#2 Next, you need to open a bank account in a Spanish bank. This step is not mandatory at this stage but is highly recommended.
#3 Lastly, you should make a preliminary contract and pay a down payment.
When applying for a mortgage, what documents will you need to provide?
Once you’ve chosen your real estate (commercial, residential or land) and mortgage package, you may feel overwhelmed at the thought of collecting and preparing documentation. Don’t worry. Bureaucracy is an integral part of this process and it’s not meant to puzzle you but to prove your identity and your financial strength.
According to idealista, as a future mortgage holder you must provide the following:
- A photocopy of your NIE or passport.
- A non-resident certificate.
- A copy of your work contract.
- A copy of your last pay slips from your country of residence.
- A bank statement covering the last year for the account into which your salary is paid.
- A certificate of tax residence.
- A tax declaration.
- The last three receipts for the cancellation of your outstanding debts.
- The purchase contract of the property you are going to buy (or the earnest money contract).
- Application form from the corresponding bank signed by all applicants.
- A credit risk report to prove their creditworthiness.
Note. All these documents must be in Spanish, so you should have them legally translated or notarized by a certified court translator.
To paint a better picture, here’s an of the process for you.
To Sum Up
Getting a mortgage in Spain as a foreigner is not only possible but also quite straightforward. Yet, your financial situation will determine whether Spanish banks grant you a mortgage. Having gained a clearer understanding of what you need to have and need to do, your only task now is to embark on that journey and enjoy the destination.