Guide
Mortgages for Foreign Buyers in Spain
Financing is available to non-resident buyers in Marbella, but on different terms than for Spanish residents — lower loan-to-value ratios, additional documentation, and a process that typically takes longer.
How Much a Bank Will Lend
Non-resident buyers are generally offered financing up to 60–70% of the property's value (loan-to-value, or LTV), compared to up to 80% commonly available to Spanish residents. Within that range, EU citizens and residents of countries with strong compliance ties to Spain are often able to access the higher end of that range, while buyers from outside the EU are more commonly offered the lower end.
The loan amount is based on the lower of the agreed purchase price or the bank's own valuation (tasación) — not necessarily the price you've agreed with the seller. If the bank values the property below the purchase price, the loan is sized against the lower figure, meaning you'd need to cover the difference yourself.
In practice, this means a non-resident buyer typically needs to have 30–40% of the purchase price available as a deposit, on top of the taxes and costs covered separately. See Property Taxes When Buying in Andalucía
Types of Mortgage Available
Spanish mortgages for non-residents are generally offered in three structures:
- Variable rate — tied to the Euribor benchmark plus a margin set by the bank, meaning payments can change over the life of the loan
- Fixed rate — a set rate for the full term, offering payment certainty but often starting higher than a variable rate
- Mixed rate — fixed for an initial period (commonly several years), then converting to variable
Rates and margins change frequently with market conditions, so it's worth comparing current offers directly with banks or a mortgage broker rather than relying on a rate quoted anywhere online, including here.
A Cost That Shifted to the Bank
Since a change in the law that took effect in 2018, the stamp duty (AJD) on the mortgage deed itself is paid by the lending bank, not the borrower — a cost that previously fell on buyers. This is now standard practice, though it's still worth confirming it's reflected correctly in your specific loan offer.
What's Typically Required
- A valid passport and NIE number. NIE Number: What It Is and How to Get One
- Proof of income (payslips, tax returns, or accounts for self-employed applicants)
- Recent bank statements and a credit report
- A Spanish bank account, generally required for mortgage payments
- A property valuation, arranged by the bank through an approved appraiser
Non-EU applicants, including US citizens, may face additional documentation requirements and, in some cases, more limited LTV options, due to cross-border compliance rules.
The Process, Broadly
- Initial assessment — a bank reviews your financial position and gives an indicative offer, generally before you're bound to anything
- Formal application — submitted once you have a specific property, including its valuation
- Binding offer (FEIN) — a legally binding mortgage offer, followed by a mandatory reflection period before signing
- Signing — the mortgage deed is signed before a notary, typically alongside or just before the property's own deed of sale
The full process commonly takes several weeks from application to binding offer, which is worth factoring into your overall purchase timeline. See the Legal Purchase Timeline
A Practical Note
Only the FEIN (the bank's binding mortgage offer) can be relied on as final — verbal indications or early estimates can change once a formal valuation and underwriting are complete. It's worth having a lawyer review the mortgage deed itself, not just the purchase contract, since it contains its own set of terms and conditions.
Financing a purchase involves its own set of terms worth reviewing carefully — an independent lawyer can help make sure nothing is missed. Find a Property Lawyer
Reviewed by María Fernández López
Spanish Property Lawyer · 12+ Years Experience
Reviewed:
María Fernández López is a Spanish property lawyer with over 12 years of experience in real estate transactions on the Costa del Sol. She reviews guide content on this site for legal accuracy but does not represent Property Lawyer Marbella as a law firm and is not responsible for legal advice provided by independent law firms listed in the directory.
This page is general information about property law topics in Marbella. It is not legal advice, and Property Lawyer Marbella is not a law firm.