need to go through the hassle of translating documents, saving time and money (Santander accepts documents in multiple languages such as English, French, Italian, Portuguese, Swedish, German, and Spanish)
  • open to a diverse range of nationalities, including EU members, US and UK citizens
  • offer financing for properties valued under 100,000 EUR
  • provides flexibility with fixed and variable rate options, with terms of up to 20 years


  • expensive offers
  • Santander prioritizes customers who've already found a property when applying for a mortgage
  • an opening fee of up to 0.5%, which can increase the cost of securing a mortgage

Sabadell mortgage for non-residents: pros and cons


  • the application process is simple and quick
  • they provide competitive interest rates specifically for non-residents
  • non-residents earning in EUR, CZK, DKK, NOK, SEK, CHF, GBP, USD, HUF, RON, BGN, MXN, JPY, PLN, and UAE are qualified to apply for a mortgage
  • flexible repayment terms that can be tailored to the borrower's financial situation


  • the minimum property purchase requirement for non-residents is 150,000 EUR, which might be too high for some potential borrowers
  • potential for higher interest rates compared to resident mortgages

Santander vs. Sabadell mortgage: which one is best for a non-resident interested in buying a property in Spain?

When seeking a mortgage to enhance your budget for property acquisition, it's crucial to identify a solution tailored to your needs.

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 requesting offers per se, Homevest could be your best choice to access competitive rates in Spain without fees. 

Review all the information and make an informed decision that suits your needs. If a Sabadell mortgage resonates with you, the bank offers a variety of options, including both fixed and variable rates, allowing borrowers to choose a mortgage solution that aligns with their financial goals.

Alternatively, if you want to be sure that you can borrow up to 1,000,000 EUR, read more about the mortgage loan offered by Santander.

Either way, keep in mind that banks assess cases individually, and the interest rate can vary.

Sources used for this article:

  1. Mundo Mortgage
  2. Sabadell Mortgage 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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