Mortgages in Spain for international buyers: how much you can actually borrow, the FEIN cooling-off period, which banks work with foreign buyers, and why starting early matters more than people think.
Know What You Can Borrow Before You Fall in Love With a Property
Getting a mortgage in Spain works largely the same way it does back home, but there are a few important differences worth knowing before you start. The biggest pitfall we see: buyers who leave the mortgage process until after they have already found a property, or worse, after they have already made an offer. In this guide we explain how it works, what to expect, and why starting early matters more than most people think.
How much can you borrow as an international buyer?
Spanish banks apply different conditions to non-residents than they do to Spanish residents. As a foreign buyer purchasing a holiday home or an investment property, here is what you can typically expect:
In practice, that means you will need to fund 30 to 40% of the purchase price yourself, plus all of the buyer's costs, from your own resources. Those buyer's costs (transfer tax, notary, land registry, legal fees) typically add another 8 to 13% on top of the purchase price, so it is worth budgeting for the full picture rather than the deposit alone.
What is the maximum loan term?
The maximum term for a Spanish mortgage as a non-resident is usually 25 years. If you are used to 30-year mortgage terms back home, this will feel shorter. It affects your monthly repayments directly, so it is worth building into your budget planning from the start rather than discovering it partway through the process.
Fixed or variable rate?
Just as at home, you can choose between a fixed and a variable rate in Spain. Both have advantages and disadvantages depending on your situation and how long you plan to keep the property. Rates move often enough that a number printed in an article today can be out of date within weeks, so for the most current rates we point our clients to our mortgage partner, Habeno. They track market conditions daily and advise on the best option for your situation at no cost to you.
The FEIN: your 10-day cooling-off period
Once you accept a mortgage offer in Spain, a legal waiting period of 10 days applies. This is the FEIN (Ficha Europea de Información Normalizada), a standardised European disclosure document the bank is required to hand you. During these 10 days the bank cannot withdraw the offer, and you have time to review everything calmly before signing anything final.
The mortgage deed can only be signed at the notary once this period has passed, so the handover of keys cannot happen any sooner either. Build this into your timeline from the outset.
Which banks and advisors do we work with?
We regularly work with Banco Sabadell, one of the largest Spanish banks, with broad experience guiding international buyers through the process. For La Cala de Mijas and the surrounding area, we work closely with the local Sabadell branch.
We also work with Habeno, a mortgage broker specialising in international buyers in Spain. Habeno compares multiple banks and finds the best mortgage for your specific situation, wherever you are buying from.
Our most important tip: start early
An accepted offer with no certainty over your financing can lead to unnecessary stress, or worse, to losing your reservation deposit if the financing ultimately falls through.
Frequently asked questions about mortgages in Spain
What is the current mortgage interest rate in Spain?
Rates change regularly and depend on your personal situation, the bank, and the type of rate you choose. For the most current rates, we point clients to Habeno, who advise at no cost and compare multiple banks on your behalf. Request a free assessment here.
Can I get a mortgage from a bank in my home country for a property in Spain?
In principle, sometimes, but in practice most banks outside Spain are reluctant to lend against property abroad. The large majority of our clients arrange their mortgage through a Spanish bank or a specialised broker such as Habeno.
How long does the mortgage process take?
Expect four to eight weeks from application to final approval, not including the mandatory 10-day FEIN period. Starting the process as early as possible gives you the most breathing room.
Do I need a Spanish bank account for a mortgage?
Yes. Spanish banks generally require your monthly mortgage payments to be collected from a Spanish bank account. Opening one is one of the first practical steps we recommend to clients.
What happens if my mortgage application is rejected?
A rejection from one bank does not mean you have no other options. Different banks apply different criteria. A broker like Habeno knows the criteria across multiple banks and can advise on the best route forward.
Find out what you can borrow for your dream property on the Costa del Sol
Start your free, no-obligation mortgage assessment with Habeno, or get in touch with our team directly for personal advice.
