Start with applying for a free pre-approval.
- Local knowledge
- Remove the risk of currency fluctuations
- Reduce the risk of extra taxes
Evaluating multiple bank offers empowers borrowers to:
- Secure Competitive Rates: By comparing offers, non-residents can identify banks offering the most competitive interest rates, potentially resulting in substantial long-term savings.
- Optimize Loan Terms: Different banks may offer varying loan terms, such as repayment duration and flexibility. Careful evaluation ensures borrowers choose terms that align with their financial capabilities and goals.
- Access Customized Solutions: Non-residents have distinct financial profiles and property preferences. Exploring multiple offers enables borrowers to find a mortgage that caters precisely to their needs.
- Minimize Costs: Through comparison, borrowers can uncover hidden fees, closing costs, and other charges that might impact the overall cost of the mortgage.
- Receive Expert Guidance: Engaging with multiple banks allows borrowers to interact with different mortgage advisors, gaining insights and expertise that contribute to well-informed decisions.
Selecting the best Spanish mortgage for non-residents involves a comprehensive assessment of various factors. From interest rates and loan terms to repayment flexibility and associated costs, the process of evaluating multiple bank offers ensures borrowers make a confident and financially sound choice that optimally serves their homeownership aspirations.
- Eligibility Criteria, depending on the nationality of the non-resident and which currency they get their main income determin if the non-resident is eligible for a Spanish mortgage or not. The criterias can even differ from bank to bank. We've helped non-residents from more than 50 countries and can help you in your specific situation.
- The Interest rate, may vary a lot between banks. Especially for non-residents. It's therefore of greater importance for non-residents to compare mortgages from multiple Spanish banks. At Habeno we let multiple Spanish banks compete for your mortgage, in order to get you the best terms possible.
- Documentations and requirements, getting a Spanish mortgage as a non-resident typically involves additional documentation to validate income, creditworthiness and international status. Our team of expers assist you in navigating this process seamlessly.
- LTV - Loan to Value, determines how much you can borrow depending on the property price. As a non-resident applying for a mortgage you can usually apply for a mortgage with an LTV of maxium 70%. This means that you need to finance the last 30% (excluding any additional fees, such as lawyer costs etc.) yourself. With a pre-approval you can get to know exactly how much you can borrow, before you start your house hunting.
- The terms of the mortgage usually differs, as a non-resident, you normally donät get a term longer than 20years. This may differ between banks though. At Habeno we can help you find the best bank for your conditions.
Our streamlined pre-approval process takes into account your unique situation and provides an usally an instant answer.
By applying for pre-approval, you gain a clearer understanding of the mortgage amount you qualify for, the associated costs, and personalized terms tailored to your needs. This proactive approach empowers non-resident buyers with the knowledge needed to make well-informed decisions and embark confidently on their Spanish property journey.
How much deposit do I need as a non-resident for Spanish mortgage?
As a non-resident seeking a Spanish mortgage, the typical down payment or deposit required is around 30% of the property's appraised value. This means you would need to provide this percentage of the property's price as your own funds, while the remaining amount can be covered by the mortgage loan. However, deposit requirements may vary depending on factors such as the specific bank, the property type, and your financial situation.
Which Spanish bank is best for non resident mortgage?
The choice of the best Spanish bank for a non-resident mortgage depends on various factors, including your financial profile, property type, and specific preferences. Many Spanish banks offer non-resident mortgage options. It's advisable to research and compare terms, interest rates, fees, and customer service to determine the bank that aligns best with your needs and provides a tailored solution for your non-resident mortgage.
At Habeno we can help you through the process. Start by appying for free a pre-approval.
How much mortgage can a foreigner get in Spain?
Foreigners, including non-residents, can typically secure a mortgage in Spain with Loan-to-Value (LTV) ratio of 70% of the property's appraised value. This means that you may be eligible to borrow up to 70% of the property's total value, while the remaining amount is covered by your own funds as a down payment. However, specific mortgage amounts can vary based on factors like the bank's policies, your financial situation, and the type of property you are purchasing. Consulting with banks or mortgage advisors will provide more accurate information tailored to your circumstances.
To know exactly how much you can borrow, you can start with applying for a free pre-approval.
What are the best mortgages for non-residents in Spain?
Fixed-rate mortgages are the most popular option for non-residents in Spain, but it doesn't need to be the best. However, it is highly individual as to which mortgage is the best fit for each person, this of course also applies to non-residents. Therefore, we recommend that you start with applying for a pre-approval. We will then assist you find the mortgage that suits your needs best.
Apply for a free pre-approval.
How hard is it to get a mortgage in Spain?
Obtaining a mortgage in Spain has become significantly easier in recent years, thanks to streamlined processes and improved accessibility. Spanish banks now offer more tailored solutions for both residents and non-residents, making it more accommodating for foreigners to secure a mortgage. With modern advancements and expert guidance available, the process has become more straightforward, allowing potential homeowners to navigate the Spanish mortgage landscape with greater ease and confidence.
Can I buy a house in Spain and become a citizen?
Buying a house in Spain does not automatically grant citizenship. However, acquiring property can be a step towards obtaining long-term residency. Spain offers various residency permits, such as the Golden Visa, which can lead to permanent residency or citizenship under certain conditions, including minimum investment thresholds. Here you can read more about the Spanish Golden Visa.