Spanish Mortgage for Non-Resident Buyers
How Spanish banks assess foreign mortgage applicants, maximum loan-to-value, documentation requirements, and timelines for buying property in Marbella.
Non-residents can get a Spanish mortgage to buy property in Marbella and across the Costa del Sol. Banks treat foreign applicants differently from residents, mainly in loan-to-value limits and documentation requirements.
Loan-to-value for non-residents
Spanish banks typically offer 60–70% LTV for non-residents, compared with up to 80% for Spanish residents. The remaining deposit must come from your own funds.
Income documentation
Banks need verifiable income through documentation they can validate:
- Employees: 3–6 months payslips, two years of P60s or tax returns, bank statements
- Self-employed: 2–3 years of audited accounts and personal tax returns
Foreign currency income is converted to euros. Income must typically be stable over multiple years.
Debt-to-income ratio
Total debt repayments (including the new Spanish mortgage and existing home-country debts) must not exceed 30–35% of gross monthly income.
Property valuation (tasación)
The bank commissions an independent valuation before approving the mortgage. The bank lends against the lower of the purchase price or valuation. Cost is typically €300–€600, paid by the borrower.
Timeline
From full application to formal mortgage offer, allow four to six weeks for a straightforward case. Get pre-approval before making offers so sellers see you as a credible buyer.
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Frequently Asked Questions
Can I get a Spanish mortgage with foreign income?
Yes, with verifiable documentation. A mortgage broker specialising in international borrowers can identify the most receptive lenders for your income profile.
What is the maximum mortgage term for non-residents?
Most lenders offer up to 25–30 years, subject to the loan being repaid before age 75–80.
What is a tasación?
The official bank valuation required for a mortgage application. The bank lends against the lower of purchase price or valuation. Cost is typically €300–€600.