Guide: Getting a Mortgage in Spain as a Non-Resident

Are you considering buying a property in Ibiza and want to partially finance it with a mortgage? This guide explains the options available for non-residents, how the application process works, and what to look out for when applying for a mortgage in Spain.

Can a foreign buyer get a mortgage in Spain?

Yes. Spanish banks do offer mortgages to non-residents, provided you meet the requirements. The conditions are generally stricter than for Spanish residents.

How much can you finance?

Most banks offer non-residents financing of 60% to 70% of the official appraisal value of the property. Note: this is not the market value or purchase price, but the value assigned by a certified appraiser — which is often lower than the actual sale price.

Example:

If the purchase price is €1,000,000 and the appraisal value is €900,000, a bank offering 70% would finance a maximum of €630,000.
You will need to provide the remaining amount plus the additional costs yourself.

How does the application process work?

A mortgage application usually takes around 4 to 6 weeks. You will need:

A valid passport or ID
Proof of income (e.g. payslips or tax return)
Overview of your assets and liabilities
Bank statements from the last 3 to 6 months
A Spanish NIE number (tax identification number)

The bank will also carry out an official appraisal. This determines how much you can borrow.

What additional costs should you expect?

Besides regular purchase costs, you should consider:

Appraisal fee: €300 – €800
Notary fees: usually €1,000 – €2,000
Registry fee: approx. 1% of the mortgage amount
Stamp Duty (AJD): approx. 1.2% over the loan
Bank fees: usually 0.5% – 1% of the loan

Make sure to include these in your budget planning.

Practical tips

Have a feasibility check done by a mortgage advisor
Request pre-approval before making an offer
Consider currency risk if your income is in a different currency
Always involve a local lawyer to review the mortgage deed

Is a mortgage via the Netherlands or Belgium an alternative?

Some buyers opt to take out a second mortgage on their home in their home country and use the released funds to purchase in Ibiza. This is possible, but:

Interest rates are often higher
Loan terms are usually shorter
No tax benefits in Spain

Seek proper advice before choosing this option.

Ibiza Now Tip

Ibiza Now collaborates with independent mortgage experts who specialize in financing for foreign buyers in Ibiza. They can help you with a feasibility check, compare banks, and guide you through the entire process — in your own language.