Spanish Mortgage Expertise for American Buyers
Spanish Mortgages for Americans: Buy Your Dream Home in Spain
Buying property in Spain as an American? YourSpanishMortgage is here to help you finance your Spanish property purchase, wherever you live in the USA.
Whether you’re dreaming of a holiday home on the Costa del Sol, an apartment in Barcelona, a villa in Mallorca or a permanent move to Spain, getting a Spanish mortgage as a US citizen may be easier than you think.
Yes, Americans can get mortgages in Spain. You don’t necessarily need Spanish residency or a Spanish salary. The key is finding a lender whose requirements fit your circumstances.
At YourSpanishMortgage, we’re keen to help American buyers secure the right Spanish mortgage. We’ll help you understand your options, identify suitable lenders and navigate the application process from your initial enquiry through to completion.
Ready to explore your options? Contact YourSpanishMortgage today for a friendly, no-obligation discussion about financing your Spanish property.
Can Americans Get a Mortgage in Spain?
Yes! Spanish banks and specialist lenders can offer mortgages to American citizens, including US residents buying property in Spain as a second-home or holiday-home investment.
However, not every Spanish bank accepts US applicants. Some have additional compliance requirements for American citizens, so choosing the right lender is particularly important.
YourSpanishMortgage can help you explore the available options and understand what may be possible based on your income, financial commitments, deposit and the property you wish to buy.
How Much Deposit Do Americans Need for a Spanish Mortgage?
As a general guide, American non-resident buyers should be prepared to contribute around 30%–40% of the property price as a deposit, although some lenders may require more.
You’ll also need additional funds to cover Spanish property purchase taxes and associated costs, which vary depending on the property and location.
For example, if you’re buying a property for €300,000, a 30% deposit would be €90,000, with purchase taxes and costs payable separately.
The amount you can borrow depends on the lender’s criteria, its valuation of the property and your individual financial circumstances.
Our aim is to help you establish your likely borrowing capacity and deposit requirements before you commit to a purchase.
Do Spanish Banks Accept US-Dollar Income?
Yes, some Spanish lenders will consider applicants earning their income in US dollars. This can include employed professionals, business owners and self-employed Americans living in the United States.
However, acceptance of dollar income depends on the individual bank, its lending criteria and your overall financial profile. Currency fluctuations and existing financial commitments may also affect the affordability assessment.
You may be asked to provide US tax returns, payslips, bank statements, employment or business information and evidence of your existing debts.
At YourSpanishMortgage, we understand that buying in Spain while earning in dollars requires specialist consideration. We’ll help you explore which lending options may suit your circumstances.
Is Getting a Spanish Mortgage Complicated?
It doesn’t have to be. Although Spanish mortgage applications differ from those in the United States, having the right guidance can make the process much more straightforward.
The usual steps include:
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Discuss your plans: Tell us where you want to buy, your approximate budget and your financial circumstances.
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Explore your mortgage options: We help identify potentially suitable lenders and borrowing arrangements.
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Prepare your application: Gather the necessary financial documents and identification.
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Property valuation and lender assessment: The bank assesses your application, affordability and the property.
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Mortgage offer and completion: Once approved, your Spanish mortgage and property purchase proceed through the required legal formalities.
Requirements and timescales vary by lender and individual case, but we’ll help you understand what to expect at each stage.
Why Contact YourSpanishMortgage?
We’re genuinely keen to help Americans buy property in Spain and secure suitable Spanish mortgage finance.
We understand that purchasing overseas can feel daunting, particularly when you’re dealing with another country’s banking system, unfamiliar paperwork and a different currency.
Our focus is to help you navigate the options, understand the requirements and move forward with greater confidence.
Whether you’ve already found your dream Spanish property or are just starting to explore the possibilities, we’d love to hear from you.
Speak to YourSpanishMortgage Today
Planning to buy a property in Spain on with a Spanish mortgage? Let’s talk.
Contact YourSpanishMortgage to discuss your plans, your deposit, your US-dollar income and the mortgage options that may be available to you.
You don’t need to have everything worked out before getting in touch. An initial conversation is a great place to start.
Call YourSpanishMortgage today on +44 7515 771 947 and take the first step towards owning your home in Spain.
Frequently Asked Questions: Spanish Mortgages for Americans
Can a US citizen get a mortgage in Spain?
