Spanish Banks and Lenders for Non-Resident Mortgages

Spanish banks vary significantly in their appetite for non-resident lending — some are far more flexible on income sources and residency status than others, and criteria differs bank by bank. Below, we break down the key lenders active in the non-resident market and what each one looks for, so you can see where you’re most likely to be approved before you apply.

Real estate mortgages in Spain

Banco Sabadell

Banco Sabadell has been active in the non-resident mortgage market for many years. It uses an internal scoring system based on the performance of its loan book. This scoring happens at the first stage of your application. Your profile affects the viability, loan-to-value, and rates of your Spanish mortgage.

Non-resident Spanish mortgage products offered by Sabadell

Sabadell offers variable and fixed rates to all applicants earning in euros

Applicants earning in major currencies can also get fixed or variable rates

Sabadell offers variable rates in other currencies by exception, case by case

Underwriting criteria for Sabadell

  • Maximum loan-to-value: 70%
  • Affordability ratio: 38% of net income (annual income divided by 14 months)
  • Sabadell assesses existing rental income if declared on tax returns
  • Sabadell averages self-employed dividends over 3 years
  • Interest rates are client-specific
  • Maximum loan term: 20 years
  • Maximum applicant age: 75
  • Sabadell lends on rústica (rural) land by exception only

Pros

  • Offers provided in English
  • Fast turnaround
  • Competitive pricing for non-resident mortgages
  • No minimum loan size
  • Covers a wide range of nationalities

Cons

  • Internal credit score can penalise certain client profiles
  • Maximum 60% loan-to-value for certain nationalities

Bankinter

Bankinter operates regionally, so its offer varies by region. Bankinter focuses on medium to larger Spanish mortgages. It can be a good option for more financially complex applicants. Scandinavian clients can also get preferential pricing.

Products offered by Bankinter

Bankinter offers variable, mixed, and fixed rates to applicants earning in euros or major currencies.

Bankinter offers mixed and variable rate products to applicants earning in Hong Kong dollars or Australian dollars

Underwriting criteria for Bankinter

  • Maximum loan-to-value: 70%
  • Affordability ratio: 35% of net income (annual income divided by 12 months)
  • Bankinter assesses existing rental income if declared on tax returns
  • Bankinter averages self-employed dividends over 3 years
  • Interest rates are client-specific
  • Maximum loan term: 25 years
  • Maximum applicant age: 75

Pros

  • Offers provided in English
  • Fast turnaround
  • Flexible on criteria and pricing for complex, high-net-worth clients
  • Strong understanding of the tax system and documentation for Nordic applicants

Cons

  • Minimum loan and purchase price restrictions apply
  • No fixed-rate options for earnings outside the euro and sterling
  • Offer and process vary by region
  • Bankinter is cautious about applicants who already hold multiple investment properties
  • Applies an overall debt limit, in addition to the affordability ratio

UCI

UCI has no branch network. It’s the lending arm of a joint venture between Santander and BNP Paribas. UCI is one of only two lenders that can credit-search an applicant directly, registering the search on their credit file. It’s also the only lender that lets borrowers open a bank account of their choice in Spain.

Products offered by UCI

UCI offers variable, mixed, and fixed rates to applicants earning in euros

UCI offers variable and mixed rates to applicants earning in its listed currencies

Underwriting criteria for UCI

  • Maximum loan-to-value: 75%
  • Affordability ratio: cannot exceed 40% of net income, based on the whole family unit, even if only one family member applies
  • UCI assesses existing rental income at 25% if declared on tax returns
  • UCI averages self-employed dividends over 3 years
  • Interest rates are set products, not client-specific
  • Maximum loan term: 30 years
  • Maximum applicant age: 75
  • UCI offers self-build loans

Pros

  • Borrowers can choose any bank for linked products, including the account itself
  • Offers self-build loans
  • 75% loan-to-value for all accepted nationalities
  • Provides FEINs in English
  • Assesses 100% of buy-to-let income, net of tax and costs, when calculating affordability

Cons

  • Minimum loan and purchase price restrictions apply
  • Assesses affordability on the whole family unit
  • Runs a direct credit search, which shows on the applicant’s credit file
  • Maximum loan sizes apply
  • Fixed rates are not competitive
  • Automatically deducts 5% from income levels
Mortgages in Spain for investment

CaixaBank

CaixaBank focuses on medium to high-end lending. For larger loans, its products are very cost-effective. Getting the lowest rates requires linked products. For smaller loans, the cost of those linked products can outweigh the benefit.

