The biggest difference between residential and non-residential loans is the maximum loan-to-value (LTV) that banks will allow. Residents can generally borrow up to 80% of the property’s assessed value whereas non-residents are limited to 60–70% LTV, depending on the mortgage type.
The good news is that it may be possible to borrow significantly more of the property’s value – up to 100% in some cases – when buying a bank’s repossessed property in Spain.
NIE
Passport
Proof of income Salaried worker - Last 2 salary slips - Last 2 years income statement (P60) - Letter from the company Self-employed worker - Accountants letter - Last 2 years income statement - Annual accounts for the past 2 years
Current assets or proof of other source of incomeCredit report
Bank statement of the past 6 months
Age
Resident or non-resident
How much deposit can be put down
Renting? Lease contract
Already have a mortgage? Last 2 mortgage statements
