🏦 Applying for a mortgage in Spain: necessary documents and key tips.

Are you thinking of buying a house and need financing? If you are wondering how to apply for a mortgage in Spain, either for your first or second home, or even if you do not reside in the country, this post will help you understand everything you need to prepare.

📑 Documentation to apply for a mortgage in Spain.

Banks analyze your financial situation in detail before granting a mortgage. These are the basic documents they will ask you for, whether you are a resident or non-resident:

🔸 For residents in Spain:

1. Valid DNI or NIE.
2. Employment contract and work life.
3. The last 3 pay slips.
4. Income Tax Return (IRPF).
5. Bank statements for the last 3 to 6 months.
6. Information on other debts (personal loans, credit cards…).
7. Deposit contract (if you already have a home in view).

🔸 For non-residents:

1. Passport and NIE.
2. Proof of income (pay slips or company certification).
3. Tax declaration in your country.
4. International bank statements.
5. Creditworthiness report if possible (such as Credit Score).
6. Documentation related to the purchase of the property.

🏠 Is this your first or second home?

When applying for a mortgage in Spain, it is also important whether it is your primary residence or a secondary or investment property:

✅ First home:

• Possibility of financing up to 80% of the appraisal or purchase value (the lower of the two).
• Better terms and lower interest rates.
• If you are under 35 years of age, there may be tax advantages.

🏖️ Second home:

• More limited financing, typically up to 60-70%.
• The bank will require a more solvent profile.
• Slightly higher interest rates than for regular housing.

What if I am not a resident in Spain?

If you do not reside in Spain, you can also buy and apply for a mortgage, although the requirements are usually somewhat more demanding:

• Financing is between 60% and 70% of the value of the property.
• It is essential to demonstrate stable income in your country of origin.
• Some Spanish entities specialize in mortgages for foreigners, especially in areas such as Malaga and the Costa del Sol.

💡 Tips for successfully applying for a mortgage.

1. Be prepared in advance. Gather all documentation and review it to avoid errors or delays.
2. Take care of your financial health. Avoid defaults or recent credits before applying for the mortgage.
3. Compare offers. Don’t stick with the first bank: conditions can vary greatly.
4. Consider the help of a consultant. At Irene Homes we work with experts who can help you get the best mortgage for your profile.
5. Take into account the additional costs. Such as appraisal, notary, registration and agency fees (approximately 10% of the price of the property).

At Irene Homes we help you get your mortgage.

Whether you are buying your first home, a vacation home or want to invest from abroad, at Irene Homes we accompany you through the whole process of applying for a mortgage in Spain, from the first visit to the signing at the notary.

📲 Want to know how much you could finance? Contact us and we will help you find the best option for you.

Irene Homes
More than 30 years of experience in the service of your dreams.