Buying Property in Spain Before Selling Your Home: Can You Get a Mortgage? Quick Answer
If you are planning on buying property in Spain before selling your home, then yes — you can get a non-resident mortgage in Spain, however, lenders will assess:
- Your existing mortgage commitments
- Your income and affordability
- Your overall financial stability
If you can comfortably afford both properties, approval is often possible.
Buying in Spain Before Selling Your Home: Is It Possible
Many international buyers successfully purchase property in Spain before selling their existing home abroad.
Spanish lenders regularly work with buyers who:
- Already own property in their home country
- Have an existing mortgage
- Are purchasing a second home or investment
- Plan to sell later rather than immediately
Owning another property does not automatically prevent mortgage approval — affordability is the key factor.
How Spanish Banks Assess Your Application
When applying for a non-resident mortgage, lenders carry out a full financial review.
They will assess:
- Existing mortgage repayments
- Personal loans and credit cards
- Monthly living expenses
- Income stability
- Currency exposure
- Available savings
If you are going to take a mortgage, then the main goal of buying property in spain before selling your current home is to ensure you can manage both financial commitments simultaneously.
Debt-to-Income Ratio Requirements
Most Spanish lenders require:
- Total debt ≤ 30–40% of net monthly income
This includes:
- Your current mortgage
- Your new Spanish mortgage
- Any additional debts
If your finances remain within this range, approval is often achievable, even if you are buying property in Spain before selling your home.
Why Buyers Purchase Before Selling
1. Securing the Right Property
High-demand areas such as:
- Costa del Sol
- Costa Blanca
- Balearic Islands
- Canary Islands
…can move quickly. Waiting for a sale could mean missing out.
2. Planning Ahead for Relocation or Retirement
Buying early allows time to:
- Renovate or furnish
- Handle legal processes
- Transition gradually
3. Taking Advantage of Market Conditions
Sometimes, buying property in Spain before selling your home means that buyers can act early to secure:
- Better prices
- Favourable mortgage terms
- Strong investment opportunities
What Lenders Look For
Stable Income
Banks favour:
- Salaried employees
- Pension income
- Established self-employed applicants
Strong Savings
You’ll typically need:
- 30–40% deposit
- 10–13% additional costs
- Financial reserves
Good Credit History
A strong repayment track record improves approval chances significantly.
Equity in Your Existing Property
Having equity can strengthen your application and provide flexibility. This can be good if you are considering buying property in Spain before selling your home.
Using Equity From Your Current Home
Some buyers release equity to:
- Fund the Spanish deposit
- Cover taxes and fees
- Reduce borrowing in Spain
Lower loan-to-value ratios often lead to:
- Better mortgage terms
- Higher approval likelihood
Key Challenges to Consider
Managing Two Mortgages
You must be comfortable covering:
- Existing mortgage
- Spanish mortgage
- Property expenses
Currency Risk
If your income is in:
- GBP
- USD
- SEK / NOK / DKK
…exchange rate fluctuations can affect affordability.
Mortgage Stress Testing
Some lenders assess whether you could afford repayments if:
- Interest rates rise
- Currency weakens
How Much Can You Borrow?
Typical non-resident lending:
- 60%–70% loan-to-value
This depends on:
- Income
- Existing debt
- Nationality
- Credit profile
- Deposit size
Finding out how much you can borrow in Spain as a Non-Resident will be quite important. You can read further about it here, and have all your questions answered.
How to Improve Your Chances of Approval
1. Prepare Documents Early
Have ready:
- Payslips / tax returns
- Bank statements
- Credit reports
- Mortgage statements
2. Reduce Existing Debt
Lowering liabilities improves affordability ratios.
3. Use a Specialist Mortgage Broker
Working with The Spanish Mortgage Centre helps you:
- Access the right lenders
- Structure your application correctly
- Improve approval chances
- Avoid delays
FAQs
Can I buy in Spain before selling my home?
Yes — many buyers do this successfully.
Will my existing mortgage be considered?
Yes, it forms part of affordability calculations.
Can rental income help?
Some lenders may consider provable rental income.
Is it harder to get approved?
Not necessarily — strong finances make approval very achievable.
Final Thoughts
Buying property in Spain before selling your home is entirely achievable with the right preparation.
Success depends on:
- Strong income and affordability
- Sufficient savings
- Good financial planning
- Choosing the right lender
With expert guidance, many international buyers secure their Spanish property first — allowing them to move forward with confidence rather than waiting on a sale.
You may also want to consider choosing between a fixed rate or a variable rate and you may want to track the existing Euribor rate too.