Products offered by CaixaBank

CaixaBank offers variable and fixed rates to applicants earning in euros

CaixaBank also offers variable, fixed, and currency mortgages to applicants earning in its listed currencies

Underwriting criteria for CaixaBank

  • Maximum loan-to-value: 70%
  • Minimum earnings: €48k per year
  • Maximum affordability ratio: up to 30% of net income
  • CaixaBank averages self-employed dividends over 3 years
  • Interest rates are set products, not client-specific
  • Maximum loan term: 20 years
  • Maximum applicant age: 80

Pros

  • Offers 70% loan-to-value to all accepted nationalities
  • 0% bank arrangement fee, particularly valuable on larger loans
  • Low fixed rate available if linked products are contracted

Cons

  • Minimum earnings requirement of €48k excludes some applicants
  • Low debt-to-income ratios limit borrowing for some applicants
  • Linked product costs can outweigh rate and fee benefits on smaller or standard loans
    The 0% arrangement fee is less cost-effective on smaller loans, where CaixaBank’s overall product costs weigh more heavily
  • CaixaBank assesses dividends at only 20% for self-employed applicants who own less than 51% of their company’s shares
  • Underwriting is very slow

CajaSur

Cajasur operates regionally. It’s less focused on non-resident lending than other banks, but it can still be a good option for certain client profiles. Cajasur has no minimum purchase price, so it can lend to buyers of smaller properties.

Products offered by Cajasur

Cajasur offers variable, fixed, and mixed rates to applicants earning in euros

Cajasur offers variable and mixed rates to applicants earning in its listed currencies

Underwriting criteria for Cajasur

  • Maximum loan-to-value: 70%
  • Maximum affordability ratio: up to 35% of net income
  • Cajasur averages self-employed dividends over 3 years
  • Maximum loan term: 20 years
  • Maximum applicant age: 75
  • Rates are heavily linked to the applicant’s currency of earnings

Pros

  • Offers 70% loan-to-value to all accepted nationalities
  • No minimum purchase price
  • Flexible on underwriting criteria

Cons

  • Underwriting is very slow
  • Process and terms vary by region

Lenders with regional underwriting, like Cajasur, can offer very different terms from branch to branch. Much depends on that region’s appetite for non-resident lending at the time. Appointing an independent broker like IMS helps you avoid poor terms and conditions.

For full information on all Spanish mortgage options, complete our online form today. We will assess the most suitable lender for your situation.

Abanca and TargoBank

Abanca and TargoBank both use Branch Manager mandates, so not every case has to go to Head Office for underwriting. This allows local knowledge and local risk assessment to shape some applications.

Products offered by Abanca and TargoBank

Both banks offer fixed rates to applicants earning in euros

Both lenders offer fixed rates to applicants earning in their listed currencies

Abanca and TargoBank offer variable rates only on a case-by-case basis

Underwriting criteria for Abanca and TargoBank

  • Standard loan-to-value: 60% (70% by exception only)
  • Maximum affordability ratio: up to 35% of net income
  • Both banks average self-employed dividends over 3 years
  • Maximum loan term: 20 years
  • Maximum applicant age: 75
  • Interest rates are set products, though some negotiation is possible

Pros

  • No minimum purchase price
  • Flexible on underwriting criteria
  • Branch managers hold mandates up to a certain level, allowing local decision-making
  • Competitive pricing
  • No Bank arrngement fee

Cons

  • Underwriting is very slow
  • Accepts a very limited range of earning currencies: sterling, Swiss franc, US dollar, and Mexican peso
  • 60% loan-to-value as standard
  • Runs a direct credit search, which is registered on the applicant’s credit file