Buying a home is a very large investment that depends on a multitude of factors, and it can be a long and complicated process in any circumstance. When you add, in addition, the fact of buying a property in a foreign country, the difficulties can multiply very quickly. In Spain, however, buying a home as a foreigner is easier than in other countries, since foreign buyers have the same rights as a Spanish citizen; there are no restrictions.
In general, non-resident buyers in Spain can enjoy the same mortgage conditions as Spanish citizens, that is, up to 80% coverage in the case of a first home, and between 60 and 70% in the second residence case.
This means that you have to have a minimum of 20% of the price of the house available, in addition to approximately 15% extra on the cost of the house to pay taxes, attorney, notary fees, etc. In addition, your debt cannot exceed 30-35% of your income.
Other important data to take into account are that normally, in Spain mortgages are contracted for a minimum of five years and a maximum of thirty, with 75 years as the maximum age to finalize the mortgage. It should also be said that each entity has its own risk criteria, in which the country of residence can be included, and that properties abroad are not usually accepted as collateral, since it is difficult to reach them.
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