Getting a mortgage as a self-employed professional in Spain can be a significant challenge, but it is not impossible. According to current data, only 35% of self-employed individuals succeed in obtaining mortgage financing on their first attempt, compared to 65% of salaried workers. However, with proper preparation, it is possible to secure good and competitive terms.
Banks have been relaxing some of the requirements for self-employed workers, especially those with a stable income and good savings capacity. In this article, you will find a comprehensive guide with everything you need to know about getting a mortgage as a self-employed person, explaining how mortgages for self-employed people work, what documentation is required, how much can be borrowed, and which banks offer the best conditions for self-employed people.
A mortgage for self-employed individuals is a bank loan intended for purchasing a home, tailored to the circumstances of those who work independently.
Their main characteristics include higher requirements, as banks demand more guarantees due to the perceived instability of income for this type of worker. Interest rates are usually higher compared to mortgages for salaried employees (between 0.25% and 0.5% more). Additionally, additional documentation is often required, such as tax returns, activity reports, and, in some cases, guarantors.
The process is similar to that of a traditional mortgage, but with a much more thorough solvency analysis. This typically involves an income assessment, as banks not only review the most recent tax return but also how income has trended over the past 2 to 3 years. In addition, the sector in which the self-employed person works is analyzed, since activities considered more unstable—such as hospitality or construction—may face greater difficulties. Additional guarantees are also required, so banks may request co-signers or a larger down payment.
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A minimum of 2 years registered with Social Security is required (although some banks ask for at least 3 years), and a stable income is also required, without significant fluctuations over the past 12 to 24 months.
A minimum down payment of approximately 20% to 30% of the property value is required (compared to 10% to 30% for salaried employees). For example, for a €200,000 home, you would need savings of between €40,000 and €60,000.
Banks usually require that the monthly payment does not exceed 30% to 35% of your net income. For example, if you earn €3,000 per month, the maximum payment allowed would be between €900 and €1,050.
It must be verified that there have been no payment defaults in recent years and that all credit cards and loans are up to date.
Required Documentation
The last two to three income tax returns (Forms 130/131), quarterly income reports (Form 303), an updated employment history record, and accurate bank statements from the past 6 to 12 months are required.
Depending on the bank, you may be required to provide a debt report (CIRBE), client contracts (if you have recurring clients and income), and a co-signer or guarantor (in cases where income tends to be irregular).
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This period varies depending on each bank. For example, BBVA requires a minimum of two years of self-employment, or three years for those working in sectors considered higher risk. CaixaBank requires two years as a self-employed professional, Santander requires three years, Sabadell requires two years, and Bankinter requires two years of self-employment with stable, documented, and verifiable income.
As a self-employed worker, you can typically obtain financing for up to 70% to 80% of the appraised value, compared to the 90% that salaried employees may qualify for. For example, if a home is valued at around €250,000, a bank may lend a self-employed borrower between €175,000 and €200,000, with a maximum term of up to 30 years, but under much stricter conditions.
In most cases, an origination fee of 0.5% to 2% of the loan is required—for example, between €1,500 and €6,000 on a €300,000 loan. The appraisal typically costs between €300 and €600. Notary and land registry fees usually range from €1,000 to €2,000, and taxes (ITP/AJD) depend on the autonomous community, ranging from 1.5% to 10% of the total property value.
Taking all these expenses into account, the estimated total cost ranges between €5,000 and €15,000.
You should review your financial solvency by calculating your level of debt and savings, compare banks using online simulators or with the help of a mortgage broker, and prepare the required documentation, such as tax returns and bank statements. In addition, you should request a pre-approval, so before looking for a home, make sure a bank is willing to grant you the loan. Finally, once the appraisal and final approval are completed, you can sign the mortgage.
Invoicing consistently and avoiding major fluctuations is ideal.
It is recommended to pay off existing credit cards and loans before applying for a mortgage.
Having substantial prior savings significantly reduces the risk in the bank’s assessment.
Hiring an industry professional is ideal, as they can help negotiate and secure better conditions
If your income is irregular, a family member can act as a guarantor, allowing the bank to consider the loan a safer option.
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Some banks accept the average income from the past two to three years as monthly income.
Yes, as long as they are legally declared in Spain and supported by the corresponding invoices.
It usually takes between 3 and 8 weeks, depending on the documentation provided.
If income variability is very frequent or very high, you may be required to provide a guarantor or make a larger down payment.
You can improve your profile by saving more, reducing existing debts, trying with other banks that may offer more flexible terms (such as Bankinter or BBVA), and considering hiring a mortgage broker, who has the expertise to secure favorable mortgage conditions for their clients.
Yes, in fact, some banks offer special conditions for self-employed professionals in certain sectors, such as doctors, engineers, or IT professionals who work independently.
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Obtaining a mortgage as a self-employed person has always been seen as an extremely difficult process. However, this year, it is much more accessible than ever before, although it requires good preparation, solid documentation, and patience. If you can demonstrate that your income is stable, that you have sufficient savings, and a clean financial history, you can access competitive and favorable terms.
More flexible banks, such as BBVA, Bankinter, or CaixaBank, are good options, but seeking advice from a professional and reliable mortgage broker can make the process easier and help you find the best offer.
If you’re already ready to buy your home as a self-employed professional, don’t forget what you’ve learned in this guide—you’ll be one step closer to making it happen.
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