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You don't have to finance your investment abroad out of your own pocket. If you don't have that much cash or don't want to spend your savings, you can apply for a mortgage in Spain. Read this guide and find out how to get one.

19.02.2025

Buying a property in Spain is often much cheaper than in your home country and offers an attractive return on investment. If you want to become the owner of an apartment or house on the Iberian Peninsula, you don't have to have hundreds of thousands of euros at your disposal. Instead, you can apply for a mortgage in Spain. Find out what conditions you can expect and what financial documents you will need to sign the contract.

Table of contents:

Yes, a mortgage in Spain for a Pole is possible, regardless of whether they have resident status or not. Banks regularly offer assistance in financing the purchase of real estate to citizens of European Union member states. The most important thing is that the person applying for a loan in Spain is able to demonstrate the source and amount of their income.

Poles can apply for a loan to purchase a property at many Spanish banks, such as Banco Sabadell, EVO Bank, ABANCA, Openbank and Banco Santander.

You can apply for a mortgage loan in Spain to purchase a property, not only residential, but also investment and holiday properties. The regulations require a down payment, and the final loan amount depends on the property valuation and your credit rating. Together with the offer presented by the Spanish bank, you will also receive documents with detailed conditions (e.g. Hoja de Información Europea and Fichas de Advertencias Estandarizadas, i.e. European Information Sheet).

Interestingly, a credit agreement in Spain is signed not at the bank, but at a notary's office, together with a notarial deed. After completing the formalities, the loan is entered in the Land Register, which constitutes legal collateral for the loan.

A resident is any person who spends at least 183 days a year in the country and whose main source of income is in Spain. As you can imagine, the conditions for obtaining a mortgage to buy a property vary depending on your status.

Residents can count on more favourable conditions because banks consider them more reliable customers. This, in turn, means a longer loan period, lower interest rates and sometimes even a lower down payment. Residents of Spain can apply for a loan of up to 80% of the property value.

On the other hand, people who do not have resident status have to reckon with a more complicated procedure. The Spanish bank may require more financial documents from them, which must be translated beforehand. In addition, the conditions change - the mortgage is granted for a shorter period of time and the minimum value of the own contribution is 30%.

Nie tylko zakup nieruchomości jest tańszy w Hiszpanii. Podobnie jest w przypadku oprocentowania kredytu hipotecznego, które zależy od wysokości wskaźnika EURIBOR (Euro Interbank Offered Rate). Aktualnie waha się w granicach 2,5-4%. Oczywiście, jest ono niższe dla rezydentów. Kredytobiorcy – bez względu na status – mają do wyboru oprocentowanie stałe i zmienne.

Non-residents can take out a mortgage in Spain for a maximum of 20-25 years. However, this period may be shorter, e.g. due to age, for which the bank will offer you a loan under different conditions. The general rule of thumb is that the borrower should be 70-75 years old when the last instalment is paid.

Residents, on the other hand, can expect better conditions. In their case, the Spanish bank can extend the loan period to 30 years.

Which country offers better conditions and an easier loan application process – Poland or Spain? Mortgage – although it is the same financial product – looks a little different in both countries.
 

• Amount of mortgage – in Spain, you can get a mortgage for up to 70% of the property value. In Poland, on the other hand, some banks only require a 10% down payment.
   
• Costs related to the loan – purchasing a property in Spain with a loan involves higher initial expenses. These include, for example, taxes, notary fees and registration fees.
   
• Interest rate – in Poland, fixed instalments, which are influenced by WIBOR, are very popular. In Spain, on the other hand, borrowers are more likely to opt for a variable interest rate based on EURIBOR.

Currency – loans in Spain are only granted in euros. In Poland, on the other hand, some banks offer the option of taking out a mortgage in a foreign currency.

The first step is to find a suitable property – a luxury house or apartment in a good location. Then you need to get an NIE (Número de Identificación de Extranjero), a tax identification number for foreigners, without which you cannot apply for a loan in Spain.

The next step is to submit an application to the bank, to which you must attach a reservation agreement and financial documents (preferably translated into English or Spanish). These are primarily:

• an employment contract or an extract from the CEIDG (depending on the form of employment),
   
• tax returns from the last 2 years,
   
• a bank statement for the last 6 months,
   
• a BIK statement (separate for each borrower).

In addition, the Spanish bank may require you to indicate your current credit obligations and complete a form in which you show your assets and liabilities. You must also inform the institution about the funds you will use to purchase the property. This can be, for example, a statement of the deposit in which you have accumulated money. Once the formalities have been completed, you can expect a decision within 10-14 days.

If you are applying for a loan in Spain, you will need to be patient. Banks usually need around 6-8 weeks, but the process can take up to 3 months. This is due to the detailed creditworthiness analysis and multi-stage verification procedures, especially for non-residents. Therefore, do not delay visiting the bank and providing financial documents – the sooner you do it, the less time you will have to wait for a mortgage in Spain.

Applying for a mortgage does not have to be a challenge. All you need to do is to get help from Elite World Estates, who will guide you through the whole process step by step and take care of all the formalities. Check out the current offer of properties for sale in Spain!

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Let us narrow down the search among the properties available through us, by contacting us and finding the best options for you. 
We are here to help you!
Please enter your contact details below and we will contact you as soon as possible.

Let us narrow down the search among the properties available through us, by contacting us and finding the best options for you. We are here to help you! Please enter your contact details below and we will contact you as soon as possible.

Let us narrow down the search among the properties available through us, by contacting us and finding the best options for you. We are here to help you!
Please enter your contact details below and we will contact you as soon as possible.