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Last updated: February 3, 2026
In November 2024, my wife and I got a mortgage at CaixaBank in Valencia for 80% (2.95% annual rate). Despite being autónomo for less than 8 months and not having an annual tax return (renta). The whole process took less than a month and a half - from our first visit to the bank to getting the keys. I should also add that at that time we were living in Spain under temporary protection for Ukrainians (and our TIE was expired, though it was still legally valid).
About relevance: all information in this article is up to date - I regularly verify details with reliable realtors to make sure nothing important has changed. Since the first version of this article was published, dozens of people have successfully obtained mortgages (they shared this with me personally and in the IT Autonomos chat).
Who this article is for: this guide is for tax residents of Spain - people who live in the country for more than 183 days a year and pay taxes here, regardless of employment type (autónomo or employees) or residence type (Digital Nomad Visa, Ley Beckham, temporary protection, and others). For non-residents or when applying for a mortgage as a legal entity, conditions are significantly worse (less financing, higher rates, shorter terms) - these cases are not covered in this article.
If you still have questions - check the FAQ below.
In November 2024, my wife and I got a mortgage at CaixaBank in Valencia for 80% (2.95% annual rate). Despite being autónomo for less than 8 months and not having an annual tax return (renta). The whole process took less than a month and a half - from our first visit to the bank to getting the keys. I should also add that at that time we were living in Spain under temporary protection for Ukrainians (and our TIE was expired, though it was still legally valid).
Important disclaimer: I am not a real estate or mortgage expert. This is my subjective experience, with some subjective recommendations and thoughts. Your experience may differ, and I may have overlooked something or made mistakes.
A brief overview of the apartment: 120 square meters, 5 rooms (only one of them with a window facing an interior courtyard), a large living room, 2 bathrooms, a separate kitchen with a gallery, a balcony, and an elevator in the building. The apartment was partially renovated. The building itself is very well maintained - a major renovation of the entrance, facade, and roof was done a couple of years ago. Two minutes on foot to the metro, five minutes by metro to the center of Valencia. I won’t disclose the price of the apartment.
The total amount needed to get the mortgage: 20% down payment of the property value, 9% ITP tax (property transfer tax - standard is 10%, but ours was lower due to a reduced rate for my wife), 4,000 euros agency commission, approximately 1,000 euros in notary fees, plus up to 1,000 euros for various small expenses (some of which were refunded later).
Overall, I wouldn’t say the whole process was very difficult - more like medium difficulty. We both had to be present at many stages, together with our young son, which was sometimes challenging (property viewings, some bank visits, notary appointments, etc.). Also, since I don’t speak Spanish, I had to communicate through a phone translator, which significantly complicated the entire process.
We weren’t even planning to get a mortgage anytime soon. We wanted to try doing it next year at the earliest. But we accidentally managed to do it much sooner than planned.
The process could have been shorter if we hadn’t fought until the last moment for 90% financing (which we had good chances of getting). If we’d agreed to 80% right away, the whole process would have taken less than a month.
My wife and I always try to follow a probabilistic approach. Especially on matters where many people say “you can’t,” “it won’t work,” etc. Between “zero chances” (when you don’t try at all) and “very small chances” - there’s an enormous gap. If there’s an opportunity to take advantage of small odds, you have to do it, which we proved to ourselves once again.
Thanks to several people from the autónomos chat who helped with some questions I wasn’t familiar with. And for sharing their successful mortgage stories.
If the mortgage information is useful to you and you’d like to thank me for my work, check out the secret section.
Other useful resources:
My wife basically made me go to the bank - just to ask whether getting a mortgage would even be possible and what we’d need. At that point we didn’t even hope to do this anytime soon. The goal was to find out the basic details ahead of time, so we could try to get a mortgage the following year.
Among my acquaintances there were two successful cases of getting a mortgage at CaixaBank, so I went there first.
At the bank they said that with my income and available documents, I could try submitting a mortgage application. The list of required documents:
Interestingly, the bank didn’t ask for employment contracts (even though I offered to show them). They said that for autónomos, tax returns and bank statements are sufficient.
All of these documents are easy to provide if you’re autónomo. But my problem was that I didn’t have an annual tax return (renta) for the previous year (2023), because I started my autónomo activity in 2024. Instead of an annual return, I could only provide quarterly returns for 3 quarters of the current year. This is a serious problem that significantly reduces your chances of mortgage approval.
The bank manager explained two possible mortgage options:
First I needed to find a specific property, and then come back to the bank to submit a mortgage application.
The manager also printed out a mortgage simulation for 30 years, with a 10% down payment. This simulation showed monthly payments, interest rate, etc.
That same evening, my wife and I started searching for an apartment. The selection on bank-owned property websites was small, and none of the options met our criteria. So we started searching on idealista and immediately sent several viewing requests.
