Mortgages in Spain with CARAMOON
Get the best mortgage in Spain with experts For residents and non-residents
At CARAMOON, we help you secure the best mortgage in Spain quickly, safely, and without complications
We work directly with banks and financial institutions to offer you exclusive conditions, whether you live in Spain or abroad
We guarantee the best mortgage
Save time
Avoid visiting multiple banks. In just a few minutes, we analyze your profile and tell you if your mortgage application is viable.
Save money
We negotiate directly with banks to get you lower interest rates and better conditions.
Save paperwork
We request offers from up to 20 banks in Spain at the same time. We handle the entire process for you, from start to finish.
Get your mortgage without going bank to bank
- Over 10 years of experience in the sector
- Direct relationships with banks and financial institutions
- Access to exclusive offers not available to the public
- We search, compare, and negotiate with multiple banks to find the best option tailored to your profile.
- Receive personalized offers from up to 20 banks without applying one by one.
Experts in mortgages for foreigners (especially Turkish clients)
- How the Spanish mortgage system works
- What requirements banks ask from foreigners
- How to optimize your profile to get approval
- Whether you live in Spain or abroad, we guide you through the entire process.
Mortgage solutions for every profile
Much more than a mortgage comparison service
At CARAMOON, we support you throughout the entire process:
- We negotiate with banks on your behalf
- We secure better conditions than going directly
- We explain every detail before you sign
- We answer all your questions (fixed rate, variable rate, linked products…)
- We manage all administrative procedures
- We accompany you until signing at the notary
Free profile assessment
- Personalized financial evaluation
- Mortgage feasibility in Spain
- Tailored proposal based on your profile
- Receive the best solution for your case within hours.
Frequently Asked Questions About Mortgages in Spain 2026
- Receive the best solution for your case within hours.
How much do I need to save before buying a property in Spain?
In most cases, you should expect to have around 30% to 35% of the purchase price saved before buying a property in Spain.
This is because most banks usually finance up to 80% of the property value for residents, and often less for non-residents. The rest must be covered by the buyer.
As a general rule, your savings should include:
- Around 20% for the deposit
- Around 10% to 15% for taxes and purchase costs
Having enough funds available from the beginning is one of the most important steps when applying for a mortgage in Spain, because banks will want to see that you can cover both the deposit and the associated costs of buying the property.
What taxes do I pay when buying a property in Spain?
The taxes you pay depend on whether you are buying a new property or a resale property.
- New property: VAT (IVA) applies
- Resale property: Property Transfer Tax (ITP) applies
For resale properties, the ITP rate depends on the region (province) where you are buying.
👉 For example:
- In Madrid, one of the lowest rates in Spain, ITP is around 6%
- In Catalonia, one of the highest, ITP starts from around 10% and can be higher depending on the property price and buyer profile
This means the total cost of buying a property can vary significantly depending on the location.
For this reason, when planning to apply for a mortgage in Spain, it is very important to calculate taxes based on the specific region where you intend to buy.
What are the main costs when buying a property in Spain?
When buying a property in Spain, many buyers focus only on the deposit, but the real cost is higher because there are other expenses linked to the purchase.
The main costs usually include:
- ITP or VAT, depending on the type of property
- Notary fees
- Land Registry fees
- Legal and administration costs
- Property valuation
- In some cases, mortgage-related administration costs
As a general estimate, notary and Land Registry costs are often between €2,000 and €4,000, depending on the value and complexity of the transaction.
Understanding the full cost of buying a property in Spain is essential before signing a reservation contract or deposit contract.
How much mortgage can I afford?
A good rule is that your monthly mortgage payment should not exceed 30% to 35% of your net monthly income.
This is important because Spanish lenders assess whether the mortgage is affordable in the long term. If your monthly obligations are too high compared to your income, the application may be reduced or rejected.
Before starting your property search, it is always advisable to calculate how much mortgage you can realistically obtain. This helps you search within the right budget and avoid committing to a property that may not be financeable.