Yes. American citizens can obtain Spanish mortgages, subject to lender eligibility, affordability checks and property requirements. Some lenders have additional requirements for US applicants.
Do I need to live in Spain to get a Spanish mortgage?
Not necessarily. Some Spanish lenders offer mortgages to non-residents, including Americans living in the United States. Eligibility depends on the lender and your circumstances.
How much deposit does an American need to buy property in Spain?
A typical starting point is around 30%–40% of the property price for a non-resident mortgage, although requirements vary. You’ll also need funds for purchase taxes and other costs.
Can I get a Spanish mortgage if I earn my salary in US dollars?
Yes, some lenders consider income earned in US dollars. Acceptance depends on the bank’s criteria, your income documentation, affordability and currency considerations.
Is it difficult to get a mortgage in Spain as an American?
It is possible, but the process can involve additional documentation and lender-specific requirements. Working with a specialist mortgage intermediary can help you identify suitable options and understand the steps involved.
Can YourSpanishMortgage help me find a Spanish mortgage as a US citizen?
Yes. Contact YourSpanishMortgage to discuss your property plans, financial circumstances and potential mortgage options as an American buyer.
All mortgage applications are subject to lender criteria, affordability assessments and approval. Deposit requirements and the acceptance of US-dollar income vary by lender. Spanish property taxes and purchase costs are payable separately from the deposit.
Submit Your Spanish Mortgage Enquiry
Frequently Asked Questions
Can I get funding to build my own Spanish home?
Spanish lenders can provide self-build mortgages. They typically expect the plot to be purchased with cash or a loan, after that they can fund up to 100% of the construction costs, with the funds being released in stages.
Is there a minimum or maximum Spanish mortgage loan amount?
The minimum mortgage amount is normally €100,000 euros with no maximum loan size.
How much deposit do you need for a Spanish mortgage?
Non Spanish resident buyers will need a 30% deposit, so 70% of the purchase price.
Costs and fees will normally be between 8% and 14% of the purchase price.
What sort of Spanish property can I purchase? and can I let the property out?
Spanish mortgage lenders prefer urban properties designed for residential use but they can also provide funding for rustic homes and investment properties .
You will typically be allowed to let properties while you are not staying at the property. Spanish lenders do not typically offer buy-to-let mortgages that are bought purely for investment purposes.
Do I need to have found a property to get a mortgage in principle?
No.
A huge number of buyers lose properties because they do not have the finance in place.
It is important to get a mortgage in principle in place before you submit an offer to buy a Spanish property.
Is buying a property in Spain safe?
Spain has a very secure property purchase system using 'seller reservation agreements'.
Once you decide to buy a property and a price is agreed you will have to enter into an ARRAS contract. You typically put down a 10% deposit and agree to complete within two months. Unlike the UK system, if the seller pulls out, they have give you double the ARRAS amount back.
All property completions are done through a Spanish notary and sent to the registry. This process is even safer when you take a mortgage because the lender will ensure the property is legal and properly registered and that it values up. The banks legal agents will also double check the property is correctly registered and all costs are settled.
In short, the banks oversee the security of the transaction between the buyer and seller.
Which documents do I need to provide for a Spanish mortgage?
Spanish banks would typically ask for the following information as part of the mortgage process:
•Completed mortgage application form – some lenders can use forms you have completed for another bank.
•Passports and NIE’s if available.
•Work contract, last P60 or equivalent and last three payslips if employed. Last three years complete person tax returns and last three years company accounts if self-employed.
•Copy of tenancy agreement of any buy-to-let properties, or portfolio excel if numerous.
•Last six months' bank statements showing any income received and mortgages, loans or rent paid. Last six moths statements of savings and assets, also excel statement of assets and liabilities if numerous.
•Copy of credit report showing current mortgages and loans. Or statements from the lender where doesn’t appear in report.
•Advert and nota simple of property looking at and the property reservation agreement if completed.
How long does the process normally take to buy in Spain?
Our specialists can get mortgages agreed very quickly.
Once the mortgage application is submitted a decision in principle normally comes back within a few days. The property valuation often takes a week.
Once the mortgage and property is approved, the formal mortgage is offered and it needs to be signed digitally.
The property can then be uploaded to the notary service which then starts the legal cooling off period in Spain which lasts for ten days.
After the ten days, completion can happen at the notary providing the 'transparency act' (a type of mortgage quiz) has been signed with the notary at least a day before completion of the purchase.
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