Yes: Spanish banks grant mortgages to buyers who do not reside in Spain, and they do so daily on the Costa Blanca. But the mortgage for non-residents has its own rules — less financing, more paperwork and some preparation tricks that make the difference between a quick “yes” and months of back-and-forth.
How much they finance (and why less)
A resident is usually financed up to 80% of the lower of price and appraisal; for a non-resident, between 60% and 70%. The bank takes on greater cross-border collection risk and offsets it by requiring a larger down payment. Practical translation: to buy a property for €200,000, prepare around €60,000–80,000 for the down payment plus an additional 12–14% for taxes and costs.
Terms, rates and monthly payment
Terms are usually somewhat shorter (often up to 20–25 years, with an age limit at maturity) and rates slightly higher than for residents; fixed rate is the foreign buyer’s favourite for its predictability. The solvency rule is the same: the sum of your loan payments (including those in your home country) should not exceed 30–35% of your net income.
The documentation they will ask for
Passport and NIE, proof of income (pay slips and contract, or tax returns if you are self-employed), income tax return from your country, recent bank statements, a credit report from your country (depending on nationality) and a list of liabilities. All documents generally must be translated when the bank requires it. Golden tip: request a pre-approval before signing reservation contracts — booking with financing up in the air is the classic cause of lost deposits.
The process, in realistic order
1) Bank pre-approval with your documentation. 2) Reservation/deposit on the property with sufficient time (60–90 days if a mortgage is involved). 3) Official appraisal. 4) Binding offer (FEIN) and the 10-day legal reflection period. 5) Notary. From start to finish, allow 6–10 weeks if documentation is well prepared from day one.
The most common stumbling blocks
Income difficult to prove (self-employed without clear tax returns), currency other than the euro (mortgage regulations grant extra rights to debtors in foreign currency and some banks price this in), and comparing only the interest rate while ignoring tie-ins and fees. Always compare two or three offers: there are notable differences between Spanish banks for the non-resident profile.
At Mayrasa we accompany international buyers every week: we guide you on which lenders work best with your profile and coordinate financing timelines with your property reservation — start by seeing what you can buy in Torrevieja and the Costa Blanca with your real budget. First pre-approval; then visit with peace of mind.