We created a detailed spreadsheet to conveniently track all the options we had already seen or wanted to see. The spreadsheet included: price, link to the listing, contacts, neighborhood, area (living/total), number of rooms, number of bathrooms, balcony/terrace, floor, construction year, scheduled viewing date, and our comments.
A small digression to help explain why events moved so quickly from this point.
During our first year living in Valencia, my wife and I thoroughly explored almost all neighborhoods of Valencia, and we developed a clear understanding of which neighborhoods we’d want to live in, and which ones - absolutely not. Also, by the time we started searching for an apartment, we already had very good judgment and understanding of what criteria to use, what to pay attention to, and what the current market prices were. Throughout the year, we watched a lot of real estate content and regularly monitored listings on idealista.
Initially, we wanted to search for a home in two specific neighborhoods, but later narrowed it down to one (the one we liked the most). We didn’t consider floors 0 and 1 because they get less light, more street noise, car exhaust and other smells, potential moisture issues, and cockroaches. We also decided to look for a building with an elevator, an apartment with 4-5 rooms (preferably with 2 bathrooms), and a balcony or terrace.
On the first day we viewed three apartments in one neighborhood. We really liked one of them; the others - we didn’t. Each viewing took about half an hour; at this stage a general overview was enough for us. We wrote down all our impressions from each apartment right away so we wouldn’t mix things up or forget anything later.
The next day we viewed two more apartments in the same neighborhood. And we decided to buy the apartment we had liked the day before.
We walked back to the building and caught some residents near the entrance to ask them in detail about the building itself and the neighbors (noise level, any problems).
From the moment we sent our viewing request on idealista to the moment we decided this was the one - three days had passed. I don’t think we could have chosen faster. We even spent longer looking for our rental apartment - about a week.
Before leaving a deposit on the apartment, we decided to view it one more time. This time we brought along a specialist who does renovations and knows the subject well. Finding such a specialist turned out to be surprisingly difficult - not everyone understood the request of what exactly we needed.
He helped us thoroughly inspect the entire apartment, which took an hour and a half. I recommend not scheduling long viewings during siesta - our realtor got quite angry and at the end said “wrap it up” :)
The purpose of this inspection was to find critical problems that would be a reason not to buy the apartment or that could be used as an argument to lower the price.
We were lucky that the property owner was there along with the realtor and could answer many questions. In the end, the renovation specialist and we were both satisfied - the issues we found were not critical. And we also managed to negotiate the price down by 10k.
After the viewing, we went straight to the agency office to reserve the apartment and leave a deposit. Signing the reservation agreement took about another hour; we left a 3,000 euro deposit.
Reservation agreement (Contrato de Reserva) is a preliminary deposit agreement used in Spain for real estate purchases. The buyer puts down a small amount (usually 1-5% of the price) to reserve the property for a certain period. Not to be confused with an arras contract, where the deposit is usually 10% and which is regulated by the Civil Code. Reservation agreements are more commonly used by real estate agencies.
Our reservation agreement specified that if no bank approved our mortgage, we would get the 3,000 euro deposit back.
I have a very basic understanding of this topic - I had to search for information online, watch YouTube videos, and ask friends who had bought apartments in Valencia. We also consulted with a realtor friend before reserving the apartment to make sure the price was fair and get advice about negotiating.
Here are the criteria we paid attention to during property viewings. The list doesn’t claim to be definitive, but I think it’s a good starting point.
In the afternoon, the realtor sent me the Nota Simple (property information document), after which I needed to go to the bank. But it was already too late that day - there was too little time before the bank closed, so I had to postpone the visit.
The Nota Simple can also be obtained yourself if the realtor is slow.
My wife and I went to the bank with all the documents and submitted the mortgage application. We had to sign a lot of things; it all took over an hour. The manager was surprised at how quickly we’d found an apartment :)
That was it - from that point, we just had to wait for the bank’s decision.
The next day, the manager wrote to me asking me to come to the bank. It turned out the bank had already approved the mortgage at both 80% and 90%, but to get 90% we needed to fill out an application for the government program IVF Vivienda (this is done online, fairly quickly).
I was happy but skeptical, because I didn’t know what this program was or how easy it would be to apply. Unfortunately, my wife and I didn’t meet one criterion - we needed 2 years of officially confirmed residence in the Valencian Community (with empadronamiento). We only had a year and a half.
Government programs (Aval ICO, regional programs) can help you get financing up to 90-95%.
From that day on, we could sign the 80% mortgage at any time because it was already confirmed. But we decided to fight for 90% - that fight lasted a full 18 days. If we’d agreed to 80% right away, the whole process would have taken less than a month. But we really wanted to get 90%.
The manager told me there was a chance of getting 90% mortgage approval without the IVF Vivienda program if I opened an account at the bank and transferred some funds to it. Also, my current RISA credit score was 3.1. If I could lower it to 2.9, the bank would be able to approve 90%.
