What are the conditions to apply for a non-residents mortgage in Spain?
The conditions that must be met by non-residents in Spain who want to apply for a mortgage are more demanding than for residents. This is due to the fact that in case of default or non-payment, there is a greater difficulty in being able to demand the debt and seize property not located in Spain, the only guarantee would be the property acquired in Spain.
Spanish entities offer a maximum financing percentage for non-residents in Spain of around 60 to 70% of the value of the home to be mortgaged, the final percentage is determined by each entity. Apart from this, the debt of the person cannot be higher than 30 or 35% of the income of the applicants.
As a general rule in Spain, mortgages are contracted for a minimum term of 5 years and a maximum of 30 years, with the maximum age to terminate the mortgage being 75 years.
What documentation is needed to apply for a non-resident mortgage?
- Photocopy of the NIE and passport or identity card
- Employment contract
- Last 3 payrolls
- Last year’s bank statement where the payroll is entered
- Tax declaration.
- Tax residency certificate
- Purchase contract for the home to be purchased
- Three recent debt receipts that are pending payment:
Please note that it will be necessary to provide the mandatory documentation translated into Spanish and a Spanish bank account.
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