Foreign Mortgages: Advice for overseas buyers

Finding the right mortgage is tough enough, but when foreign customs and languages come into play it can get even trickier! Fortunately, Spain has become such a common place for foreigners to buy property that there are now tons of resources out there to help you in your decision-making.

According to recent studies, Spain is quickly becoming one of the best countries in the European Union in which to obtain an overseas mortgage. Nowadays, there are over 275,000 registered Britons in Spain, not to mention an additional 500,000 who are unregistered. Over half of these people are living in rented property and, for this reason, many Spanish banks - such as La Caixa - offer special services in English to assist foreign buyers.

International Banks with Spanish Mortgages

Many international banks now offer special 'Spanish mortgages' which specifically cater to the Spanish housing market and deal with every aspect of translation, lawyers and insurance. Some of the most reputable international banks are the following:

Banco Santander

Deutsche Bank

Lloyds TSB


Applying for a Spanish Mortgage

When applying for a mortgage in Spain, you need to make sure you have the following documentation:

  • Valid Passport, residence permit or Spanish ID card (NIE)
  • Spanish tax declaration for the last financial year (P60 form in UK) or if you are self-employed you need to provide tax slip for the last two years.
  • Your last three salary slips.
  • Your last three bank statements (account statement for last three years if you are self-employed)
  • Resale Properties: Property deeds of current owner.
  • New Building: Declaration deed from developer.