The RISA credit score is CaixaBank’s internal rating that helps the bank make mortgage decisions by assessing the risks associated with potential borrower default. It can be affected by: credit history, current financial obligations, income and employment stability, personal data (age, marital status, number of dependents). It can also be positively affected by your relationship history with the bank (receiving salary, purchasing bank products).
If I had known this in advance, I would have opened an account at CaixaBank instead of Santander when I registered as autónomo. The probability of getting 90% would have been higher.
I opened an account and transferred just over 20k to it the same day (sufficient amount, according to the manager). Now I had to wait a couple of weeks until the beginning of the next month for the credit score to update. I was also asked to redirect my autónomo payments to CaixaBank instead of Santander.
Over Thursday and Friday, I also visited all the other major banks (up to 10 total). Almost all banks rejected me right away because I didn’t have a Renta (annual return) for 2023. At one bank, the manager tried submitting an application, but called me 2 hours later to report the rejection.
The manager advised me to open a savings account. He said it could improve my chances when the credit score gets recalculated. And that I could close this account in about a month (it would cost about 20 euros). I decided to try this option too.
The bank manager contacted the realtor to schedule the appraiser’s visit for the property appraisal. The appraisal cost about 300 euros; the bank promised to reimburse this amount if the mortgage was signed.
The bank requested the preliminary agreement confirming the deposit (reservation agreement).
Without waiting for the beginning of the next month, the manager tried to recalculate my credit score early - but nothing changed.
I signed the authorization for the appraisal and provided additional documents confirming no debts to Hacienda and Seguridad Social.
We agreed with the realtor and the seller to wait until the 5th of the next month to recalculate the credit score. And that if we didn’t get approved for 90%, we would take the 80% mortgage.
There was one small catch though - if we ultimately didn’t complete the mortgage, we wouldn’t get our 3,000 euro deposit back. Because by the 5th of the next month, more than the 20 days specified in the agreement would have passed. We took this small risk.
The appraiser visited the apartment to confirm its market value.
The property appraisal was completed, and its value turned out to be higher than the price we were paying. This is a good sign, because if the appraised value had been lower, the bank would have based the mortgage on its appraisal rather than the actual purchase price.
The manager suggested pre-enrolling in life insurance, home insurance, and a security system. With billing starting closer to the end of the following month (after signing the mortgage). This was also supposed to improve our chances.
These services lower the mortgage interest rate. The manager said they were mandatory for the first 3 years - but this is the bank’s condition for the reduced rate, not a legal requirement. By law, only home insurance is mandatory, while life insurance and other services are additional services that you can decline.
Standard rate - 3.95% annual. If you transfer your salary to the bank but don’t purchase any additional services - 3.6% annual. If you transfer your salary to the bank and purchase life insurance, home insurance, and a security system - 2.95% annual.
Of course, it’s cheaper to take as few services as possible - in total you’ll pay less money (even accounting for the higher mortgage rate).
It’s important to note that home insurance is mandatory for the entire mortgage term. But you’re not required to buy it from the bank - you can get it anywhere, as long as it meets the necessary criteria (these are specified in your mortgage contract).
Important note about the security system: after signing the mortgage, I declined the security system. Yes, this service gives an additional discount on the mortgage rate, but it costs money (52 euros/month). I did the math, and it turned out to be cheaper for me to pay a higher mortgage rate than to pay for the security system. Plus, when you get a security system, they install a camera in your home - personally, I don’t want any cameras in my home. Also, right after buying the apartment, I started a major renovation, so the security system would have been pointless during that period.
Declining the service was a battle - the manager tried to convince me that I was required to keep it. When I asked where exactly this was written in the contract - it turned out it wasn’t anywhere. It was a verbal agreement, not a legal obligation. My notarial contract clearly states that these services only affect the rate discount and are not a mandatory condition of the mortgage.
I had to submit an official request to the bank, and they officially confirmed that no, I’m not required to keep it, and that I can decline. If you haven’t started paying for the service yet (no first charge), you can opt out.
If a manager says “you’re required to keep this” or “you can’t decline” - ask them to show you exactly where this is written in your contract. Most likely, it says something like “to maintain the discount”. This means the only consequence of declining is that the bank will remove the discount and your rate will increase. But you’re not required to pay for services you don’t need just because a manager said so verbally.
Based on the experience of reliable realtors, these situations come up regularly - managers behave this way because they earn bonuses for selling additional services. An acquaintance had the same story - the manager said “you can’t,” and when asked to show where it says that in the contract - it turned out you can. So keep in mind: when starting the mortgage, you can agree to all the conditions, but later you can opt out of some services.
I went to the bank to have my credit score recalculated. And it didn’t improve…
This meant the bank could only give 80% financing. My feelings were mixed - on one hand, I was glad we could move forward; on the other - 80% was not as comfortable for us as 90% would have been.
