Mortgage timelines in Spain
Your arras have a deadline. The bank doesn't. That asymmetry defines the entire process. You have a clock running and the bank takes as long as it needs. Here's a realistic breakdown based on what real buyers report.
Total timeline: arras to keys
The full process from signing the arras (purchase agreement) to getting the keys typically takes 6 to 10 weeks. In favorable cases (documentation ready, responsive bank), it can close in 5 weeks. In complicated cases (slow bank, registry issues, low appraisal), it can stretch to 3 months.
A real example from a buyer who purchased through BBVA: decided on the property in early February, gathered documentation and completed the appraisal in 2 weeks, the bank's risk assessment took 10 days, received the FEIN on March 21, completed the transparency act on March 26, and signed the deed and collected the keys on April 8. Total: about 9 weeks.
Step-by-step breakdown
Gathering documentation: 1-2 weeks
Payslips (nóminas), income tax returns (IRPF), employment contract, nota simple, arras contract. If you have everything prepared in advance, you can submit it to the bank the same day you sign arras.
For expats: you may need additional documents like a NIE (foreigner ID number), proof of income from abroad, and tax returns from your home country. Allow extra time for translations and apostilles.
Appraisal (tasación): 3-7 days
Once you commission the appraisal, the appraiser visits the property in 2-4 days and the report takes 2-3 more days. Typical total: one week.
Bank's risk assessment: 1-3 weeks
This is where the bank decides whether to approve your mortgage. The most variable and unpredictable step. Some banks take 5 days, others 3 weeks. ING and online banks tend to be slower at this stage. Physical branches of BBVA, CaixaBank, and Ibercaja are usually faster if you have a direct contact. The bank's speed depends on how much they want your deal — not how much you need it.
FEIN issuance: 1-5 days after approval
Once the risk department approves the operation, the bank prepares the FEIN (binding offer). This usually takes a few days, though some banks issue it almost immediately after approval.
Mandatory cooling-off period: 10 calendar days (14 in Catalonia)
From the moment you electronically sign the FEIN, a minimum of 10 days must pass before the notarial signing. There is no way to shorten this — it's required by law.
Transparency act: during the 10 days
Within the cooling-off period, you visit the notary for the acta de transparencia. This can be done from the day after signing the FEIN. It must be at least 24 hours before the deed signing.
Deed signing (firma): 1 day
The notarial signing, money transfer, and key handover all happen on the same day.
The usual bottleneck
The most critical point: the time between submitting documentation and receiving the FEIN. Users report that Ibercaja has taken over 2 weeks from appraisal to FEIN in some cases. If your arras expire in 2 months, start the bank process the same day you sign arras. Don't wait for the bank to set the pace.
How long to set as the arras deadline
The standard is 2-3 months. Less than 2 months is tight — it only works if you have documentation ready, the appraisal done, and a fast bank. More than 3 months is comfortable but the seller may resist.
Some buyers sign arras with a fixed signing date. This is risky if you depend on a slow bank. Negotiate a maximum deadline ("before December 30") and give advance notice to set the exact date. Don't give the bank a comfortable date — give them one that forces them to move.
Tips to avoid running out of time
- Get the appraisal before signing arras if possible. This removes a full week from the process.
- Submit documentation to several banks in parallel. Don't wait for one rejection before approaching another.
- Push the bank with your arras deadline. The bank agent needs to know you're on a clock to move things along internally.
- The FEIN can be renewed. If it expires before you can sign, the bank can issue a new one without issues.
Note: the legal timelines (10-day cooling-off period) are from Law 5/2019 on real estate credit. Bank processing times are estimates based on real experiences reported in online mortgage communities, 2024-2026, and can vary significantly by bank and time of year.