What are the steps to get a mortgage in Spain?
The mortgage process in Spain usually follows these steps:
- Initial financial review and affordability check
- Collection of personal and financial documents
- Submission of the mortgage application
- Review by the lender
- Property valuation
- Mortgage approval
- Signing of pre-contractual documentation
- Final signature before the notary
Although every case is different, having all documents ready from the beginning can make the process much faster and smoother.
What should I check before buying a property in Spain?
Before committing to any property purchase, you should review both the legal and practical side of the property.
It is important to check:
- Whether the property has any debts or legal charges
- Whether the ownership details are correct
- The physical condition of the property
- The location and surrounding area
- Whether the seller has all required documents in order
Buying a property is not only about finding the right home. It is also about making sure the transaction is safe and that the property can be financed correctly through a mortgage in Spain.
How can I check if the property has debts or legal charges?
The best way to do this is by requesting a Land Registry extract, known in Spain as a nota simple.
This document confirms key information such as:
- Who the legal owner is
- Whether there is an existing mortgage
- Whether the property has embargoes, debts, or other charges
This is one of the most important documents in any property purchase in Spain.
Is an energy certificate required in Spain?
Yes. In Spain, an energy efficiency certificate is mandatory when a property is sold or rented.
The seller must provide this document. It shows the energy performance of the property and can also give the buyer a better idea of future running costs.
This certificate is especially important when looking at modern homes or energy-efficient properties, particularly if you are interested in a green mortgage in Spain.
How is the mortgage interest rate decided?
Mortgage interest rates in Spain depend on several factors, not just market conditions.
Lenders usually look at:
- Your income and employment stability
- Your credit profile
- Your debt-to-income ratio
- The loan-to-value ratio
- Whether you take out additional products such as insurance
- Whether you are resident or non-resident
In general, the better your financial profile, the better the mortgage conditions you may receive.
How many years can I take a mortgage for in Spain?
Mortgage terms in Spain depend on your profile, age, and the lender’s policy, but in general the maximum term is usually up to 35 years.
A longer mortgage term means lower monthly payments, which can make the mortgage easier to afford in the short term. However, it also means paying interest over a longer period, so the total cost of the loan is usually higher.
Choosing the right term is an important part of finding the most suitable hipoteca en España for your situation.
Is it necessary to have income paid into the bank?
In many cases, yes. Banks often prefer or require that the borrower has:
- A local Spanish bank account
- Regular income paid into that account
This can make the application stronger and may also help improve the mortgage conditions offered by the lender.
Can I reduce my mortgage interest rate?
Yes, in many cases it is possible to obtain better mortgage conditions if your profile is strong and you meet the lender’s preferred requirements.
This may include:
- Having your salary or regular income paid into the bank
- Taking out home insurance
- Taking out life insurance
- Showing strong financial stability and low debt
When applying for a mortgage in Spain, small differences in the interest rate can make a significant difference over the life of the loan.
Are there public aids or subsidies for mortgages in Spain?
There are some public support programs in Spain, especially for:
- First-time buyers
- Young buyers
- Families
- Certain protected housing schemes
These aids depend on the region and on the applicant’s profile. Not all buyers will qualify, but it is worth checking whether any support is available before moving forward with the purchase.
What Documents Are Required to Apply for a Mortgage in Spain?
One of the most common questions when applying for a mortgage in Spain is what documents the bank will request. The exact list may vary depending on the lender and your employment status, but the most common requirements are the following.
Standard mortgage requirements in Spain
Most lenders will ask for:
- Spanish NIE number and passport
- 3 payslips if you are employed
- 2 personal income tax returns
- Credit report
- Proof of the origin of funds
- 6 months of bank statements showing the available savings
The bank wants to verify your identity, income, financial stability, and the source of the money you will use for the deposit and purchase costs.
If you are self-employed or a business owner
If you are self-employed, company owner, or entrepreneur, lenders usually ask for more documentation.