I immediately signed the necessary documents for the 80% mortgage. That same day, the bank manager contacted the realtor to arrange a meeting with the notary for the final signing of the purchase agreement in about 10 days.
Closed the savings account that I had opened earlier to improve the credit score.
I asked the manager for the exact amount that needed to be in the account on the day of the deal. It includes:
The pleasant news was that the ITP tax would be slightly less than 10%, since my wife is under 35. Half the tax was paid by me at the 10% rate, and the other half by my wife at the reduced 8% rate for buyers under 35 (at the time of our purchase in 2024, for properties over 180,000 euros). In addition to age, the following was required for the reduced rate: first home, income limits (at that time about 30,000 euros individually or 47,000 euros jointly), and other conditions.
Starting in March 2025, the Valencian Community reduced ITP to 4% for buyers up to 40 years old (previously the discount was only for those under 35). In some rural municipalities - as low as 3%. Conditions change regularly, so check current information before buying. If the ITP amount is large, you can apply for an installment plan - but it’s not as simple as it sounds, and the bank may be against it.
We signed a lot of documents at the bank confirming the mortgage terms, and also reviewed information about penalties and late payments.
The strangest day of the entire process, which really stands out from the rest.
We needed to come for a preliminary meeting with the notary. There are two meetings with the notary in total: the first is preliminary, where they explain the mortgage terms and ask you to fill out a questionnaire to make sure you understand everything correctly; the second is the final signing by buyer and seller, and the key handover.
We were warned that we’d need to bring a translator to the final meeting (unfortunately, we hadn’t learned Spanish yet).
I figured we didn’t need a translator for the preliminary meeting - after all, it’s just a preliminary meeting. And I also thought we didn’t need to bring any documents :) The notary was, to put it mildly, surprised by this approach. My wife, to put it mildly, was too. Even I was surprised - in Ukraine I would never have done this, but after 2 years in Spain I’d gotten a bit too relaxed.
It’s a good thing we managed to get everything done - we sent documents by email and used a phone translator. But I wouldn’t recommend repeating our experience, as the notary said “what are you thinking, you should ALWAYS bring your documents to meetings like this.” We managed in about half an hour, filled out and signed the questionnaire, and went for coffee.
This is the realtor’s job, but I like to stay on top of things. She promised to provide all the necessary receipts and certificates so I could verify there were no debts for water, electricity, gas (this is rare, but our apartment has gas), and the homeowners association fund.
With water, electricity, and gas - no problems. Even if there are debts, they remain with the previous owner; theoretically, you’re not involved at all and won’t have to cover anything. But with the homeowners association fund, it’s more complicated: by law, the buyer is responsible for debts for the year of purchase + 3 previous calendar years. For example: if the purchase is in May 2024, you’re responsible for debts from 2021, 2022, 2023, and January-May 2024. So it’s very important to check in advance that the seller has no debts to the homeowners fund - there’s a special certificate of no outstanding debts for this purpose.
For more details about all types of debts (IBI, utilities, homeowners fund) and how to check them - I wrote about it in the checking property debts section.
This was the day of the final document signing.
We arranged to meet the seller 45 minutes before the notary signing to view the apartment one more time. We needed to make sure the apartment was still in the same condition as during our last viewing. During viewings, we had asked the realtor if all the furniture would stay in the apartment - they told us “if you want, the furniture will stay.” We decided to take it with the furniture because shortly after signing, relatives were planning to visit us, and we decided to let them stay in our apartment.
We were in for a, damn, surprise. Spoiler alert: it was a stressful day.
We entered the apartment before signing and discovered that almost all the furniture and the refrigerator were gone. We spent about an hour figuring out what to do.
Unfortunately, the realtor had forgotten to tell the owner to leave the furniture. And he moved everything out, some of it thrown away. After lengthy discussions, we agreed that the seller would leave us a deposit, and we’d sign the purchase agreement. Then in 2 days, the seller would bring to the apartment 3 beds with mattresses, a desk, a dining table, 6 chairs, and a refrigerator. After which we’d return his deposit.
After the viewing, we went to the notary for the final signing, this time with a friend who speaks Spanish well :) And we also decided to bring our documents - today we’d definitely need them!
The signing took an hour and a half; we very meticulously double-checked and questioned everything before signing anything.
We got the keys - the “mortgage project” that took about a month and a half was behind us, almost…
After signing, the realtor transferred the utility contracts to our name (electricity, gas). Water and the homeowners association had to be transferred on a different day (it took an hour; the realtor came with me to the offices and helped with everything).
You’d think that was it - time to relax. But no, another problem came to light. After we signed all the documents at the notary, the bank manager transferred money to the seller from my account within an hour. And for some reason, he transferred 2,000 euros more than necessary.
