Question 1

What are the minimum deposit requirements when applying for a mortgage in Spain?

Accepted Answer

Spanish citizens living abroad can get 80% of the property financed by a lender, leaving the deposit requirement of 20% of the purchase price. In some cases, this deposit requirement increases to 30-40%. Other nationalities should expect to contribute 30-45% of the purchase price while a lender can finance the residual.

Question 2

What is the Spanish NIE number and how can I get one?

Accepted Answer

The "Número de Identidad de Extranjero" (NIE) is an all-purpose ID and tax number in Spain, required to buy property and get a mortgage in Spain.When living abroad, you have three ways to apply for the NIE number:1. In person in Spain2. In person via a Spanish Consulate abroad3. Through a representative in Spain (someone that does it for you that is physically in Spain).You'll need these documents when applying for the NIE number:• Two copies of the Ex-15 application form filled out and signed (found on the website linked below).• An original document (and extra copy) that explains the reason for applying for an NIE number, e.g. a purchase contract for a property, or a mortgage application.• Passport and a photocopy of the main page of your passport (the page with name, photo etc.).If you want to read more about the NIE number application you can find information here: NIE application information. We recommend you to get in touch with your local consulate before proceeding to check the latest guidelines regarding applying for the NIE as processes and instructions may change over time.

Question 3

What steps should I take to secure a mortgage through Homevest?

Accepted Answer

Upon registering on the Homevest platform and uploading your documents, Homevest will provide you with a personalized mortgage simulation within 24 hours. After receiving the simulation, you can request non-resident mortgage offers from leading Spanish banks.If you require additional support, Homevest offers the assistance of a dedicated mortgage broker. This expert will negotiate with the banks to secure the best deal for you, supporting you from the initial steps to the final stages and ensuring that your application receives priority attention.

Question 4

Which income currencies are accepted when getting a mortgage in Portugal?

Accepted Answer

Most Portuguese lenders are open to accepting almost all types of foreign income. The notable exception is for applicants residing in and earning income from countries facing international sanctions.

Question 5

Which banks offer mortgages in Portugal for non-residents?

Accepted Answer

Millennium BCP, Banco Santander Totta, UCI, Novo Banco, BPI, and Crédito Agrícola are some Portuguese banks that provide mortgages for individuals with foreign income.Discover the best mortgages in Portugal for non-residents and learn how Homevest can assist you in comparing the available mortgage offers.

Question 6

Is the Homevest service free?

Accepted Answer

Homevest is a free service designed to ensure you secure the best market price for your mortgage. There are no hidden fees or charges for processing and submitting your documents to the banks.When your mortgage is completed, Homevest receives a commission from the bank. This fee varies by bank, but it does not increase the cost of your mortgage.

Question 7

Which income currencies are accepted when getting a mortgage in Spain?

Accepted Answer

If you are planning to get a mortgage in Spain, the currency that you earn you income in is an important factor for the banks. If you earn your income in EUR, you have the biggest selection of banks available to you, as this means the least risk to the banks.If you earn your income in GBP, CHF, SEK, DKK, NOK, USD or CAD, you also have a big selection of banks to choose from.If you earn your income in PLN, CZK, BGN, HUF, HRK, SGD, ILS, AED, QAR, SAR, MXN, JPY, NZD, or AUD, you can still qualify for a mortgage in Spain, but there might only be one or two banks available. If you are getting a larger mortgage, you'll have more choice too.If you earn your income in RON, CNY, INR, COP, ARS, TRY, THB, or some other currency not listed, your can usually still get a mortgage if you first incorporate a company in Spain that will be the property's owner. With legal support, this can be a simple process.

Question 8

What are the costs of buying a property in Spain?

Accepted Answer

The costs of buying a property in Spain depend on several factors, such as the location or whether you are buying a new property from a developer or a resale property from an individual.Here are some expected costs associated with obtaining a mortgage in Spain:• transfer taxes: 6-10% of the purchase price (second-hand properties)• value added tax: 10% of the purchase price (new properties)• stamp duty (AJD): 0,5-2% of the purchase price (new properties)• notary fee: around 700€• registration fee: around 350€• consulting fees: around 450€• property appraisal: 300-600€These fees are indicative and the value of the property, location of the property, entities you conduct the mandatory dealings with, and other factors will affect the costs of the fees.Keep reading a guide that covers everything you need to know about taxes when buying a property in Spain as a non-resident.

Question 9

What documents are required when applying for a mortgage in Spain from abroad?

