Frequently Asked Questions by Polish Buyers About Mortgages in Spain

🏡 Introduction: Mortgage in Spain for Poles

Buying property in Spain with a mortgage is a popular solution among Poles. Spanish banks are eager to finance property purchases by foreigners, but they have specific requirements. Here are the answers to the most common questions related to mortgages in Spain.

💳 1. Can Poles obtain a mortgage in Spain?

Yes, Poles can apply for a mortgage in Spanish banks, even if they are not residents. Banks offer loans to both residents (people living in Spain) and non-residents (people living outside Spain).

📊 2. What is the down payment required when purchasing property in Spain?

The amount of the required down payment depends on the buyer's status:
✅ For non-residents (e.g., Poles living in Poland): Banks usually finance up to 70% of the property's value. This means you need at least 30% down payment.
✅ For residents (people living and working in Spain): It is possible to obtain up to 80–90% of the property's value.

🧾 3. What documents are needed to obtain a mortgage in Spain?

Spanish banks require detailed financial documentation. Here is a list of the most important documents:
📑 NIE number (Número de Identificación de Extranjero) – mandatory for foreigners
📑 Passport or ID card
📑 Income statement: e.g., tax return for the last year
📑 Bank statements (from the last 6 months)
📑 Employment contract or business documents
📑 Credit history (e.g., report from BIK)
📑 Preliminary purchase agreement (Contrato de Arras)

💰 4. What are the costs associated with obtaining a mortgage in Spain?

When taking out a mortgage, you should account for additional costs:
💳 Bank fee for granting the loan: Usually from 0.5% to 1.5% of the loan amount
🖋️ Notary fee: About 1% of the property's value
📜 Registration in the mortgage registry: About 0.5% of the property's value
📂 Lawyer's service: 1% – 1.5% of the property's value

📈 5. What are the interest rates and terms for mortgages in Spain?

Spanish banks offer mortgages with:
🏦 Variable interest rates: Most often linked to EURIBOR + bank margin (usually from 1% to 2%)
🏦 Fixed interest rates: Ranging from 3% to 4% per year (often chosen by investors who value stable payments)

💡 Interesting fact: In recent years, more and more Poles are opting for loans with fixed interest rates to avoid the risk of increasing payments.

⏳ 6. What is the maximum term for a mortgage in Spain?

Banks in Spain offer long repayment periods:
📆 For non-residents: Usually a maximum of 20–25 years
📆 For residents: A repayment period of up to 30 years is possible

💼 7. Can a mortgage in Spain be paid off early?

Yes, Spanish banks allow early repayment of the loan, but they may charge a fee:
✅ For variable interest rates: A maximum of 0.25% – 0.5% of the repaid amount
✅ For fixed interest rates: A maximum of 2% of the repaid amount

🌍 8. Can you obtain a mortgage in Spain while working in Poland?

Yes, many Poles obtain loans in Spain while working and earning income in Poland. It is important to:
📊 Have stable documented income (employment contract, business activity)
📊 Have a good credit history (e.g., no arrears in BIK)
📊 Have the required down payment

📊 9. What are the most popular banks that provide mortgages to foreigners?

The most recommended banks for Poles are:
🏦 Banco Santander – Flexible conditions for foreigners
🏦 CaixaBank – English-speaking service, fast process
🏦 Banco Sabadell – Attractive mortgages for non-residents
🏦 BBVA – Possibility of completely online service

💡 10. Is it better to take a mortgage in Poland or Spain?

Advantages of a mortgage in Spain:
✅ Ownership in Spain serves as collateral – easier acceptance process in a Spanish bank
✅ Often lower interest rates than in Poland (especially with variable rates)
✅ Possibility of obtaining a loan in euros – no exchange rate risk when renting property to tourists from Europe

Disadvantages of a mortgage in Spain:
❌ Higher down payment required (30% for non-residents)
❌ Formalities in Spanish – it is advisable to have a lawyer

📌 Summary: How to Obtain a Mortgage in Spain – Key Steps Step by Step:

📑 Obtain an NIE number – without it, you cannot enter into a loan agreement.
🏦 Choose a bank and apply for a loan – compare offers from several banks.
📂 Prepare financial documents – ensure complete credit history.
💰 Reserve the property and sign the preliminary agreement (Contrato de Arras).
🖋️ Sign the loan agreement and notarial deed (Escritura Pública).
📜 Register the mortgage in the property registry (Registro de la Propiedad).

🏡 Looking for Property with a Mortgage in Spain?

We invite you to browse our offers of properties available for mortgage financing:

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