The next day I had to go to the bank to sort it out. Another error was discovered, this time in the reservation agreement. When we signed it, I had left a 3,000 euro deposit (by bank transfer to the agency’s account). At some point, the bank asked me to send the reservation agreement, but the copy I had only had my signature (don’t ask why - it was the human factor, and we were very tired that day). I asked the realtor to send me the document with her signature. She sent it, but for some reason it showed a deposit amount of 1,000 euros instead of 3,000 euros. I didn’t pay much attention to this (again, don’t ask why - that was my mistake).
Because of this, the bank transferred 2,000 more to the seller, since the bank had recorded that I’d left a 1,000 euro deposit, not 3,000 euros.
I had to spend another day sorting things out with the realtor and the seller so they could verify everything.
Two days later, we met to:
The seller transferred 2,000 euros to my account with the comment “Devolución por exceso de transferencia.” I also insisted that we sign a document stating that the bank had mistakenly transferred 2,000 euros extra to the seller’s account, that the seller agreed with this, and that he had returned the money by bank transfer to a specific IBAN. And that neither party had any claims against the other. I don’t know if this was necessary, but that’s my approach.
The furniture situation was funny - I was sure the agency would use movers. But no, they decided to carry everything themselves (the former owner, his wife, the realtor with her boss) :) I joined in too, so we managed pretty quickly - luckily everything fit in the elevator.
On Wednesday evening, the entire process was finally complete. Nobody owed anyone anything, and we could finally breathe. Next project - apartment renovation :)
One year later (January 2026): We finished the renovation - it took a full year. It was, to put it mildly, very difficult. At one point we even moved into the apartment before the work was done and finished everything while living there. Over that year, I learned a lot of lessons the hard way, enough to fill a separate article. If you’re interested in the renovation experience in Spain (I think it could help someone avoid mistakes and save some stress) - send me a direct message on the Telegram channel. That way I’ll know if it’s worth writing about in detail.
Thanks for reading to the end. If you’re also planning to get a mortgage in Spain - check out my step-by-step mortgage guide, where I describe each stage in detail from preparation to getting the keys. I really hope this information was useful and will help you avoid potential mistakes. I wish you a smooth process! Hugs!
Here’s everything you should know before you start looking for a home and applying for a mortgage.
Even if you’re searching for a home on your own - in 99% of cases the property will be listed by an agency, and you’ll be working with the seller’s Spanish realtor. Another option is to reach out to reliable realtors who handle the deal from your side.
The seller’s realtor represents the seller’s interests - their job is to close the deal on terms favorable to the seller. “Your own” realtor works with you: helps you negotiate, check documents, and explains the process in a language you understand. Meanwhile, the commission for the buyer usually doesn’t change - the realtors split it between themselves.
Whether you need a realtor on your side depends on your experience and confidence. If you’re buying property in Spain for the first time and don’t speak Spanish - it can significantly simplify the process. If you already have experience or are ready to figure things out on your own - you can work directly with the seller’s realtor.
Either way - this step-by-step guide will help you stay in control of the process and work effectively with any realtor. Even a good specialist can miss something or not know certain nuances. With this guide, you’ll understand what’s happening at each stage, what questions to ask, and what absolutely needs to be checked.
The mortgage process is the same for autónomos and employees - only the document requirements differ. In practice, employees usually have an easier time getting a mortgage than autónomos.
For autónomos:
Additionally for autónomos (if you’re new to Spain):
If you recently registered as autónomo and have limited history in Spain, you can try providing income documents from another country:
In practice, banks rarely consider these documents. For example, in my case the bank refused to look at them. However, according to reliable realtors, for some clients they managed to negotiate with the bank to accept and consider such documents. A lot depends on the specific bank, branch, and even the manager you’re working with.
For employees:
Before buying a property, you need to make sure there are no outstanding debts on it. This is usually the realtor’s job, but it’s better to stay on top of the process yourself - not all realtors check thoroughly. Different types of debts have different consequences for the buyer.
IBI (Impuesto sobre Bienes Inmuebles)
This is an annual property tax paid at the city hall. Unlike water or electricity debts, IBI debts are legally tied to the property itself, not the owner. If you buy a property with outstanding IBI debts, the administration can demand payment from you.
It’s a mistake to think that checking the last payment receipt is enough. Debts can accumulate over years, and the last paid year says nothing about previous ones.
To check, ask the seller to obtain a “certificado de estar al corriente de pago del IBI” from the city hall in advance. The notary also checks for debts before signing, but it’s better to verify beforehand.
Comunidad de Propietarios (homeowners association)
By law, the buyer is responsible for debts to the homeowners association for the year of purchase and the 3 previous calendar years. For example, if the purchase is in May 2025 - you’re responsible for debts from 2022, 2023, 2024, and January-May 2025.
