01
Rental income haircuts
When a lender counts rent at all, it is often a fraction of contract or market rent — minus void periods and costs. Policies differ by entity; guaranteed occupancy is never something we sell.
Investors
Investment property mortgage in Spain with honest rent and LTV assumptions
Financing a rental or investment purchase is not a primary-home loan with a different label. Lenders stress personal income, total debt, and only sometimes part of expected rent — usually with haircuts and vacancy assumptions. We are a Banco de España intermediary (D286): we build one coherent investor file, compare banks that actually underwrite this use, and keep expectations honest. The bank decides approval — we never promise yield or a yes.
Your case, in front of 20+ lenders
SantanderBBVACaixaBankSabadellBankinterAbancaUnicajaKutxabankIbercajaINGBNP ParibasCajamarSantanderBBVACaixaBankSabadellBankinterAbancaUnicajaKutxabankIbercajaINGBNP ParibasCajamar
Focus
Yield + total debt
Typical LTV
Lower than primary
Banks compared
+20
Fees from
€4000
The essentials
What banks actually test on a buy-to-let style purchase
No spreadsheet fantasy. We model conservative rent, lower LTV and your global debt before you reserve.
02
Lower LTV than a primary home
Investment and second-home use usually mean more equity upfront than a main residence for the same buyer. Non-residents typically sit lower still. Exact percentages are offer-specific.
03
Resident vs non-resident
Spanish tax residents may access different products and affordability tests than buyers abroad. Foreign income and currency stress add layers for non-residents — same national intermediation, stricter proof.
04
Personal file, not portfolio magic
Our public offering is straightforward personal (or simple co-buyer) investment purchases — not complex SPVs, large corporate portfolios or structured finance promises.
Who this is for
For buyers whose main goal is return or asset allocation — not moving into the property as a primary home.
- Buy-to-let style purchases (long-term tenancy where legally permitted)
- Non-residents adding a single Spanish investment asset alongside income abroad
- Residents expanding with one or a few financed properties — not multi-entity portfolios
- Buyers who need a conservative stress test (empty months, rate shock) before reserving
- Owners mixing salary or business income with existing rental cash flow
Documents banks usually ask for
Investment files need your global picture — personal capacity first, asset second. Each lender trims the list; this is the core we prepare.
- Passport and NIE; proof of tax residence
- Personal tax returns and income proof (employment, self-employment or dividends)
- Bank statements showing liquidity for deposit, taxes and a vacancy buffer
- Existing mortgage and loan statements (Spain and abroad)
- Current lease contracts and rent receipts for properties you already let
- Simple rent-and-cost summary for the target asset (expected rent, community, IBI, insurance)
- Reservation or purchase contract for the investment property
- For non-residents: sworn translations and apostille on foreign documents when required
- If buying through a company: we flag early — that is outside our standard personal offering
How we work
How we run an investment file
Numbers before bank logos: rent assumptions, total debt and realistic LTV — then entities that still underwrite your use and location.
Investment brief
We capture gross vs net rent, community fees, tax drag at a high level, and whether the property is long-term rental, owner-occasionally, or a regulated tourist use some banks dislike. If the deal only works with perfect occupancy, we say so before fees and valuations.
- Conservative rent assumptions
- Use type matched to lenders
- Early go / no-go
Affordability and debt load
We consolidate personal debt ratios with the new payment. Rental income is never modelled at 100% unless a specific bank policy allows it — and even then we stress-test empty months. Non-resident files add foreign-income verification and often lower LTV.
- Total debt picture
- Rent haircuts by policy
- Rate and vacancy stress
Lender negotiation
One dossier, several entities. LTV, linkage and conditions stay transparent from day one. We do not promise portfolio leverage, SPV structures or approval — only comparable written offers where the bank engages.
- Buy-to-let appetite by bank
- Honest LTV and cash needed
- Conditions explained in writing
Valuation to signing
Written fee quote before we start, from €4000. Valuation, notary, registry and purchase taxes are third-party costs. We walk you through what the bank secured on the asset and what you still owe if rent dips.