This often includes:
- 3 years of personal tax returns
- 3 years of corporate tax returns for your company
- Company accounts or financial statements
- Recent bank statements
- Evidence of ongoing income and business activity
This is because the lender needs to assess both your personal financial position and the stability of your business before approving a mortgage in Spain.
Why do banks ask for proof of the origin of funds?
Spanish banks are required to carry out compliance checks and confirm where your money comes from. This is a normal part of the mortgage process.
They may ask for:
- Savings account statements
- Evidence of salary savings
- Sale of another property
- Gifts or family transfers, with supporting documentation
- Investment redemptions or other legitimate sources
Having this information ready in advance can help avoid delays and make the application much smoother.
- During the Mortgage Process
What happens if the mortgage is not approved after signing a deposit contract?
This depends entirely on the wording of the deposit contract.
If the contract includes a finance clause or a mortgage approval condition, the buyer may be able to recover the deposit if the mortgage is not approved.
If the contract does not include that protection, the buyer may lose the deposit.
For this reason, before paying any reservation amount or signing any private contract, it is very important to know how much mortgage you are likely to obtain. It is also highly advisable to have a good lawyer review the contract before signing.
In some cases, the buyer can negotiate with the seller so that if the mortgage is denied, the deposit is returned without penalty. This is a very important point and should be clarified before any money is paid.
What happens if the seller cancels the sale?
If the seller decides not to continue with the sale after signing a deposit contract, the usual consequence is that the seller must return double the deposit paid by the buyer.
This is one of the standard effects of many deposit agreements in Spain, although the exact outcome will always depend on the contract signed.
What happens if the buyer cancels the purchase?
If the buyer decides not to proceed without a legal or contractual reason that protects them, they may lose the deposit already paid.
For that reason, buyers should make sure that their financing options are clear before signing any private agreement.
What are the costs of a mortgage in Spain?
The main cost of a mortgage is the interest paid on the loan, but there are also other elements to consider.
These may include:
- Property valuation
- Home insurance
- Life insurance
- Bank account arrangements
- Possible fees depending on the lender and mortgage type
In recent years, many of the mortgage formalisation costs in Spain have been assumed by the lender, but buyers should still review the total mortgage cost carefully before signing.
Do I need insurance to get a mortgage in Spain?
In practice, yes.
For most mortgage applications in Spain:
- Home insurance is required
- Life insurance is almost mandatory
Even when life insurance is not legally compulsory, many lenders strongly require it in practice or make it part of the conditions for obtaining better mortgage terms.
These products are common in the Spanish mortgage market because they protect both the borrower and the lender.
Who pays the notary fees?
In Spain, the notary costs related directly to the mortgage are generally paid by the lender, while the notary costs linked to the property purchase itself are usually paid by the buyer.
This distinction is important because many buyers confuse mortgage costs with purchase costs, but they are not exactly the same.
Who pays for the property valuation?
The property valuation is usually paid by the buyer.
This valuation is required by the lender to confirm the market value of the property and to determine the mortgage amount that can be offered.
How long does it take to get a mortgage approved in Spain?
In most cases, mortgage approval takes around 1 to 4 weeks, depending on the lender, the buyer’s profile, and how complete the documentation is.
When all documents are prepared correctly from the beginning, it is often possible to receive an initial confirmation in less than one week.
Good preparation can make a big difference in the speed of the mortgage process.
How long after approval until signing?
Once the mortgage has been approved, the next steps include signing the pre-contractual documents and respecting the legal waiting period before the final notary signing.
The exact timing can vary depending on the transaction and on the agreement with the seller. In practice, after approval, the final signing can often be scheduled according to the needs of the purchase and the legal deadlines that apply.
This is why coordination between the buyer, seller, lawyer, broker, and lender is very important.
- After Signing the Mortgage
What happens if I cannot pay my mortgage?
The best protection starts before buying the property.
