Santander Spanish Mortgage (A guide)

In this brief blog, we are going to discuss the Santander Spanish mortgage.

Santander Spanish mortgage

When looking to apply for a Santander Spanish mortgage you will need a Número de Identificación de Extranjeros (NIE) – an identification number for foreigners.

The Número de Identificación de Extranjeros (NIE) is an identification number which is similar to the social security number in the USA or the national insurance number in the United Kingdom. 

You will not be able to purchase a property without the Número de Identificación de Extranjeros (NIE).

If you need to get the Número de Identificación de Extranjeros (NIE) you will need to go to a local police station in Spain. If you are outside Spain then you will need to contact your local Spanish embassy in your country.

To apply for the Número de Identificación de Extranjeros (NIE) you will need the below documents:

A completed EX-15 form

Supporting document(s) to show why you need an NIE

Copy of your passport pages and original passport

Two passport-sized photos

€9–€12 fee to submit tax form 790

How to apply for a Santander Spanish mortgage

The Santander Spanish mortgage is provided by Banco Santander which is an offspring of Santander.

Things to consider:

Start your Santander mortgage application at the same time as you are searching for a property in Spain.

The official mortgage process will only start after you have reached an agreement to buy the house.

The Santander Spanish mortgage won’t be your only option if you are a non resident buying a property in Spain. There are other big mortgage lenders which may be able to offer you a mortgage. Some lenders may limit the type or price of properties you can purchase. Some of these banks include: Central Hispano, Banco Bilbao Vizcaya Argentaria (BBVA) and CaixaBank.

Documents you need for your Santander Spanish mortgage:

NIE number

Proof of employment or income

A pre-agreement with the seller

Proof that the property tax is paid to date

Details of your current debts and mortgages

Copies of all your existing property deeds (in Spain and elsewhere)

Records of your current assets

Any prenuptial agreements (if applicable).

Once you have applied for the Santander Spanish mortgage the mortgage underwriters will assess your mortgage application, if you qualify then you will get a mortgage offer and canthen complete on your home purchase.

In some cases, the bank may offer you a lower mortgage or a higher APR mortgage than you want, you can go back to the bank and ask for something better and often they will offer you what you want.

If the bank doesn’t offer you what you are looking for, then you can get a mortgage from a different lender. If you take a competitive offer to Santander they may increase their initial mortgage offer.

Santander Spanish mortgage fees

There are some fees which may be attached to your mortgage, these include:

Property appraisal

Local attorney

A Spanish translator (this is important so you are sure of what type of mortgage you are taking)

In this brief blog, we discussed the Santander Spanish mortgage. If you have any questions or comments please let us know.

If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.

You can also contact the debt charity “Step Change” if you are in debt and need help.