If you need a mortgage to buy in Spain, get a written pre-approval before you pay a reservation deposit, and make sure the reservation or arras contract says what happens to your money if the bank says no. Non-residents can apply for a Spanish mortgage before moving, and you do not need to live in Spain first. The order of the steps decides whether your deposit is safe. This guide walks you through that order, from the first bank conversation to the day you sign at the notary.
TL;DR
- Get a written pre-approval first, then reserve. A reservation paid before you know your borrowing limit is the riskiest way to start.
- Non-residents can typically borrow up to 70% of the purchase price, against 80% for national buyers, so plan for a larger own-capital share (Bankinter).
- Ask for a financing clause in the reservation or arras contract, so a refused mortgage does not cost you the deposit.
- Gather your NIE, income proof and translated documents early. Missing paperwork is the most common cause of delay.
- Lenders must give you the FEIN and FiAE documents at least 10 calendar days before the deed is signed (BOE).
Table of Contents
- Mortgage first or reservation first?
- Can you get a mortgage before buying or before moving to Spain?
- When to seek pre-approval
- How much cash to have ready
- What a reservation agreement really is
- Documents the bank will ask for
- From reservation to signing: what to expect
- Our perspective
- How we help you reserve with confidence
- Citizenship and where you live affect the route
- A practical checklist before you reserve
- FAQ
- Sources
Mortgage first or reservation first?
In almost every case, the mortgage conversation comes first. A reservation commits you to a property at an agreed price, usually with money paid up front. A pre-approval tells you how much a bank is willing to lend. Without it, you are choosing a home without knowing your budget.
The Banco de España’s complaints service has documented what happens when this order is reversed. Its annual report lists recurring conflicts: mortgage applications refused after the buyer had positive expectations, long delays that made buyers miss the purchase, and reservation deposits lost because the mortgage took too long (Banco de España). All three are avoidable with a sensible sequence.
The sequence we recommend:
- Define your budget and check your eligibility.
- Get a written pre-approval from a Spanish bank.
- View properties within the approved range.
- Reserve, with a contract that reflects your financing.
- Move to the formal bank offer, valuation, notary and signing.
Can you get a mortgage before buying or before moving to Spain?
Yes. Banks do not require you to live in Spain. What matters for the bank is where you are tax resident, not your nationality. If you do not usually live in Spain or pay taxes there, the lender treats you as a non-resident and applies its non-resident conditions. Our non-resident mortgage guide covers those conditions in detail.
That means three common situations are all workable:
- You are buying before you move. You apply as a non-resident, using income and assets from your home country.
- You are moving on a visa and have not yet become a Spanish tax resident. Many digital nomad and non-lucrative visa holders are in this position. The bank looks at your visa status, your income source and your savings.
- You already live in Spain. You apply as a resident, which usually means different lending terms.
If you earn in dollars, pounds or another currency, lenders will ask how that income is documented. Our page on mortgages with foreign currency income explains what banks tend to want to see.
Applying before moving versus after becoming a resident
The application steps are the same: documents, assessment, valuation, offer, notary. What changes is how the bank classifies you and how much it will lend.
| Before moving (non-resident) | After moving (resident) | |
|---|---|---|
| Typical maximum loan | Up to 70% of the purchase price | Up to 80% for national buyers; resident terms vary by bank |
| Income assessed | Mostly foreign income and assets | Spanish payslips, contracts or tax returns, where available |
| Own capital to plan for | Larger share of the price | Smaller share, depending on the bank |
| Extra paperwork | Credit-risk report and sworn translations of foreign documents | Fewer foreign documents |
The 70% and 80% figures come from Bankinter’s explanation of mortgages for foreigners, and each bank applies its own policy to your profile. Waiting to become resident is not always the better route. If your plan is to buy during your first months in Spain, applying while you are still classified as a non-resident, with a broker comparing several banks, often keeps you moving. We explain how the timing fits together in our mortgage process timeline.
When to seek pre-approval
Seek pre-approval before you start serious viewings, and certainly before you pay any reservation money. A practical rule: if you have narrowed your search to a region and a price bracket, you are ready to apply.
There are good reasons to do it early:
- You know your real ceiling. Listings look different when you know the bank will lend a specific amount.
- Sellers take you seriously. A buyer with a written pre-approval can reserve with more confidence and negotiate from a firmer position.
