Spanish Mortgage for UK Residents: 2026 Deposit and Rates

A Spanish mortgage for UK residents is possible, but you borrow as a non-resident from outside the EU. CaixaBank, for example, lends non-residents up to 70 per cent of the home's value, over at most 20 years on income in pounds. By its own estimate you need about 42 to 45 per cent of the price in cash.

Can a UK resident get a mortgage in Spain?

Yes. Spanish banks lend to people who live abroad, and Santander and CaixaBank both run mortgages for non-residents buying a second home. The bank looks at your income, your other debts and the property that secures the loan.

Since Brexit, a British buyer living in the UK borrows as a non-resident from outside the EU, so expect a smaller loan than a Spanish resident gets. You are in good company: Britons were the largest group of foreign buyers in Spain's property registers in the third quarter of 2026, with 1,943 homes.

Where you pay tax matters more than your passport. Two published offers compare like this:

Openbank applies its percentage to the lower of the valuation and the purchase price. If you have already moved, our guide to getting Spanish residency from the UK compares the routes.

How much deposit do you need for a Spanish mortgage?

Plan for at least 30 per cent of the price as a deposit, plus all the buying costs. Banks do not lend the costs. CaixaBank puts taxes and expenses at about 12 to 15 per cent extra.

On the Costa Blanca those costs are:

• Resale home: ITP transfer tax of 9 per cent (11 per cent above €1 million), plus up to 4 per cent legal and official costs.
• New build: VAT (IVA) of 10 per cent, AJD stamp tax of 1.4 per cent on the deed, plus up to 4 per cent legal and official costs.

Our guide to buying property in Spain costs explains each line. We ran the numbers on a resale flat from our listings at €169,900:

Watch the valuation. If a bank uses the lower of valuation and price, and the valuer says €160,000, a 70 per cent loan falls to €112,000. Your cash rises to about €79,987 on the same flat.

What are Spanish mortgage rates in 2026?

The best public measure is the Spanish property registrars' quarterly report. For new mortgages signed in the third quarter of 2026:

Rates rose for a third quarter in a row. The European Central Bank raised rates in June and September 2026, then held its deposit rate at 2.50 per cent on 29 October. The 12-month Euribor, which most variable Spanish mortgages track, was 3.239 per cent in October 2026, 1.052 percentage points higher than a year earlier. These are past figures for those periods, not a forecast.

These averages cover all new mortgages, not only non-residents. CaixaBank's published non-resident example is 3.80 per cent fixed, or 2.80 per cent if you take every discount, such as paying in your salary and buying its insurance. The APR is 4.398 per cent without discounts and 4.374 per cent with them, so compare APRs, not headline rates.

What does currency risk mean for a UK buyer?

Your payment is in euros, but your income is in pounds. On the €118,930 loan above, at 3.80 per cent over 20 years, the payment is about €708 a month. At the ECB reference rate of 11 November 2026, £0.83618 to the euro, that is about £592. If the euro then rose 10 per cent against the pound, the same payment would cost about £651.

Under Ley 5/2019, a loan in a currency other than the one you earn in counts as a foreign currency loan, and the bank must flag it on the warning sheet before signing. Article 20 gives consumers a right to convert such a loan into the currency they earn in, and the bank must keep you informed of what you owe and how to convert. Ask your lawyer how that applies to your offer.

Some lenders build in a choice. CaixaBank's home guide for non-residents offers borrowers with income in pounds a fixed-rate mortgage in their own currency, or a variable euro mortgage they can convert once to their income currency.

Irish buyers paid in euros do not have this problem.

Which documents will a Spanish bank ask for?

Each bank sends its own list, so ask for it at the start. Expect most of these:

1. Passport.
2. NIE. GOV.UK says you need this foreigner's number for any tax transaction in Spain, such as opening a bank account or buying property. From the UK you can apply at a Spanish consulate or through a representative.
3. Proof of income. Employees can use their P60, which GOV.UK lists as proof of income for a mortgage. Self-employed buyers usually need their SA302 tax calculations and tax year overviews from HMRC. Check the bank accepts copies you print yourself.
4. Details of your other debts. CaixaBank's guide asks buyers from abroad for a credit report from their own country, the equivalent of the Bank of Spain's CIRBE register of loans.
5. The property details, usually the reservation or purchase contract and the land registry extract, or nota simple, which also shows charges and other risks on a cheap property.

CaixaBank's non-resident process takes documents without translation, but other banks may want sworn translations. GOV.UK also advises checking with the Bank of Spain that a lender is authorised in Spain.

How long does it take, and what does Spanish law require?

Timing depends on the bank and your paperwork, but Ley 5/2019 fixes these steps:

1. Valuation (tasación). A valuer sets the property's value, and you pay for it. CaixaBank's example fee is €289.06.
2. Written offer. The bank gives you the FEIN (the European Standardised Information Sheet) and a warning sheet (FiAE) at least 10 calendar days before signing. The FEIN is a binding offer for the agreed period, which must be at least 10 days. GOV.UK's page, last updated in 2021, still mentions working days, but the law says calendar days.
3. Notary visit. You, or someone representing you, see a notary of your choice no later than the day before signing. The notary goes through the terms, asks you test questions and records it in a free certificate.
4. Signing. You sign the mortgage deed before the notary.

Signing through a power of attorney? Make sure it covers the mortgage as well as the purchase.

Who pays the costs of a Spanish mortgage?