You need a document called “Certificado de estar al corriente de pago” (certificate of no outstanding debts). Without this document, the notary cannot legally complete the transaction (unless the buyer explicitly waives this requirement, which is not recommended). You don’t need to worry too much about this point - the protection is built into the process. Additionally, you can request minutes from recent homeowners meetings - they’ll show if there are any planned major repair works that could fall on you after purchase.
Water, electricity, gas
Technically, these debts don’t transfer to the buyer - they remain with the previous owner. But in practice, utility companies may refuse to transfer the contract to you or connect services until the previous owner’s debts are settled. The solution for electricity and gas is to switch providers - when you move to another company, the debt stays with the previous owner, and you start with a clean contract. Water is trickier - there’s usually no alternative provider, so you need to do an ownership change on the contract and demand the seller settle the debt before the deal.
To check, ask the seller to provide the latest paid receipts for all utilities.
What to do if debts are found
If any of these items has outstanding debt - you can arrange for the seller to settle the debts before signing. Or alternatively - take a small deposit and use that amount to pay off debts if needed. That’s exactly what happened with me - when transferring the water contract, the previous owner had a debt of about 60 euros, I paid it from the deposit - and later returned the remaining amount to him.
Banks offer three options to choose from:
If you want to sleep well at night or if you’re unsure about anything - go with fixed. Yes, variable may end up cheaper if Euribor stays low. But it can also be more expensive if it rises. Personally, I prefer knowing the exact payment amount in advance.
VPO (Vivienda de Protección Oficial) is social housing built with government subsidies for families with limited income. Even if the building was constructed around 40-50 years ago, it can still have VPO status - the protection period ranges from 10 to 50 years, depending on which law and in which region the housing was built.
VPO has serious restrictions: the maximum sale price is set by law, the buyer must meet requirements (income below a certain threshold, first home, cannot own other property), and the housing must be used only as a primary residence. Plus the government has a preferential right to purchase it on the same terms.
VPO status is usually indicated in the Nota Simple under the “cargas” (encumbrances) section. But this isn’t a 100% guarantee - there are cases where VPO doesn’t appear in a regular Nota Simple, and only the notary during the final check discovers this information in the expanded registry records.
Keep in mind that some realtors may not disclose VPO status - not all buyers know what it is and what restrictions it imposes. If the property turns out to be VPO, you need to carefully check whether you meet the purchase requirements, whether the maximum price has been exceeded, and whether the protection period has already expired.
Different deals may involve only a reservation agreement, only arras, both, or even neither (rare). I only had a reservation agreement.
A reservation agreement is a small deposit (usually 1-5% or a fixed amount) to reserve the property and take it off the market while documents are being gathered. An arras contract is a more serious document with a prepayment, typically 10% of the property price. But 10% is not a hard rule - in practice it can be 5% or 15% - this is a matter of negotiation with the seller.
Both the reservation deposit and arras can be paid from any foreign bank - this is completely legal. If you have money outside of Spain, you can transfer it to the seller directly from your foreign account. This is convenient if you don’t want to bring the entire amount into a Spanish bank and pay additional fees.
If you paid 10% through arras, that amount is counted in the final calculation: for example, with an 80% mortgage you’ve already paid 10% (arras), on the day of the deal the bank transfers another 10% from your account, and 80% is covered by the bank.
By law, for arras the following rule applies - if the deal falls through due to the buyer’s fault, they lose the deposit. If it’s the seller’s fault - the seller returns double the deposit amount. But this only works if the arras is properly drafted.
Negotiate with the seller to have a clause in the contract for returning the deposit if the bank rejects your mortgage. You’ll need to request an official rejection document from the bank. Negotiating this isn’t always easy, but it’s possible - and it can save you a serious amount of money. To repeat: I only had a reservation agreement, and it specified that if the bank didn’t approve the mortgage, the seller would have to return my deposit.
Before signing, carefully check all amounts and data in the agreement - especially the deposit amount and whether it matches the amount actually transferred. And make sure you have a copy of the agreement signed by both parties - this is important for the bank and for protecting your interests.
If you don’t have enough money for the down payment, you can try using government programs - they allow you to get a mortgage with a smaller down payment or none at all.
The national Aval ICO program is for young people up to 35 or families with minor children. The government acts as a guarantor for 20% of the property value (up to 25% with an energy rating of D or higher), which allows you to get up to 100% financing. Main restrictions: you need at least 2 years of continuous residence in Spain, income no higher than ~37,800 euros/year per person, savings no more than 100,000 euros, and this must be your first home. The program runs until the end of 2027. Details on the ICO website.
Each autonomous community may have its own program. For example, Valencia has IVF Vivienda for buyers up to 45 with the possibility of getting up to 95% financing. There you also need to have lived at least 2 years in the Valencian Community. In other regions, conditions and age limits vary - search for “aval hipoteca primera vivienda” for your autonomous community.
Programs change and not all banks work with them. When I was getting my mortgage, we were half a year short of the residence requirement in the Valencian Community for the IVF program.