Accepted Answer

When buying a property and getting a mortgage in Spain, you’ll need to provide the following documents:• Copy of Spanish National Identity card or Passport• NIE number - Número de Identidad de Extranjero • Payslips for the last 3 months• Annual tax payments and deductions (P60 Form in the UK)   • Last 3 years' financial records for sole traders• Last year's tax return• Proof of your main residence   • For homeowners: Land Registry title  • For renters: Lease Agreement• Employment contract (including all annexes)• Bank statements from the last 6 months• Statements of savings and investments (to verify the source of the deposit)• Credit report In some cases, additional documents may be required by the banks to assess eligibility. This is evaluated on a case-by-case basis.Read on to discover the documents checklist for a non-resident to apply for a Spanish mortgage.

Question 10

How does Homevest work in Spain?

Accepted Answer

Homevest is a digital service that simplifies the process of obtaining mortgages for non-residents interested in buying property abroad.We offer flexible service alternatives depending on your needs:- A self-service platform that makes the process easy and provides you with mortgage offers from top Spanish banks.- A dedicated mortgage broker who structures your application to secure the best offers and negotiate with the banks. Your case will be prioritized by the bank.

Question 11

How does Homevest keep my data safe?

Accepted Answer

We prioritize the security of your data by storing it on our servers, which are located in the EU. All traffic is encrypted, and you can delete your documents and account anytime.

Question 12

Which banks offer mortgage loans in Spain for non-residents?

Accepted Answer

Sabadell, Cajasur, Unicaja, Bankinter, BBVA, Santander, Caixa, and UCI are some Spanish banks that provide mortgages for individuals with foreign income.Discover the best mortgages in Spain for non-residents and learn how Homevest can assist you in comparing the available mortgage offers.

Question 13

What is the minimum income required for a non-resident mortgage?

Accepted Answer

Lenders typically require a minimum net monthly income of 1500 EUR for non-resident mortgage applications in Spain.

Question 14

How long does it take to get a mortgage in Spain for non-residents?

Accepted Answer

The approval process for non-resident Spanish mortgages usually takes approximately four to six weeks after selecting your desired property.With careful planning and research, you can overcome the challenges of obtaining a mortgage in Spain as a non-resident. Read on for a guide to understand how long it takes to get a Spanish mortgage as a foreigner.

Question 15

What is a contrato de arras in Spain?

Accepted Answer

Contrato de arras is a reservation agreement between the buyer and seller of a property where key terms of the purchase are agreed upon.In combination with the arras signing, the buyer also agrees to pay an initial reservation fee that is usually between 5-10% of the purchase price. The contract outlines the fundamentals of the purchase and sale, including:• timeline• sale conditions• price• the amount of the reservation depositNavigating the Contrato de Arras in Spanish real estate can be challenging. For clarity, consider seeking legal advice. Dive into five essential insights from Iván Bellod Díaz, a leading lawyer and Director at Hoteland.

Question 16

Is the Homevest service free?

Accepted Answer

Homevest is free for customers interested in buying property in Spain. We receive a commission from the banks once the mortgage is completed.

Question 17

Is Homevest a bank?

Accepted Answer

Homevest is not a bank or a lender.Homevest is a digital platform for cross-border mortgages, making it easy and convenient to apply for and receive mortgage offers from local banks.

Question 18

Will my application on the Homevest platform affect my credit score?

Accepted Answer

No, a mortgage review is not affecting your credit score.

Question 19

Why do I need to upload my documents on the Homevest platform?

Accepted Answer

You can upload your documents on our platform to prepare and manage better your credit file. We take care of the security of your data and use these documents only to check and evaluate if you are eligible for a mortgage loan.If the provided documents are in order, we will forward them to the right banks without being needed to be reuploaded on the platform. Afterward, you can compare mortgages from different banks and find something suited to your needs.After submitting the application file, the interested banks will contact you within 10 working days to provide details about the available offers.

Question 20

Does Homevest help me find a property?

Accepted Answer

We are committed to supporting our clients in obtaining the best possible mortgage, and we have partnered with real estate agents to help you find properties more easily. Homevest connects you with real estate agents who can help you find a property that meets your needs.

Question 21

Who is behind Homevest?

Accepted Answer

Petru Dimulescu and Erik Edin founded Homevest in 2021 to simplify the complex process of buying cross borders properties. Homevest Limited is registered in the United Kingdom with Company Number 13802806. Our address is Regus Offices, 167 City Road, London, EC1V 1AW. We are compliant with EU GDPR & UK DPA and we are a member of the Swedish Fintech Association.

Question 22

What are the eligibility requirements for a mortgage in Spain for non-residents?

