Getting a mortgage in Spain as a foreigner: US guide

Sun, sea, and sangria make Spain a popular holiday destination and also a hot choice for those looking to buy property. Most people need financing to buy a house or an apartment in Spain, and the good news is that getting a mortgage in Spain as a foreigner is possible.

However, you'll likely need a large down payment, anywhere between 30% and 40% or even 50%.¹² Banks in Spain also tend to favor residents, which means that you'll have to deal with a fair amount of paperwork.

But still, getting a mortgage in Spain is possible with good planning. Here's everything you need to know.

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Table of contents

Can an American get a mortgage in Spain? What types of mortgages are available in Spain? How much do you need for a down payment for a mortgage in Spain? Buying property abroad? Send money the hassle-free way with Wise Things to consider before applying for a Spain mortgage What documents are required to get a mortgage in Spain? How to apply for a mortgage in Spain: step-by-step How long does it take to get a mortgage approval in Spain?

Can an American get a mortgage in Spain?

Yes, Americans can apply for mortgages in Spain. Spanish banks do lend to foreign buyers, but they prefer residents over non-residents when evaluating applications.

Your chances of getting a mortgage in Spain depend mostly on your financial profile. Banks want to see a large down payment, typically anywhere between 30% and 50%, and rock-solid income documentation.¹²

Having established ties to Spain, like employment or existing property ownership, can boost your likelihood of getting approved, too.

However, it's important to remember that as a non-resident, you can only stay in Spain for 90 days at a time without a visa.³ If you're planning to buy property in Spain and live there, you'll need to figure out a way to get a long-term visa or residency.

The Spanish Golden Visa program, which previously offered residency through real estate purchases, ended on April 3, 2025, so that's not an option anymore.⁴

What are the legal requirements to get a mortgage in Spain as a non-resident?

There are no true legal requirements for a mortgage in Spain for US citizens. Anyone can apply. Getting approved, however, is a different story.

The main legal requirement is obtaining a Número de Identificación de Extranjeros (NIE), which is essentially a tax ID number for foreigners. Beyond the NIE, individual banks set their own requirements.

To get your NIE, you'll need:¹
A completed EX-15 form Supporting documents explaining why you need the NIE Your original passport plus copies of relevant pages Two passport-sized photos 9 to 12 EUR fee for tax form 790

💡 As a US citizen, you may also need to complete FATCA (Foreign Account Tax Compliance Act) paperwork for American tax purposes.²

What types of mortgages are available in Spain?

You can expect to see the following 3 types of mortgages in Spain for non-residents:²

• Fixed-rate mortgages: Your interest rate stays the same for the entire loan term

• Variable-rate mortgages: Your rate adjusts every year based on the Euribor index plus the bank's margin

• Mixed mortgages: A hybrid option that starts with a fixed rate for 5 to 15 years, then switches to variable for the remaining term²

Fixed-rate mortgages are more predictable, but variable-rate ones often offer lower rates. Here's a closer look at the pros and cons.

Mortgage type	Pros	Cons
Fixed-rate	Predictable monthly payments Protection from rate increases Easier to budget for	Higher initial rates Potential early repayment penalties
Variable-rate	Lower starting rates No early repayment penalties Payments decrease if rates fall	Unpredictable monthly payments Risk of big increases Difficult to plan for long-term
Mixed	Initial fixed monthly payments Potential rate savings later Balanced approach	Still carries rate increase risk after the fixed period More complicated terms

Spanish banks don't offer standard fixed rates for foreign buyers. Each bank sets its own policy, and your Spain mortgage rate largely depends on your financial profile.

In 2025, current mortgage rates in Spain average around 3.17%, with the lowest rates available at 2.52%. Variable rates that are tied to the Euribor average 2.99%.⁵

Should I go to a bank or use a broker?

You can arrange a mortgage in Spain directly with your chosen bank or through a broker.

Brokers are useful because many Spanish banks do not offer set mortgage terms but rather work on a negotiated basis with each client. This means that having someone on your side who speaks Spanish and understands the system can be beneficial.

Be wary of fraudsters who claim to be brokers, especially if they ask for up-front fees. Take recommendations from friends or family when choosing a mortgage agent, or ask to be put in touch with previous customers for a reference.

Naturally, brokers charge fees, so it's not the right choice for everyone. If you can confidently communicate in Spanish (including understanding legal documents) and have the time to research your options, then you can arrange a mortgage directly with the bank.

What are the major banks in Spain providing mortgages for foreigners?

Most banks will consider a mortgage application from a foreigner, but Spain's "big 5" banks all have dedicated services for international buyers:²

• Santander
• BBVA
• CaixaBank
• Bankinter
• Banco Sabadell

These banks are used to working with foreigners, so the process will likely be more straightforward than at a smaller regional bank. That said, you can research those options, too.

How much do you need for a down payment for a mortgage in Spain?

It depends on the bank and your finances, but expect to put down at least 30% of the property's purchase price. Some banks may require up to 50%, especially for non-residents buying vacation homes or investment properties.¹²

Banks also look at your debt-to-income ratio, usually capping it at 35% to 40%, including your new mortgage payment. This means that your total monthly debt payments (including the Spanish mortgage) can't be over 35% to 40% of your monthly income.¹

Additional fees and costs

There are a few different expenses that you'll need to budget for beyond the down payment. However, a 2019 Spanish law shifted most mortgage-related costs to banks, including notary fees and registration costs for the loan itself.²

Cost	Amount²⁶	Details
Property Transfer Tax (ITP)	Between 6% and 10%	For resale properties only
VAT (IVA)	10%	New-build properties only
Stamp duty (AJD)	Between 1% and 1.5%	New-build properties only
Notary and land registry	Between 0.1% and 2%
Legal fees	Between 1% and 2%
Property valuation	Between 250 EUR and 600 EUR
Mortgage opening fee	Up to 2%
Real estate commission	Varies

New homes face higher tax burdens because of the 10% VAT plus stamp duty. Resale properties only require the Property Transfer Tax, which makes them potentially cheaper from a tax perspective.