Mostly the bank. Article 14 of Ley 5/2019 splits most of the costs, and Spanish tax law decides who pays the stamp tax:

The law also caps early repayment fees. On a fixed rate, the cap is 2 per cent of the amount repaid in the first 10 years and 1.5 per cent after that. On a variable rate, it is 0.25 per cent in the first 3 years or 0.15 per cent in the first 5 years, depending on the contract. The fee can never exceed the bank's financial loss.

A bank may require buildings insurance and cover for the loan, but it must accept an equivalent policy from another insurer at no charge.

One point to know: Santander's non-resident page warns that if you default, you answer with all your present and future assets, not only the mortgaged home. If you struggle to pay, GOV.UK advises talking to the bank before you miss a payment.

Example: a three-bedroom flat in Torrevieja for €169,900

Our numbers above use this three-bedroom apartment in Torreblanca, Torrevieja, listed at €169,900. It has a balcony over the communal pool, a separate ground-floor terrace, a tennis court on the complex and new furniture. The minuses: the building dates from 1993, three bedrooms share 57 m², and the beach is about five minutes away by car. See more property for sale in Torrevieja, and weigh up new build or resale before you decide. We will confirm the flat is still available before you fly out.

Frequently asked questions

Can a UK citizen get a mortgage in Spain? Yes. Spanish banks lend to UK residents as non-residents from outside the EU. The bank checks your income, debts and the property. CaixaBank's non-resident mortgage, for example, lends up to 70 per cent of the home's value, over up to 20 years when your income is in pounds. You will also need a Spanish NIE number.

How much deposit do you need for a mortgage in Spain? At least 30 per cent of the price on CaixaBank's non-resident mortgage, because its maximum loan is 70 per cent. Buying costs come on top and are not financed. On a Costa Blanca resale home that means 9 per cent ITP plus up to 4 per cent fees. CaixaBank estimates 42 to 45 per cent in cash overall.

What are Spanish mortgage rates for UK buyers? New Spanish mortgages averaged 3.15 per cent in the third quarter of 2026, and 3.25 per cent in the Valencian region, according to the property registrars. Non-resident offers can be higher. CaixaBank's published non-resident example is 3.80 per cent fixed, or 2.80 per cent with all its product discounts.

Can I get a 100 per cent mortgage in Spain? Not on the published offers we read. CaixaBank's non-resident limit is 70 per cent of the home's value. Even Spanish tax residents at Openbank can borrow at most 80 per cent for a main home and 70 per cent for a second home. You still pay buying taxes and fees from your own money.

How long does a Spanish mortgage take? It depends on the bank and how quickly you send documents. By law, the bank must give you its binding offer, the FEIN, at least 10 calendar days before you sign. You must also see a notary, in person or through a representative, no later than the day before signing the mortgage deed.

Who pays the notary for a mortgage in Spain? The bank. Under Ley 5/2019 the lender pays the notary for the mortgage deed, the registration and the gestoría, and tax law makes it pay the stamp tax on the mortgage. You pay for the valuation and for any copies of the deed you ask for. Notary fees for the purchase deed itself are a separate buying cost.

This article is general information as of 12 November 2026, not legal, tax or mortgage advice. Your bank sets the terms of your loan, and a lawyer should check your case.

Want to know what your budget really covers?

Tell us what you can put down, and we will help you work out what price that supports once tax and fees are in. We work with lawyers and banks and keep an eye on deadlines. Our agents have over 12 years' experience on the Spanish market. Tripinvest ES is a licensed agency (RAICV 4221) with offices in Torrevieja and Calpe and a head office in London. Service is in English from first call to the notary. Our clients don't pay us commission.

Or call us on +44 20 3888 0008.

Sources

Last checked: November 2026

1. BOE, Ley 5/2019 on real estate credit contracts, Articles 4, 14, 15, 17, 20 and 23, consolidated text: boe.es (official)
2. BOE, Ley 13/1997 of the Generalitat Valenciana, Articles 13 (ITP) and 14 (AJD), consolidated text: boe.es (official)
3. BOE, Real Decreto Legislativo 1/1993 on ITP and AJD, Article 29 (the lender pays AJD on a mortgage deed), consolidated text: boe.es (official)
4. Colegio de Registradores, Estadística Registral Inmobiliaria, third quarter 2026: registradores.org (official)
5. Banco de España, 12-month Euribor in October 2026, 3 November 2026: bde.es (official)
6. BOE, Banco de España resolution of 3 November 2026 on official mortgage reference rates: boe.es (official)
7. European Central Bank, monetary policy decisions, 29 October 2026, via Banco de España: bde.es (official)
8. European Central Bank, euro reference exchange rate for the pound, 11 November 2026: ecb.europa.eu (official)
9. GOV.UK, Spain: buying and renting property: gov.uk (official)
10. GOV.UK, Get your SA302 tax calculation: gov.uk (official)
11. GOV.UK, Your P45, P60 and P11D form: gov.uk (official)
12. CaixaBank, HolaBank mortgage for non-residents, read 12 November 2026: caixabank.es
13. CaixaBank, HolaBank home guide for non-residents: caixabank.es
14. Openbank, mortgages and second home mortgage, read 12 November 2026: openbank.es and openbank.es
15. Banco Santander, mortgages for non-residents, read 12 November 2026: bancosantander.es
16. Tripinvest ES listing TP3405-04383, Torreblanca, Torrevieja, 12 November 2026: tripinvest-es.com