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Many non-residents try to obtain a mortgage in Spain independently and receive bank rejections. In 2026, the mortgage market has stabilised after the 2023 peak: Euribor 12M stands at approximately 2.80% (June 2026). However, conditions for non-residents differ significantly from those offered to residents.
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Euribor 2026 and Real Rates — What to Expect
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As of June 2026, Euribor 12M is approximately 2.80% — around 1.4 percentage points below the 2023 peak. Banks offer non-residents:
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- Variable rate — Euribor 12M + 0.80–1.99%. Effective rate: from 3.60% to 4.80%
- Fixed rate — 3.20–4.50% for 20–25 years. In 2026, the fixed rate is more popular given the uncertainty over future Euribor movement.
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LTV, Down Payment and Additional Costs
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LTV for non-residents: banks finance 60–70% of the appraisal value or purchase price (whichever is lower). The minimum down payment is 30–40% of the property value. Additionally, transaction costs apply: ITP or VAT (10%), notary, registration, and agency commission — totalling 10–12% of the price. That means for a €400,000 apartment you need at least €160,000–200,000 in liquid funds.
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Why a Direct Channel Through an Agent Is More Effective
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Submission through an official Private Banking agent bypasses the limitations of retail lending: the application reaches a specialist manager with experience in non-resident profiles. Our firm is an official agent of BBVA, Sabadell, Santander, and CaixaBank. Parallel submission to multiple banks allows you to select the best conditions.
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FAQ
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Is it possible to get a mortgage without an NIE?
No. An NIE is mandatory for any notarial transaction in Spain. It can be obtained at a consulate or in Spain via notarial power of attorney — the process takes 2 weeks to 2 months.
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How long does mortgage approval take for a non-resident?
With a correctly prepared documentation package: 4–7 weeks from first submission to notarial signing.
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Are foreign-currency incomes taken into account?
Yes, but they must be confirmed with an apostille and notarial translation. Incomes in volatile currencies are discounted by banks by 10–20%.