- You find problems while they are cheap to fix. Missing documents, an unusual income structure or a currency question is better discovered before a deposit is at stake.
- Timing works in your favor. Our average pre-approval timeframe is 14 days, so a pre-approval can be in hand before you travel for viewings.
To estimate your budget before applying, try our Spanish mortgage calculator.
Pre-approval is not the final mortgage
A pre-approval is the bank’s written indication of what it is prepared to lend you, based on your documents. The final mortgage offer comes after the bank values the property and checks the legal situation of the purchase. Think of pre-approval as the permission to shop with a real budget, and the formal offer as the step that closes the loan.
How much cash to have ready
Plan for your own capital and the purchase costs separately. Bankinter advises budgeting 20% to 40% of the property value as your own capital, plus roughly an additional 10% for complementary expenses (Bankinter). Non-residents sit at the higher end of the own-capital range because the maximum loan is lower.
A worked example, using the 70% limit:
| Item | Amount |
|---|---|
| Purchase price | €300,000 |
| Maximum loan at 70% | €210,000 |
| Own capital at 30% | €90,000 |
| Complementary expenses at roughly 10% | about €30,000 |
| Total cash to plan for | about €120,000 |
The example is an illustration of the arithmetic, not a quote. The actual loan depends on the lower of the price and the bank’s valuation, and the actual costs depend on the region and the property. Our guide to Spanish property deposits and costs breaks the extras down.
What a reservation agreement really is
In Spain, reserving a property usually means signing a reservation document and paying a deposit. Some buyers go straight to an arras contract. The Spanish notaries’ association explains that an arras agreement is not obligatory, but it is a valid contract. Confirmatory arras, the most common kind, confirm the deal. If penitential arras are agreed, a buyer who withdraws loses the sum paid, and a seller who withdraws must return double (Consejo General del Notariado).
That last point matters for mortgage buyers. If your arras are penitential and you walk away because the bank declines, you may lose the deposit unless the contract says otherwise.
What to check before you pay a deposit
Have a Spanish lawyer read the document before you sign or transfer money. Ask that it states clearly:
- The type of deposit. Is it a simple reservation, confirmatory arras or penitential arras?
- A financing condition. The contract should say what happens if the bank does not grant the mortgage by a set date, including whether the deposit is returned.
- A realistic deadline. Set the completion date with the mortgage timeline in mind, including valuation, the formal offer and the notary appointment.
- What the seller takes off the market. Confirm the property is withdrawn from sale during the reservation period.
- Who holds the money. Know whether the deposit goes to the seller, the agent or a lawyer’s account.
A financing clause is a contract term you negotiate. Sellers often accept it from a buyer who holds a written pre-approval, because the risk of refusal is already small.
Documents the bank will ask for
Spanish banks request a defined set of papers. According to Bankinter, they include your passport or NIE, a tax-residence certificate, an employment contract, three payslips, your latest tax return, bank statements, records of debts and assets, a property extract and the sale or arras contract. Non-residents also provide a credit-risk report, and foreign documents need sworn translation (Bankinter).
Start with the NIE, the foreigner’s identification number you need for property purchases and banking. If you want to understand how it relates to the NIF and tax residency, this explainer on the NIE and NIF for buyers clarifies what each number does. Our own NIE and mortgage documents guide lists what to prepare and how to organize it.
Two habits save weeks:
- Order sworn translations and any apostilles as soon as you decide to apply, since they depend on third parties.
- Keep digital copies of everything in one folder, named consistently, so you can answer a bank request the same day.
From reservation to signing: what to expect
Once the property is reserved and the pre-approval is in place, the process moves through several stages.
- Valuation. The bank orders an appraisal. The loan is calculated on the lower of the price and the valuation, so a low valuation can reduce the amount.
- Formal offer. The bank issues its binding offer with the final terms.
- Pre-contractual documents. Under Article 14 of Law 5/2019, the lender must give you the European Standardised Information Sheet (FEIN) and the Standardised Warning Sheet (FiAE) at least 10 calendar days before the mortgage deed is signed (BOE). This reflection period is a mandatory consumer protection, and it lets you review the terms with professional advice before you sign (Banco de España).
- Notary. You visit the notary to review and sign the deed. The notary explains the terms.
- Registration and funds. The deed is registered and the purchase completes.