Before applying for a mortgage, it makes sense to estimate your own debt-to-income ratio - you’ll immediately see how realistic your chances of approval are.
Take your net income after taxes and see what percentage of it the monthly mortgage payment would be. If you have other loans (car loan, installment plans), the bank adds them together with the mortgage payment. The total of all payments should not exceed 30-35% of your income - at 40% or higher, the bank will most likely reject you.
For example, with a net income of 3,000 euros per month and a 200 euro car loan, if you’re planning a mortgage payment of 800 euros, the total debt ratio would be (200 + 800) / 3,000 = 33% - this is within normal limits.
The bank only looks at official income - what’s reflected in tax returns and nóminas. If your income varies, the bank may take the average for the last few months.
In property listings you’ll often see an area of 150 m², but when you visit, the place turns out to be noticeably smaller. This isn’t a scam - Spain uses different types of area measurements, and they can differ by 20-30%. For example, my apartment is 120 square meters according to the catastro, but the actual area is about 100 square meters.
Listings most commonly show the constructed area including common spaces (superficie construida con elementos comunes). This includes the walls of the unit itself plus a share of stairwells, elevators, and other common areas. This is the basis for calculating IBI and your share in the homeowners association.
Then there’s simply the constructed area (superficie construida) - this is the area of the unit itself including walls, but without common spaces.
And there’s the usable area (superficie útil) - the area you can actually walk on. Without walls, without columns, without pipes. This is what shows the real size of the property.
The difference between constructed and usable area is typically 15-25%. If you add common spaces on top, the difference easily reaches 30%.
So a property listed at 150 m² may have an actual usable area of about 105-115 m². When viewing properties or reviewing appraisals, pay attention to the usable area - that’s what shows how much space you’ll actually have.
When buying property, the bank will request a registry extract - a Nota Simple. It contains basic information about the property (address, area, cadastral number, who the owner is, whether there are any encumbrances - mortgage, seizure, liens, etc.).
The Nota Simple is usually provided by the realtor, but you can also get it yourself - it’s not difficult.
You can order it online on the Registro de la Propiedad website. To search, you need to know the property address (or cadastral number). Anyone can request a Nota Simple - you don’t have to be the owner.
If the ITP tax amount when buying a property is large, you can apply for an installment plan. This right is established at the national level, but each autonomous community can add its own conditions. Interest is charged on the outstanding amount.
The installment plan is available when purchasing a primary residence with an area of no more than 120 m² (usable area). The maximum term is 3 years. The application must be submitted to the tax office within the voluntary payment period - usually 30 business days from the notary signing date.
There are serious risks with installment plans. If you miss any payment by more than 15 days - the plan is cancelled and you have to pay the entire remaining amount at once. The same applies if you sell the property before full payment. In case of non-payment - there will be problems. Some banks refuse ITP installment plans based on their internal policies - check with your bank in advance.
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I carefully read my purchase agreement (over 100 pages) and noted the most interesting points. Of course, your contract at your bank may differ - but the main terms will most likely be very similar. Many of these points are regulated by Spanish law and are standard across all banks.
This section contains information I learned after completing the mortgage - partly from my own experience over a year of owning the apartment, partly from studying the contract and legislation. These points are rarely covered in advance, but they’re important for anyone buying property in Spain.
About 2 months after signing the deal, an unexpected refund of about 700 euros appeared in my account. Of course, I was happy, but I didn’t initially understand what it was for - I had to look into it.
Before signing the mortgage, the bank deducts an estimated amount from your account to cover all administrative expenses - notary services, registration at the Registro de la Propiedad, etc. This is the provisión de fondos. In my case, it was about 1,400 euros.
The amount is always taken with a buffer, because the exact expenses aren’t known in advance. After the gestoría collects all the actual invoices and receipts (this takes 2-4 months), they do a final calculation. If the initial amount was more than the actual expenses, the difference is refunded to your account.
If more than 4 months have passed and the refund hasn’t come - it’s worth contacting the bank to check on the status of the calculation.
Few people think about this, but after signing a mortgage, its terms can be improved.
You can transfer your mortgage to another bank if they offer better terms. I haven’t done this yet - by my calculations, the benefit for me at this point would be small. But if rates change significantly in the future and there’s a real reason to do it - I will. When calculating, you need to account for early repayment fees (if any), notary and registration costs, and the new bank’s terms. Sometimes the apparent savings on interest can be eaten up by associated expenses.
There’s another option - go to your current bank and tell them you’re considering offers from other banks. As far as I know, there’s a good chance they may improve your terms to keep you. I haven’t tried this approach yet, but I might later.
About 3-5 weeks after signing the deal at the notary, you’ll receive an official government notification that the property data has been updated.
