Steps to buy a property with a mortgage in Spain
Banks want you to think this process is complicated. It isn't. It's predictable, sequential, and they control the timeline. You control the preparation.
1. Assess your financial capacity
Before viewing properties, run the numbers. Spanish banks won't lend more than what keeps your debt-to-income ratio below 30-35% of your net monthly income. You need savings of at least 20% of the property price for the down payment plus 10-12% for taxes and fees.
Permanent employee (contrato indefinido) with tenure: banks compete for you. Self-employed (autónomos): need at least one full year of activity with tax returns filed. Non-residents face stricter limits — typically 60-70% loan-to-value. The bank looks at your past IRPF, not your potential.
2. Find a property and make an offer
When you find the right property, negotiate the price. With a private seller (particular), make a counter-offer directly. With an estate agency (inmobiliaria), they'll ask for a holding deposit (señal de reserva) of 500-3,000 euros to take the property off the market while the purchase agreement is prepared.
Always request the nota simple (property registry extract) before committing. This confirms who owns the property, its legal description, and any existing charges or liens. The seller has no incentive to tell you what the nota simple does.
3. Sign the purchase agreement (contrato de arras)
The arras contract formalizes the commitment between buyer and seller. The standard type is arras penitenciales — you hand over 10% of the price as a deposit. If you back out, you lose the money. If the seller backs out, they return double.
Try to include a clause making the purchase conditional on obtaining financing (cláusula de financiación). Not all sellers accept this, but it's your main protection if the bank says no.
4. Apply for a mortgage at several banks
Compare at least 3-4 banks. Submit the same documentation (payslips, tax returns, employment contract, nota simple, arras contract) to all of them. Banks won't tell you to compare — their business depends on you not doing it. You can use a mortgage broker (bróker hipotecario) to speed up the comparison. The best results users report come from combining a broker with independent searches.
Banks frequently mentioned for competitive offers: BBVA, CaixaBank, Ibercaja, Kutxabank, EVO Banco. For expats, Sabadell and CaixaBank tend to have more experience with international profiles.
5. Property appraisal (tasación)
Commission the appraisal yourself through an approved valuation company (sociedad de tasación). Tinsa, Sociedad de Tasación, and Gloval are the most widely accepted. This costs 270-500 euros. By commissioning it yourself, you control the result and can present it to multiple banks. Banks will lend a maximum of 80% of the appraised value or the purchase price — whichever is lower. Always the number that suits them best.
6. Approval and FEIN (binding offer)
Once the bank approves your application through its risk department, it issues the FEIN (Ficha Europea de Información Normalizada) — the legally binding offer with all mortgage conditions. From the moment you sign the FEIN electronically, a minimum of 10 calendar days must pass before you can complete the purchase (14 days in Catalonia). That period exists because the legislator assumes — correctly — that the bank won't give you enough time to read what you're signing.
7. Transparency act and notary signing (firma)
You visit the notary for the acta de transparencia, where the notary explains the mortgage conditions. This must happen at least 24 hours before the deed signing. On the signing day, two deeds are executed: the mortgage deed (escritura del préstamo hipotecario) and the purchase deed (escritura de compraventa).
8. Registration and key handover
After signing, the bank's management company (gestoría) takes the deeds to the Property Registry (Registro de la Propiedad) and pays the corresponding taxes. Within a few weeks, you'll receive the registered deed confirming you're the legal owner.
Typical timelines
From signing arras to collecting the keys, the process usually takes 6-10 weeks. Real users report typical timelines of 2 weeks for documentation gathering, 10 days for the bank's risk assessment, and 10-15 days between FEIN and signing. The bank controls the clock. You control the pressure.
Related guides
Note: these steps apply to resale properties (segunda mano) with standard financing. New-build properties (obra nueva) have additional particularities including staged payments, a ten-year structural warranty (seguro decenal), and completion certificates. This guide reflects real buyer experiences from online mortgage communities, 2024-2026.