Build the 10-day period into your reservation deadline. It is the step buyers most often forget, and it explains why a very short completion date sits badly with a mortgage.
Our perspective
We see the same pattern in many non-resident purchases: buyers fall in love with a property, pay a deposit, and only then discover what the bank will lend. The fix is simple, and it costs nothing in enthusiasm. Do the financing first.
That is why our process starts with a free assessment and a written pre-approval. You see your range, in writing, before you reserve anything. Because we work with several Spanish banks that lend to international buyers, you compare options rather than depend on the answer of a single branch.
We also think the money side should be clear. Our sign-up fee is refundable if pre-approval fails, and our success fee applies only to mortgages we arrange. You know the cost structure before you commit, and you have a partner who walks you through documents, translations and timing in your language.
A reservation should be an act of confidence, not a gamble. Start with the pre-approval, and the rest follows in order.
Mirelle Leguia
How we help you reserve with confidence
We are a mortgage broker for non-residents buying in Spain. We give you access to several Spanish banks that lend to international buyers, handle your documentation with you, and provide multilingual support through the process. We offer purchase mortgages, refinancing and construction finance.
Our fees are published. The assessment is free. The sign-up fee is €795 one-off, and it is refundable if pre-approval fails. The success fee is 0.70% on a successfully arranged mortgage. You can see the full breakdown on our fees page.
If you have a property in mind, or a region and a budget, start with the free assessment so you reserve knowing your numbers. See our mortgage services in Spain or go to Viva Mortgages Spain to begin.
Citizenship and where you live affect the route
The general approach holds for every nationality, but the paperwork and income documents differ. If you hold a US passport, see our guide to a US citizen mortgage in Spain. British buyers can read about a UK citizen mortgage, and EU citizens living outside Spain will find the details in our EU citizen mortgage guide. If you are not sure you meet lender criteria, our article on mortgage eligibility for non-residents is a good place to check.
A practical checklist before you reserve
- Your budget is set, including 20% to 40% own capital and about 10% in expenses.
- You hold a written pre-approval.
- Your NIE is issued, and foreign documents are translated.
- A Spanish lawyer has read the reservation or arras contract.
- The contract includes a financing condition and a realistic completion date that allows for the 10-day reflection period.
- You know who holds the deposit.
If one box is empty, solve it before you transfer money.
FAQ
Can I reserve a property in Spain before my mortgage is approved?
Yes, legally you can, but we advise against paying a deposit before you hold a pre-approval. If you do reserve first, ask for a financing condition so the deposit is returned if the bank refuses. Have a Spanish lawyer review the document before you pay.
Do I lose my deposit if the bank refuses the mortgage?
It depends on the contract. With penitential arras, a buyer who withdraws loses the sum paid (Consejo General del Notariado). A clause linking the purchase to mortgage approval is what protects you, so agree it in writing before you pay.
Can I get a Spanish mortgage before I move to Spain?
Yes. Banks assess you as a non-resident based on your tax residence, and you can apply from abroad. Expect a lower maximum loan, typically up to 70% of the price, and more documentation, including sworn translations.
How long should I allow between reservation and signing?
Allow for the valuation, the formal offer, the notary appointment and the 10 calendar days that lenders must give you with the FEIN and FiAE before the deed (BOE). Many buyers ask us to build in extra margin. Your pre-approval and a clear timeline help you set a realistic date.
Is it better to apply after I become a resident?
Not necessarily. Residents may access different terms, but waiting can mean missing the property you want. If you are ready to buy now, applying as a non-resident with a broker who compares several banks is a well-trodden path.
Sources
- Bankinter: How mortgages work for foreigners and non-residents (Spanish)
- Bankinter: What mortgages are there for foreigners and non-residents?
- Consejo General del Notariado: Comprar una vivienda
- BOE: Ley 5/2019, de 15 de marzo
- Banco de España: Ley 5/2019 consolidated text
- Banco de España: Complaints Service report
Recommended
- Spanish Mortgage Process Timeline
- Mortgage Eligibility in Spain: Can You Qualify as a Non-Resident?
- Non-Resident Mortgage Guide 2026
- Spanish Property Deposits & Costs
This article was produced with AI assistance and reviewed for accuracy by Mirelle Leguia, and expert in the Spanish mortgage space.