Before making an offer or signing any contract, it is very important to check how much mortgage you can realistically obtain and how much you can comfortably afford every month. This helps avoid unnecessary risk later.
If a buyer later faces financial difficulties, the first step should always be to contact the lender as soon as possible. Depending on the situation, possible solutions may include:
- Payment restructuring
- Temporary relief measures
- Reviewing the repayment schedule
It is also very important to work with a good lawyer during the purchase process so that the contract is properly drafted and your interests are protected from the start.
What happens if I miss a mortgage payment?
Missing a mortgage payment can lead to:
- Additional fees
- Default interest
- Formal arrears procedures if the situation continues
The exact cost depends on the contract and how long the payment remains overdue. For that reason, any payment issue should be addressed as early as possible.
Can I switch my mortgage to another bank?
Yes. In Spain, this is known as mortgage subrogation.
It allows the borrower to move the mortgage to a different lender, usually in search of better terms, lower interest rates, or more suitable conditions.
What happens to a mortgage in case of death?
If one of the mortgage holders dies, the mortgage becomes part of the estate and the legal consequences will depend on the ownership structure, heirs, and any insurance in place.
If there is life insurance covering the mortgage, the outstanding balance may be partially or fully covered, depending on the policy terms.
In this situation, the family or heirs should contact the lender and the legal adviser as soon as possible.
Can I repay my mortgage early?
Yes. In Spain, it is possible to repay the mortgage early, either partially or in full.
This can help reduce the total interest paid over time. However, some mortgage contracts may include early repayment fees or conditions, so it is always important to review the mortgage deed before making an early repayment.
- Key Mortgage Concepts in Spain
What is a nota simple?
A nota simple is an official extract from the Land Registry. It provides essential information about the property, including:
- Ownership details
- Legal description
- Existing debts, mortgages, or charges
It is one of the most important documents in any property transaction in Spain.
What is a deposit contract or arras contract?
A deposit contract, known in Spain as a contrato de arras, is a private agreement signed before the final purchase deed.
The buyer pays a deposit, usually around 3% to 10% of the purchase price, to reserve the property and commit to the transaction under agreed conditions.
It is a very important document because it defines what happens if either party does not complete the transaction.
What is a mortgage?
A mortgage is a loan granted by a lender to finance the purchase of a property, where the property itself serves as security for the loan.
In simple terms, it allows the buyer to purchase a home by paying part of the price upfront and financing the rest over time.
What is the difference between a fixed-rate and a variable-rate mortgage?
A fixed-rate mortgage keeps the same interest rate throughout the term of the loan, which means the monthly payment remains stable.
A variable-rate mortgage changes over time because it is linked to a reference index, usually Euribor in Spain. This means the monthly payment can go up or down depending on market conditions.
Both options can be suitable depending on the buyer’s needs, risk profile, and long-term plans.
What is Euribor?
Euribor is the benchmark interest rate used in the European banking market. It is the main reference used for most variable-rate mortgages in Spain.
When Euribor rises or falls, the payments on variable mortgages may also change.
What are TIN and APR?
These are two important mortgage terms in Spain.
TIN is the nominal interest rate applied to the loan.
APR, also known in Spain as TAE, reflects the total annual cost of the mortgage, including interest and other related costs or fees.
APR is useful because it gives a more complete picture of the real cost of the mortgage.
Final Thoughts on Getting a Mortgage in Spain
Getting a mortgage in Spain is not only about finding a bank willing to lend. It is about understanding the full process, preparing the right documents, checking the legal side of the property, and making sure the purchase is financially safe from the beginning.
Whether you are buying as a resident or non-resident, employed or self-employed, working with an experienced mortgage broker in Spain can help you:
- Compare mortgage options from different lenders
- Understand how much you can borrow
- Prepare the documents correctly
- Improve the chances of approval
- Move through the process with more clarity and less stress
For any buyer considering a hipoteca en España, clear advice at the beginning can save time, money, and unnecessary risk later.