Spanish Mortgage FAQ


Q: As a non-resident, can I get a mortgage in Spain, or do I have to be a resident?
A: You can get a mortgage in Spain as both resident and non-resident.

Q: As a rule of thumb, what loan-to-value (LTV) can a non-resident get?
A: Typically up to 60%

Q: When determining the LTV, how is the property valued?
A: The lesser value between purchase price and valuation

Q: As a rule of thumb, what is the debt-to-income ratio (interest payments as a % of net disposable income)?
A: Interest & capital payments should not exceed 30% of net disposable income.

Q: As a non-resident, what is the maximum term in years I can borrow for?
A: 20 years

Q: And what is the shortest (minimum) term?
A: 5 years

Q: What is upper age limit for getting a mortgage in Spain?
A: 75 years old

Q: How long does it take to get a mortgage in Spain, from first contact to having the funds available, assuming I’ve already found a property to buy?
A: Typically around 4 to 6 weeks.

Q: Can I get a fixed-rate mortgage in Spain?
A: Yes

Q: Can I get an interest-only mortgage in Spain?
A: No

Q: Do buy-to-let (BTL) mortgages exist in Spain?
A: No, there aren’t any BTL schemes as such, but in certain cases, long standing customers with excellent financial profile may get a mortgage for a property that will be let.

Q: If I already own a mortgage-free property in Spain, can I get an equity-release mortgage on it?
A: No

Q: If I want to buy a property and renovate it, can I get a mortgage to cover the purchase and renovation costs?
A: It is complicated but might be considered for long standing customers with excellent financial profiles.

Q: If I already have a mortgage, and my property rises in value, or my income increases, can I top-up my mortgage, or do I have to take out a new mortgage?
A: You can’t top up a mortgage nor request a new one on the same property. Property values rise as well as come down. The purchase price originally paid by you is not altered by the increase or decrease in a property market value.

Q: What are the additional costs of taking out a mortgage in Spain?
A: Approximately 4% of the mortgage loan amount.

Q: Do I need an NIE number to get a mortgage?
A: Yes

Q: Can I get a non-binding mortgage offer in principle so that I know my budget before I go house-hunting, or do I have to find a property first to get an offer?
A: At CaixaBank it is possible to take a decision in principle up to 10 months prior to completing the purchase, subject to changing mortgage rates. But it is important to stress that this pre-agreement is essentially a letter of intent that is subject to a property valuation and a re-assessment of the customer’s financial circumstances if more than three months have passed since the initial applicat