Accepted Answer

The eligibility requirements for a mortgage in Spain can differ among lenders, especially for non-residents. Key factors considered include:• income stability• employment history• credit score• residency status• debt-to-income ratio• down payment capability• property valueLenders prioritize reliable income sources and steady employment to assess repayment capacity, and they also evaluate creditworthiness based on your credit score, even for non-residents.

Question 23

What is Nota Simple?

Accepted Answer

Nota Simple is an essential property report for anyone considering purchasing a property in Spain. It provides an officially verified description of the property and crucial information about its legal status. The report 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.Nota simple is issued by the Land Registry (Registro de la Propiedad) and can be requested from the seller of the property or directly from the registrar.

Question 24

What are the property taxes for resale properties in Spain?

Accepted Answer

When purchasing a resale property in Spain, the main tax is the transfer tax, known as Impuesto de Transmisiones Patrimoniales or ITP. The amount payable depends on the property price and is calculated on a sliding scale. The Property Transfer Tax varies by Autonomous Community, ranging from 6% to 10% on the property price. On the Costa del Sol, all properties have a flat rate of 7%. Read more about the taxes you need to pay when buying a new property in Spain.

Question 25

What tax form do you need to apply for a mortgage in Spain from abroad?

Accepted Answer

Those with an employment contract in the UK require the P60 tax form. 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 worth noting that the tax form is an essential document for calculating the credit offer. Each form contains information about the income received in the last year, taxes, and contributions paid.

Question 26

Can a US citizen get a mortgage in Spain?

Accepted Answer

US citizens can obtain mortgages in Spain without residency. However, the requirements and conditions may vary depending on the lender and individual circumstances.Sabadell, Santander, Cajasur, and Bankinter are among the Spanish banks open to applicants of various nationalities, including citizens of the United States. Discover all your answers when buying a house in Spain as a US citizen. Continue reading a guide that covers everything you need to know for an informed decision.

Question 27

Can a UK citizen get a mortgage in Spain?

Accepted Answer

As with any mortgage application, you must fulfill certain criteria specified by the lender to be eligible for a mortgage in Spain. Here are some key factors to consider:• Minimum 30% deposit towards property price• Maximum mortgage term of 30 years• Minimum property value of 100,000 EUR• Property or land should not be in a rustic area (Suelo Rústico)Keep reading to learn about the process of getting a mortgage in Spain from the UK. Fortunately, several Spanish banks provide mortgage financing for UK citizens seeking to expand their property investment.Continue reading to discover the best banks in Spain that offer mortgages to UK buyers.

Question 28

Can EU citizens get a mortgage in Spain?

Accepted Answer

EU citizens can obtain mortgages in Spain even without residency. However, mortgage eligibility criteria vary among lenders and depend on individual circumstances. Discover more information about mortgage eligibility, requirements, and opportunities for EU citizens interested in investing in the Spanish property market.

Question 29

What are the property taxes for new properties in Spain?

Accepted Answer

When buying a new-build property in Spain, two taxes apply: VAT (IVA) at 10% of the purchase price and stamp duty (AJD) ranging from 0.5% to 2%. Stamp duty varies by region, e.g., 1.5% in Madrid.Learn more about the taxes involved in purchasing a resale in Spain.

How can we help you?

Frequently asked questions

What are the minimum deposit requirements when applying for a mortgage in Spain?

What is the Spanish NIE number and how can I get one?

What steps should I take to secure a mortgage through Homevest?

Which income currencies are accepted when getting a mortgage in Portugal?

Which banks offer mortgages in Portugal for non-residents?

Is the Homevest service free?

Which income currencies are accepted when getting a mortgage in Spain?

What are the costs of buying a property in Spain?

What documents are required when applying for a mortgage in Spain from abroad?

How does Homevest work in Spain?

How does Homevest keep my data safe?

Which banks offer mortgage loans in Spain for non-residents?

What is the minimum income required for a non-resident mortgage?

How long does it take to get a mortgage in Spain for non-residents?

What is a contrato de arras in Spain?

Is the Homevest service free?

Is Homevest a bank?

Will my application on the Homevest platform affect my credit score?

Why do I need to upload my documents on the Homevest platform?

Does Homevest help me find a property?

Who is behind Homevest?

What are the eligibility requirements for a mortgage in Spain for non-residents?

What is Nota Simple?

What are the property taxes for resale properties in Spain?

What tax form do you need to apply for a mortgage in Spain from abroad?

Can a US citizen get a mortgage in Spain?

Can a UK citizen get a mortgage in Spain?

Can EU citizens get a mortgage in Spain?

What are the property taxes for new properties in Spain?