Buying property abroad? Send money the hassle-free way with Wise

Now that we covered some of the basics, the only question left is how to send money to pay for your property overseas?

Wise offers you a quick, secure and transparent way of sending money to Spain. You get the mid-market exchange rate for your payments and see how much is charged for the transfer before sending the money from your bank.

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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information

Things to consider before applying for a Spain mortgage

It's important to set realistic expectations when getting a mortgage in Spain as a foreigner. Here are a few important things to consider:

• Your residency status: As a non-resident, you'll face stricter lending criteria and higher down payment requirements, usually at least 30%¹²

• Language barrier: All documents must be in Spanish and certified, so be prepared to spend money on professional translation services

• Currency fluctuations: If your income is in USD or another currency, exchange rate changes will affect your monthly payments

• Property location: Some regions have higher taxes and fees

• Professional support: Consider hiring a Spanish lawyer and mortgage broker to navigate the process, since it can be quite complicated

It's also a good idea to research other options in case you don't get approved for a mortgage in Spain. For example, you could also try getting a mortgage for an overseas property from your US bank or using an international mortgage lender.

What documents are required to get a mortgage in Spain?

You'll need extensive documentation to apply for mortgages in Spain as a non-resident. All non-Spanish documents must be officially translated by a certified translator (traductor jurado) and include a Hague Apostille for international recognition.²

Here's a list of documents you'll typically need:
NIE number Employment documentation Annual tax returns Bank statements Credit report (from the US) Property purchase contract or signed preliminary agreement with the seller Details of existing mortgages, loans, and debts Records of investments, savings, and property ownership Property tax records Marriage/divorce documents Your passport or another valid form of ID

Different banks require different documents, so you should get an extensive list from the bank of your choice. Sometimes they also need extra paperwork— for example, when you're self-employed.

Getting all of your documents together can be time-consuming and expensive because of the translation and apostille requirements, so start working on it early.

How to apply for a mortgage in Spain: step-by-step

So, want to learn how to get a mortgage in Spain? Here's what the process typically looks like.

1. Get your NIE number

You'll need a Número de Identificación de Extranjeros (NIE) to apply for a mortgage in Spain. This Spanish tax ID is mandatory for all property transactions. You can get this number in Spain or at a Spanish consulate in the US.⁷

It's also a good idea to open a bank account in Spain if you don't already have one.

2. Research your mortgage options

Compare offerings from Spain's major banks and consider whether you want a fixed, variable, or mixed-rate mortgage. Some banks have English-speaking staff, usually at large banks like Santander or BBVA, if that’s important to you.

3. Get pre-approval

Send your initial mortgage application so that banks can assess your income, debts, and down payment to determine how much they're willing to lend. This will give you a clear budget to start looking at different properties.

4. Find your property

Start house hunting within your budget. When you find the right property, negotiate the purchase price and sign a preliminary agreement with the seller.

5. Apply for the mortgage

Submit your official mortgage application, providing all required documentation to the bank (translated and apostilled). The bank will review your financial information along with the property details.

6. Property valuation

The bank will arrange an independent property appraisal to confirm the home's value. This typically costs anywhere between 250 EUR and 600 EUR and determines the final loan amount.⁶

Despite the 2019 Spanish law that shifted many of the mortgage-related costs to banks, this is still a cost that you'll need to cover.²

7. Get approved

If approved, the bank will provide a formal mortgage offer outlining interest rates, fees, and conditions. If you have a Spanish lawyer, they can help you review these terms.

8. 10-day cooling period

Spanish law requires you to wait for 10 days before signing the mortgage offer.⁸ This gives you some time to review all of the terms and conditions without too much pressure.

9. Funds get released

You'll sign the final mortgage deed and property sale contract, and the bank will release the funds for your purchase.

10. Buy your property

Transfer the remaining funds, pay all applicable taxes and fees, and receive the keys to your new Spanish property! The notary will register the mortgage and property transfer with the land registry.

How long does it take to get a mortgage approval in Spain?

It depends. As long as all your documents are in order, you can expect mortgage approval to take 4 to 6 weeks on average.²

However, it'll depend on many different factors, such as the bank’s workload, or whether you have any missing or incorrectly translated documents.

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Getting a mortgage in Spain as an American is possible, but you'll need to jump through more hoops than Spanish residents. The biggest obstacle for most US citizens is needing a large down payment, usually anywhere between 30% and 50%, to qualify.¹²

At the same time, many Americans successfully buy Spanish property. You could be just a few steps away from kicking back in an unspoiled Andalusian mountaintop villa or being serenaded by Spanish guitar in Seville, the romantic birthplace of tapas.

Don't overlook international transfer costs when sending money to Spain, especially large amounts. Banks often charge hefty transfer fees and poor exchange rates, and these hidden costs can add thousands to your purchase price.

For a fast, simple, and secure way to send money internationally with low fees and no currency exchange rate markups, use Wise.

Sources

1. Expatica - How to get a mortgage in Spain
2. My Spain Visa - Mortgages in Spain for Non-Residents
3. US Department of State - Spain
4. Global Citizen Solutions - Golden Visa Spain
5. HolaPedro - Current mortgage rates in Spain
6. Idealista - Property buying costs in Spain
7. Ministerio de Asuntos Exteriores - Foreigner Identity Number (NIE)
8. My Lawyer in Spain - How to Get a Spanish Mortgage

Sources checked 06/19/2025