- Valuation vs price gap
- FEIN in plain language
- Signing without surprises
Already buying from abroad?
Share residency, deposit and property type. We reply with a realistic path and document list.
Example: investor buys a long-term rental at €220,000
Orientation only for a mainland city flat let on an AST-style contract. Final LTV and rent treatment are set by the bank after valuation and policy.
Starting point
- Purchase price
- €220,000
- Expected gross rent
- €950 / month
- Tax residence
- Spanish resident
- Existing mortgage
- None on other assets
Indicative outcome
- Indicative LTV
- Often below primary-home max
- Rent in affordability
- Partial haircut or ignored
- Cash needed
- Deposit + taxes + void buffer
- Bank decision
- Personal income still central
Purchase taxes and fees depend on region and new vs resale. Net yield after mortgage, IBI, community and gaps is what matters to you — we model lender-side conservatism separately so you do not reserve on a best-case spreadsheet.
Mistakes that kill investor financing
We see these often. Fixing them early avoids paying for valuations on files that cannot pass affordability.
Treating 100% of rent as income
Spreadsheets that count every euro of rent as guaranteed payment capacity fail bank stress tests. We haircut or exclude rent until we know the lender’s rule.
Comparing LTV to a primary home
Forum posts about “80% everywhere” refer to owner-occupier cases. Investment use and non-resident status usually mean more equity — plan cash before you waive conditions.
Hiding other mortgages
Cross-border debt still surfaces in statements and bureau checks. Full disclosure upfront keeps offers stable through signing.
Expecting SPV or portfolio packaging
Complex corporate shells and large multi-asset portfolios need different channels. We say no early rather than implying a standard retail mortgage will wrap them.
FAQ
Will the bank count rental income?
Sometimes, partially, and with haircuts — or not at all on some products. Policies vary by lender, contract type and whether you already own let properties. We model conservative assumptions and never present rent as guaranteed income in the affordability test.
Is LTV lower for investment purchases?
Often yes compared with a primary residence for the same buyer. Non-residents typically face lower ceilings still (often roughly 60–70% on many files). Property location, new build vs resale and your total debt load all move the number. The bank sets the final LTV — we do not promise a percentage.
How is a non-resident investment file different?
You add foreign-income proof, NIE, Spanish account, and usually lower LTV plus longer document timelines. Rental income rarely rescues a thin personal affordability picture abroad. Our non-resident mortgage page covers cross-border paperwork; this page covers how investment use changes the numbers.
Do you finance large portfolios or SPVs?
Our public offering focuses on straightforward personal or simple co-buyer investment purchases. We do not promise portfolio packaging, special-purpose vehicles or corporate warehouse lines. If your case is structurally complex, we tell you early and do not pretend a standard hipoteca will fit.
Does short-term or tourist rental change financing?
Often yes — many lenders prefer long-term tenancy or treat tourist-licence properties as higher risk. Intended use must match a bank that accepts it before you pay for valuation.
Can I use the property myself sometimes?
Mixed use can reclassify the file as second home rather than pure investment in the bank’s eyes — different LTV and products. Be explicit about occupancy plans in the first call so we match the right policy.
What about tax and net yield?
We intermediate the mortgage — we do not replace your tax professional. Purchase costs affect net yield; we point you to our purchase-costs guide and calculator for tax ranges, while keeping lender affordability separate from your post-tax return model.
What do you charge?
Intermediation fees start from €4000, with a written quote before we start. Complexity (non-resident income, multiple existing loans, tight LTV) can increase the fee. Valuation, notary, registry and taxes are separate third-party costs.
Case review
From €4000
Review an investment purchase
Send price, expected rent, deposit and residency. You get a realistic LTV range, rent assumptions and a named contact — fees from €4000, written quote before we start. Banco de España register D286.