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Who Can Get a Mortgage in Spain?
The number of people interested in acquiring a home in Spain and needing to obtain a mortgage is increasing. However, some of them do not have residency in the country, either because they are Spaniards who have moved abroad or simply because they are non-resident foreigners.
When applying for financing to purchase a home, the person’s country of origin will have a significant influence on the granting of the mortgage loan. In this regard, the stability of the country will be a key factor in decision-making. Here we share an indicative list of the countries traditionally more and less reliable for the financial sector but first you should know who can get a mortgage in Spain ???:
1️⃣ Residents and non-residents: Both Spanish citizens and foreign residents and non-residents have the possibility of obtaining a mortgage in Spain. The mortgage market is open to all individuals who meet the established requirements.
2️⃣ Financial stability: Banks will evaluate your financial stability to determine if you are eligible for a mortgage. This involves having a stable job with regular and sufficient income to cover the monthly mortgage payment. In our simulator, you can easily check the financing you can access.
3️⃣ Credit history: Your credit history plays an important role in obtaining a new mortgage. Banks will analyse your payment history, debts, and any other loans you have to assess your repayment capacity and solvency.
4️⃣ Initial savings: Generally, initial savings are required to apply for a mortgage in Spain. Banks usually finance up to 80% of the property value for residents and 70% for non-residents, which means you must have at least 20%-30% of the purchase price as a down payment.
5️⃣ Necessary documentation: To apply for a mortgage in Spain, you will need to submit formal documentation that the bank needs to study your case. Requirements may vary depending on the bank and your personal situation, but at Wypo.es, we help you with everything you need to apply for your non-resident mortgage.
Remember that it is important to research and compare the options available in the market to find the mortgage that best suits your needs. Through comparison platforms like wypo.es, you can do it all easily, online, and save a lot of time and headaches.
Don’t let the dream of owning your own home in Spain fade away! If you meet the financial and documentary requirements, you can get a mortgage very quickly and take the step towards your dream home. ??
Now, we leave you with the list of the countries traditionally more and less reliable for the financial sector:
Countries Traditionally Accepted by Spanish Banks
• European Union member states.
• European countries with a good economic situation such as Norway or the United Kingdom, for example.
• Countries from other continents with a good economic situation and stable currency such as Canada, the United States, Japan, Australia…
Countries That Generate Less Confidence for Spanish Banks
• Countries with economic instability, such as some states in Africa or Latin America.
• Countries involved in armed or geopolitical conflicts, such as Russia, China, or North Korea.
• Countries or territories considered tax havens.
Wypo, Your 100% Online Mortgage
Are you a non-resident and want to know if you can access a mortgage in Spain?
Wypo is the digital platform that allows you to simulate your mortgage in Spain for free and without registration, obtaining personalized information about your financing possibilities and expenses (Spanish taxes and fees, Notary…). In addition, you will have a free formal pre-approval and you can progress in the process with all the services you need until the Notary’s signature. This way, you will get the best mortgage for your home in Spain.