It is becoming increasingly common for non-residents in Spain to decide to acquire their second home in our country.
If this is your case, the first thing you should know is that, generally, you will need to apply for a mortgage in Spain, as it is unlikely that a bank in your home country will grant one for a property outside its borders. In this case, Spanish banks offer specific products for these situations: mortgages for non-residents.
Likewise, the mortgage will be granted in euros and must be repaid in this currency. However, banks usually allow currency exchange to the one in which the client receives their income.
The main conditions of a mortgage for non-residents:
Maximum financing of 70%: the maximum amount that will be financed is 70% of the total purchase value or appraisal (whichever is lower). This is the general rule because, depending on the client, the percentage to be financed may be even lower. Spaniards, on the other hand, see that percentage increased to 80%.
Term of 20 years: unlike Spaniards, who can reach up to 30 years, non-residents have a maximum repayment term of 20 years.
Higher interest rates: this will depend on the applicant’s personal situation, but it usually exceeds 4%, a figure higher than that obtained by nationals. They can also benefit from discounts associated with the contracting of products or services such as home insurance or alarms.
Opening commission: non-residents must also pay for this concept, which is usually around 0.5% of the total loan amount.
Are you a non-resident and want to apply for a new mortgage in Spain?
If you are in this situation, Wypo may be of interest to you. It is a 100% digital and transparent technological platform that allows you to connect with all the banks in the country, knowing all the mortgage options that fit your personal situation.
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✅ Advance in the process with Spanish banks thanks to one of our solutions and have everything under control. At Wypo, we offer you several ways to do it
✅ Get the Best Non-Resident Mortgage for your home in Spain
Simulate your new mortgage through our tool and find out what home you can afford and the most advantageous mortgage products.
Enjoy the sun, the beach, and the wonderful experience of living in Spain ?☀️?️