If you are a foreigner and are considering buying a property in Spain, you are probably wondering if it is more interesting to apply for a mortgage in Spain or in your home country. Does your mortgage vary depending on whether you are Spanish or foreign? Yes. Do the terms of your mortgage depend on your home country? Yes. On the one hand, we must clarify that if you are a Spaniard living abroad, the conditions that the bank offers you for your future mortgage will be the same as if you lived in Spanish territory.

The options change if you are foreign and depending on your country of origin. If you come from a European country belonging to the European Union, England, the United States, Canada or a country with a similar economic and cultural level, the banks will be more open to listening to your proposals, whereas on the contrary, If you are from Eastern Europe or other countries, you may experience more reluctance when getting your mortgage. The reason for this selection of countries is not a question of racism, but rather a better knowledge of the legal and economic systems of the country in question by the Spanish banks and economic authorities. In addition, it should be noted that not all banks grant mortgages to foreigners for a very simple reason: some systems prevent banks from exercising a right of pledge on property located abroad, so they have no recourse if you decide not to pay.  Compared to the situation of a Spaniard, who can receive about 80% of the purchase price in the form of a mortgage, foreigners usually receive only a maximum of 70% and, according to the bank, this amount can go down to 60% or even 50%. However, Many banks develop personalized plans for foreigners. Therefore, it is often in the interest of a foreigner to contact a bank in his country which gives him the opportunity to mortgage his property in Spain. Many banks in France, Sweden or Norway offer this possibility with the advantage of a lower interest rate. That said, it is interesting that you get advice from an expert real estate economist on what is the most interesting option when deciding whether to apply for a mortgage in Spain or in your country.

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