Question 1

Can foreigners get a mortgage in Spain?

Accepted Answer

Yes. Non-residents can typically borrow up to 70% of the property value from Spanish banks. EU residents may access up to 80%. You'll need a Spanish NIE number, proof of income, and a clean credit history.

Question 2

What is the typical interest rate for a Spanish mortgage?

Accepted Answer

As of 2025, variable rates (Euribor + spread) typically range from 2.5% to 4%, while fixed rates sit between 3% and 4.5%. Rates vary by bank, loan size, and your financial profile.

Question 3

How much deposit do I need to buy in Spain?

Accepted Answer

Non-residents generally need at least 30% deposit. Additionally, budget 10–15% on top of the purchase price for taxes, notary fees, legal costs, and registration.

Question 4

Do I need a NIE number to get a mortgage?

Accepted Answer

Yes. A NIE (Número de Identificación de Extranjero) is required for any property transaction in Spain, including opening bank accounts and applying for a mortgage.

Question 5

What are the main costs when buying property in Spain?

Accepted Answer

Expect to pay ITP (transfer tax) of 6–10% for resale properties (or VAT 10% for new builds), plus notary fees (~0.5%), land registry (~0.5%), and legal fees (~1%). Total additional costs are typically 10–15% of the purchase price.

Loan Term	Monthly Payment	Total Interest	Total Cost
15 Years	€1,716	€68,829	€308,829
20 Years	€1,392	€94,057	€334,057
25 Years	€1,201	€120,449	€360,449
30 Years	€1,078	€147,975	€387,975

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