Spanish Banks and lenders for Non resident Spanish Mortgages

Overview of the key Spanish Banks, active in non resident mortgages in Spain. Ensure you have access to a wide range of lenders by using us. Avoid language or communication issues. Obtain your Spanish Mortgage approval in the fastest possible time. For access to all the key Banks in Spain contact us today.

Real estate mortgages in Spain

Sabadell

Sabadell have been active in the non resident mortgage market for many years. Sabadell have an internal scoring system based on performance of their back book. The first stage of a Spanish mortgage application is the scoring. The scoring will affect viability, loan to value and rates of your mortgage in Spain.

Non resident Spanish mortgage products offered by Sabadell Bank

  • Variable and fixed rate Spanish mortgages offered, for all applicants with earnings in Euros
  • Variable rates for all applicants with earnings in major currencies/ fixed rates by exception
  • Variable rates for applicants in other currencies by exception on a case by case basis

Underwriting criteria for Sabadell Bank

  • Maximum loan to value 70%
  • Maximum affordability ratio 38% of net incomes based on a yearly incomes divided by 14 months
  • Existing rental income assessed if on tax returns
  • Dividends for self employed assessed based on an average over 3 years
  • Interest rates client specific
  • Term of loan 20 years or less
  • Maximum age 75 years
  • Spanish mortgages for property on Rustica land by exception only

Pros

  • Offers provided in English
  • Speed
  • Competitive pricing for non resident mortgages in Spain
  • No minimum loan size
  • Wide range of nationalities covered

Cons

  • Internal credit score penalizing certain client profiles
  • Maximum 60% for certain nationalities

Bankinter

Bankinter operate regionally. There can be vast differences between what regions will offer. Bankinter focus on medium to larger Spanish mortgages. They can be a good option for more financially complex applicants. Scandinavian clients can obtain preferential pricing.

Products offered by Bankinter Bank

  • Variable, mixed and fixed rate Spanish mortgages, for all applicants with earnings in Euros
  • Variable and mixed rates for all applicants with earnings in major currencies and Hong Kong dollar, Australian dollar

Underwriting criteria for Bankinter Bank

  • Maximum loan to value 70%
  • Maximum affordability ratio 35% of net incomes based on a yearly incomes divided by 12 months
  • Existing rental income assessed if on tax returns
  • Dividends for self employed assessed based on an average over 3 years
  • Interest rates client specific
  • Term of loan 25 years or less
  • Maximum age 75 years

Pros

  • Spanish mortgage offers provided in English
  • Speed
  • Flexibility on criterias and pricing for complex high net wealth clients
  • High level understanding of tax system and documentation for Nordic applicants

Cons

  • Minimum loan and purchase price restrictions
  • Lack of fixed rate offerings for earning currencies outside the Euro
  • Geographical differences in offerings and process
  • Don’t like investor profile
  • Have an overall debt level

UCI

UCI do not have a branch network. They are a lending arm of a joint venture between Santander and BNP Paribas. They are the only lender that can credit search an applicants directly. Registering the search on an applicants credit file. Also the only lender whereby the borrower can set up a bank account of choice in Spain.

Products offered by UCI

  • Variable, mixed and fixed rates for all applicants with earnings in Euros
  • Variable and mixed rates for all applicants with earnings in their listed currencies

Underwriting criteria for UCI

  • Maximum loan to value 70%
  • Maximum affordability ratio up to 40% of net incomes based on total family unit, even if single application
  • Existing rental income assessed at 25% if on tax returns
  • Dividends for self employed assessed based on an average over 3 years
  • Interest rates set products
  • Term of loan up to 30 years
  • Maximum age 75 years
  • Self build loans offered

Pros

  • Ability to select any Bank for linked products including bank account
  • Offer self build loans
  • Offer 70% to all accepted nationalities
  • Offer Feins in English

Cons

  • Minimum loan and purchase price restrictions
  • Affordability assessed on family unit
  • Credit score directly UK so search shows on credit files
  • Maximum loan sizes
  • Uncompetitive fixed rates
  • Buy to let holders profits assessed
  • 5% reduction in income levels automatically deducted
Mortgages in Spain for investment

Caixa Bank

Caixa Bank are very focused on the medium to high end of lending. For larger loans their products are very cost effective. For the lowest possible rates linked products are required. For smaller loans the cost of linked products outweighs benefit.

Products offered by Caixa Bank

  • Variable, and fixed rates for all applicants with earnings in Euros
  • Variable and fixed rates for all applicants with earnings in their listed currencies

Underwriting criteria for Caixa Bank

  • Maximum loan to value 70%
  • Minimum earnings 48k p.a
  • Maximum affordability ratio up to 30% of net incomes
  • Dividends for self employed assessed based on an average over 3 years
  • Set products
  • Term of loan up to 20 years
  • Maximum age 70 years

Pros

  • Offer 70% to all accepted nationalities
  • 0% bank arrangement fee and valuation refunded at completion
  • Low fixed rate with linked products contracted

Cons

  • Minimum earnings of 48k
  • Low debt to income ratios
  • Cost of linked products outweigh benefits on rate and opening fees for smaller to standard loans
  • Self employed owning less than 51% of shares dividends only assessed at 20%
  • Very slow underwriting process

Caja Sur

Caja Sur operate regionally. Less focused than others on non resident lending they can however provide a good option to certain client profiles. Caja Sur have no minimum purchase price unlike a number of other lenders who have restrictions

Products offered by Caja Sur

  • Variable, fixed and mixed rates for all applicants with earnings in Euros
  • Variable and mixed rates for all applicants with earnings in their listed currencies

Underwriting criteria for Caja Sur Bank

  • Maximum loan to value 70%
  • Maximum affordability ratio up to 35% of net incomes
  • Dividends for self employed assessed based on an average over 3 years
  • Term of loan up to 20 years
  • Maximum age 75 years
  • Rates heavily linked to currency of earnings

Pros

  • Offer 70% to all accepted nationalities
  • No minimum purchase price
  • Flexibility on underwriting criteria

Cons

  • Very slow underwriting process
  • Process and terms vary from region to region

For full information on all Spanish Mortgage options complete our online form today.

Abanca and Targo Bank

Abanca still maintain Branch Manger mandates. Not all cases have to go to Head Office for underwriting. This allows for a level of local knowledge to be applied for each application. Also local assessment of risk.

Products offered by Abanca

  • Variable, fixed for all applicants with earnings in Euros
  • Variable and fixed rates for all applicants with earnings in their listed currencies

Underwriting criteria For Abanca and Targo Bank

  • Maximum loan to value 60%. 70% offered by exception only
  • Maximum affordability ratio up to 35% of net incomes
  • Dividends for self employed assessed based on an average over 3 years
  • Term of loan up to 20 years
  • Maximum age 75 years
  • Set products

Pros

  • No minimum purchase price
  • Flexibility on underwriting criteria
  • Branch Managers hold mandates to a certain level
  • Competitive pricing

Cons

  • Very slow underwriting process
  • Very limited currencies of earnings accepted. Sterling, Swiss Franc, US Dollar
  • 60% loan to value as standard
  • Credit search directly so registered on credit files