In my case, this notification arrived about a month after the deal. It was called “Acuerdo de alteración de titularidad” (ownership change resolution) and was issued by the Gerencia Regional del Catastro. The document stated that the Registro de la Propiedad had transmitted the transaction data to the Catastro, the property was officially registered to the new owners with exact ownership shares specified (in my case, 50% each), and the effective date of the changes was indicated - backdated to the deal date.
The notification confirms that the new owner information has been correctly transferred between registries and the ownership data has been updated in government systems. When you receive it, check that the names and NIEs of the owners are listed without errors, the ownership shares are correct, and the address and cadastral number match reality.
To avoid missing such notifications, set up monitoring of government messages in advance.
After buying a property, two non-obvious issues may await you.
For about a year after the purchase, letters from the previous owner kept arriving in my mailbox - from the tax office, social services, and other organizations. There were many letters, and they came regularly. I periodically asked the former owner to update his mailing address everywhere he needed to - but he took a very long time to do it. Eventually it all got resolved, but it took about a year.
Another thing I found out by accident - about a year after the purchase, when I went to the Ayuntamiento to register my address. It turned out the previous owner was still registered at my apartment. Buying a property and having it titled in your name is one thing, and registration (empadronamiento) is something completely different. A purchase doesn’t mean the previous owner is automatically unregistered.
You can forcibly unregister the previous owner through the Ayuntamiento by filing an application. But by law, the process can drag on for several months. Another option is to ask the previous owner to unregister himself and verify that he actually did it. In my case, the previous owner unregistered about a year after the deal, when I found out about it and asked him.
Don’t worry too much about someone being registered at your property - it’s not as critical as it might seem at first glance. Registration doesn’t give anyone any rights to your property.
After publishing this article, I received a lot of questions. Here are the most popular ones.
How many people in your family and what percentage of income goes to the mortgage payment?
At the time of getting the mortgage, there were three of us - me, my wife, and our young son. The mortgage payment is less than 30% of my income, and there were no other loans at that time. How exactly the bank calculates the debt-to-income ratio - I wrote about above.
What’s the monthly mortgage payment?
Including the mortgage payment itself and additional bank services (insurance, etc.), my fixed monthly payment is less than 700 euros.
Did the bank require an employment contract or Ukrainian bank statements?
No. The bank said none of that was needed, even though I offered to send and show them. For autónomos, tax returns and Spanish bank statements are sufficient.
Did you have a credit history in Spain before the mortgage?
No, I had no credit history in Spain whatsoever.
What if my account is not at CaixaBank but at another bank?
I’ll repeat - at the time of getting the mortgage, my main account was also not at CaixaBank but at Santander. This wasn’t a problem. But if I could have opened a CaixaBank account from the start and received my autónomo payments there, I would have done so. Because it would have slightly simplified the whole process and could have potentially improved my credit score.
How much was the agency commission?
I had a fixed amount - 4,000 euros.
Is it true that you need to be autónomo for at least 2-3 years to get a mortgage?
This is a common misconception. Officially, many banks state 2-3 years, but in practice it’s a flexible guideline, not a hard rule. I was approved for a mortgage 8 months after registering as autónomo, and I know cases of approval after 6 months.
Banks evaluate the overall picture: income stability over the available period, down payment size, absence of debts, credit history. If you have a good income and a solid down payment - your chances are there even with a short track record.
As I wrote at the beginning of this article - between “zero chances” (when you don’t try at all) and “small chances” - there’s an enormous gap. Don’t postpone a visit to the bank just because someone said “you need to wait 2 years.” Go and find out the actual requirements specifically for you.
What if my TIE is expired and I’m on temporary protection?
That was exactly my situation - on temporary protection for Ukrainians, and my TIE was expired. I explained to the bank that by law, for Ukrainians under temporary protection, this TIE is fully valid even with an expired date. This wasn’t an obstacle for getting the mortgage. Moreover, I know other similar cases where people successfully obtained mortgages with expired TIEs.
Why do you recommend CaixaBank for mortgages?
Among my acquaintances, there were several successful cases of getting a mortgage specifically at CaixaBank, so that’s where I went first. And they approved me, even though I didn’t have an annual tax return (renta).
But the main point is - if I had known in advance, I would have originally opened an account at CaixaBank instead of Santander when I registered as autónomo. CaixaBank has an internal credit rating called RISA, and it’s positively influenced by your relationship history with the bank - receiving salary to the account, purchasing bank products, simply having money in the account for some time. The better the rating, the higher your chances of approval and the better terms you can get.
In my case, I opened the CaixaBank account only during the mortgage process, and that wasn’t enough to improve my rating to the level needed for 90% financing. I was approved for only 80%. If I had a history with this bank for at least a few months beforehand, my chances for 90% would have been higher.
So my recommendation: if you’re planning to get a mortgage in Spain - open a CaixaBank account in advance and transfer your salary or autónomo payments there. Even if the mortgage is still far away, this history will come in handy later.
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